Get a good start to 2022 with an offshore bank account
2022 is your opportunity to make real progress in your finances. Whatever goals you have in mind, including adding offshore bank accounts to the mix, it’s a good idea. This is true regardless of your age or if you are of average income.
Now is a great time to open accounts based in a country where your money can grow. You also want to do business with a safe and stable banking institution. It also helps if you have specific reasons for opening certain types of accounts.
To get you started, let’s take a look at three aspects of offshore banking:
- What are some of the benefits of establishing and developing offshore bank accounts?
- Why would Belize be an excellent choice for doing these accounts?
- What kind of bank accounts could you set up with a reputable bank in Belize?
By the time you’ve finished browsing these three areas, you’ll be ready to make contact and start creating your first account.
Understanding the Benefits of Offshore Bank Accounts
The reasons for opening and maintaining offshore accounts vary. Some choose this route because they can use these accounts to take advantage of international investment opportunities that cannot be funded from home. Others travel internationally from time to time and find it easier to use funds from offshore accounts to pay for expenses, including medical bills.
Even if you are not a frequent traveler and not interested in international investing at the moment, there are still good reasons to consider opening one or two offshore accounts. Consider these things and how they might apply to you:
Earn more interest on your deposited funds – Depending on where you set up your accounts and how much you can use for the opening deposit, it is possible to lock in a competitive interest rate. In fact, this rate may be more advantageous than what you can get with any national bank account. When you can afford to open a term deposit account and leave the money in place for between one and five years, the interest earned can be a pleasant surprise.
Protect assets from lawsuits – Few or none of your national financial accounts are immune from legal action. Chances are, if you were the defendant in a civil suit or type of criminal action and the court ruled against you, all or at least most of your assets could be seized to settle any monetary compensation. to the requester. If that happened, how would you manage to keep yourself financially afloat?
Funds hidden in offshore accounts are generally not subject to the decisions of national courts. These funds could provide you with the resources you need to make a fresh start.
Minimize political risks – Never assume that changes in the political climate at home will not interfere with your national accounts funds. Banks can and do fail if certain events occur. The thing to remember is that the impact of domestic events on your offshore accounts will likely be limited. Again, these funds could empower you to deal with whatever is happening in your home.
As well as the economic risks – The same is true if the domestic economy experiences a recession or a depression. As the economic crisis worsens, your domestic assets could lose value. At the very least, the funds you have in domestic bank accounts may not earn much interest anymore. You could also see your national pension and other retirement accounts lose money.
The funds in your offshore accounts may suffer little or no impact from the economic turmoil at home. When the dust settles, you are still on a solid financial footing. Even if your national retirement accounts are decimated, the ones you have active with an offshore bank remain strong.
Take advantage of a confidentiality measure – Many countries have strict regulations on the protection of confidential data on bank customers and their accounts. The amount of information shared with national tax authorities is often limited. In fact, you may not have to report accounts at all if the balances are below a certain amount. Think of it as one more way to have emergency funds that only a few know about.
Why Belize is a great place for your new offshore accounts
Now that you have an idea of ââwhy offshore accounts are worth setting up, think about where you want these accounts to reside. There are many countries that offer various benefits, but there is one you should consider closely: Belize. Why this country and not another? Here are a few reasons to consider:
- You don’t have to travel to Belize
Unlike some other countries, you do not need to be physically present in Belize to open bank accounts. You must provide documents that establish your identity, your current permanent residence, your personal or professional references and a copy of a valid passport. As a rule, these can be delivered by mail. In the meantime, you can send electronic copies by email. Once your documents are received and the application approved, you are ready to make the initial deposit.
- More than one type of account to consider
You can set up checking and savings accounts quite easily. There are also other types of accounts that allow you to earn higher interest rates, such as a term deposit or demand deposit if you want immediate access to money. There is also a debit card that you can use to access the account balance if needed.
You have access to your accounts 24 hours a day. This is great if you want to deposit funds from one of your national accounts, transfer funds from one offshore account to another, or just check balances.
- Better interest rates
Belize financial institutions tend to offer excellent interest rates on certain accounts. If your plan is to set aside funds for retirement, it makes sense to fund an account that offers the highest rate.
Applicants from English speaking countries will not have to face language problems. English is widely used in the Belize banking community.
Examples of offshore accounts you can set up in Belize
What type of offshore bank accounts can you set up in Belize? Here are a few that might interest you:
Demand deposit accounts – These often require lower opening balances and minimal upfront fees. Demand deposit accounts offer the advantage of being able to withdraw money quickly, even if you are out of the country. If you decide to increase the balance and exceed a certain amount, the account will start earning interest.
Lifestyle Accounts (Savings) – These also come with minimal initial deposits and start earning interest after reaching certain balance thresholds. A Lifestyle Account (Savings) It is worth considering if you are planning to retire in Belize, as it can serve as your family account once you are in the country and establish your residence. Take this as a guarantee of having a bank account that you can use in the country once you arrive.
Term deposits (CD) – While the Term deposit account requires a larger deposit, the initial amount is still within the reach of the average average income. The good news is that it comes with a reasonable interest rate that can be paid monthly, quarterly, or annually to your current deposit or lifestyle (savings) account. The term may vary; choose any timeframe between one and five years.
Beyond basic bank accounts, it is also possible to establish investment accounts that allow you to increase your wealth over time. It is quite easy to use the funds in your demand deposit or lifestyle account to secure an investment. As with bank accounts, you can use online access to monitor the status of these investments.
Open an offshore bank account today
Welcome to 2022! Are you ready to take your financial wealth building to the next level? There is no better time to start than today.
Contact the Caye International Bank team and create your first account. With their help, you are sure to get off on the right foot.
This is a sponsored feature
Authors biography :
Luigi Wewege is the Senior Vice President and Head of Private Banking at Caye International Bank, headquartered in Belize, Central America. Outside of banking, he is an instructor at FinTech School in California, which offers online training courses on the latest technological and innovative developments in the financial services industry. Luigi is also the published author of The digital banking revolution, available in audio, Kindle and paperback formats from all major international online bookstores – now in its third edition.