Have the current political upheaval and economic uncertainty in your home country taken you aback with regard to your wealth? Do not worry – securing your valuable assets with a private offshore bank account is the ideal way to go. It helps diversify wealth protection and spreading your risks.
However, the biggest challenge here is to decide – which offshore bank you should consider to secure your wealth? The decision is not simple because it is all about effective management of your money and ensuring utmost privacy and security. Fear not! Here are 5 important factors to consider before you open an offshore bank account for you assets.
1. Political & Economic Stability and Legal Legislations of the Offshore Country
Needless to say, it is a smart decision to protect your assets in a country that demonstrates a more stable political and economic scenario than your home country. At the same time, you should take into consideration legal legislations pertaining to offshore banking in the country. But it is also crucial to continuously monitor the offshore jurisdiction’s political risks and economic power to ensure your wealth is secured for the future.
For instance, the Union of Comoros is gaining increasing popularity as an offshore jurisdiction with its continual banking compliance with industry legislations and law, growing economy and political stability.
2. Reputation and Credibility of the Offshore Bank
This is another vital criterion you should consider when opening a private offshore bank account.
Keep away from offshore banks that have a questionable repute because it can pose a serious threat to you and your wealth. Check the web or seek expert recommendation when choosing the right offshore bank to secure your assets. The bank’s credibility and industry-recognised accreditation can give you a fair idea regarding the safety of your money and the quality of services. It is also vital to go deeper into understanding what the bank will do with your money.
For example, opening an offshore account with SUISSE BANK can ensure complete peace of mind because of its global spotlight and authority with regard to effective asset management, private banking and security features.
3. Types of Account and Financial Services Offered
Most offshore banks allow clients to open two kinds of bank accounts – private and corporate bank account.
Private banking services are designed for “High Net-Worth Individuals” who want to secure their considerable wealth in an offshore jurisdiction. You will have a dedicated team or an expert relationship manager handling and investing your money intelligently to ensure high returns.
Corporate bank account, on the other hand, is for offshore businesses and companies looking for high-end financial services and products targeted to improve their operations, functioning and growth.
In addition to these, you should also enquire deeper about the kind of services they provide. Do they fulfil your wealth management needs?
Good offshore banks offer specialised services such as private and corporate banking, trade finance, blockchain banking, priority banking, etc. It is also important to ensure that the bank offers customised solutions via financial instruments such as a documentary letter of credit, standby letter of credit, bank guarantees, proof of funds and warranties.
4. State of Capitalisation and Liquidity of the Bank
Before trusting an offshore bank with your wealth, try to find out more details about its operations and practices in the chosen jurisdiction. What is the investment policy of the bank, i.e. how they will use your assets to ensure higher returns to you? Is the bank financially sound? How well is the liquidity status of its clients?
To put it simply, choose a bank that has lesser risks of insolvency and liquidity problems.
5. Safety and Privacy of Your Assets
Since you are banking offshore, a lot depends on the firm’s ability to keep your wealth secured and hidden from the world’s peeking eyes. One needs to check – What safety measures does the bank have to protect your money? Are they credible enough to ensure superior privacy of your considerable wealth?
There you go – be careful and wise in choosing the right offshore banking solution for you. The above 5 criteria will help you make an informed decision. Get started with a reputable firm such as SUISSE BANK and see your wealth grow by leaps and bounds.