When it comes to offshore banking, you are likely to have in mind the common misconceptions that it is for the well-heeled or this medium is used to evade taxes. However, it is just a small fragment of the story. Reputable and established offshore banking institutions such as SUISSE BANK PLC provide smart options to secure your wealth legitimately in an overseas jurisdiction. It helps maintain discreteness of your account while ensuring all transactions are done as per banking regulatory compliances in that jurisdiction.
SUISSE BANK busts the most common myths about offshore banking which will help you make an informed choice.
1. Offshore Banking is Only for the Wealthy
It is true that the rich and affluents open offshore bank accounts to secure their wealth in a jurisdiction that is politically and economically stable. But some banks like SUISSE BANK PLC have an affordable service-as-package fee, lower opening balance and minimum deposit amount. This makes it possible for anyone, with the minimum opening balance, to open an offshore bank account.
2. One Has to be Present Physically to Open an Offshore Bank Account
This is another myth that often turns off people from opening an offshore bank account. Fortunately, this isn’t true. Modern banking systems have progressed rapidly with technological advancements. Today, whether it is a private bank account or business, the designated person does not require visiting the bank in person.
For instance, SUISSE BANK offers an all-in-one-wallet that aids in digital KYC and onboarding in less than 30 minutes. That means you do not need to visit the bank in person to open an account. Additionally, all financial transactions can also be managed electronically through this digital wallet.
3. Offshore Banking Helps in Money Laundering or Evading Taxes
Most people think that offshore banking is illegitimate – it is primarily used for money laundering or to evade taxes on huge wealth. But this is not true. Most overseas banking institutions strictly comply with the jurisdiction’s regulatory compliances and operate legitimately. They will thoroughly check all documents before allowing you to open an account. Unless the client purposely hides information about the bank account and its wealth, offshore banking is legal.
Busting these common myths will help you understand the benefits of offshore banking and also choose a reliable banking institution like SUISSE BANK PLC.