The Truth About Offshore Banking — It’s Not What Most People Think
Offshore banking is often vilified in the media every time some great tax evasion scheme pops up. The average person riles against the elites and their offshore banking schemes, without really understanding what it’s all about. It’s become something of a toxic term.
So what is offshore banking really?
Offshore banking is simply banking done in a land that isn’t your own. Yes, that’s it. It doesn’t mean hiding money and it doesn’t mean tax evasion, or fraud, or anything else you might think it is.
It’s perfectly legal and it doesn’t have to be shady, unless you want it to be.
Why is Offshore Banking Convenient for People?
I have accounts of varying types in four different countries on three different continents. Offshore banking is convenient if you happen to spend a lot of time in a certain country or you want to maintain a balance in another currency.
Yes, you can have a balance in another currency within your own country, but this isn’t always convenient. Many banks either don’t offer the service or only offer it with dedicated investment accounts. Plus, it might come with lots of extra fees that make it a bad deal.
