Carlos Hank Rhon

Carlos Hank Rhon, Offshore Accounts: Safeguard Your Money   Part 1

Many people around the world make the decision to do their banking offshore. For most of us though the only time we hear the words 'offshore account' is when we're watching a movie involving gangsters and conmen. So what exactly is an offshore account and why do people choose them over a regular bank? Carlos Hank Rhon recommends that you read this article clearly.

The Definition

An offshore account is simply a bank account you set up in a country outside of where you live. This means the government of the country in which you live has no jurisdiction over your financial transactions. There are advantages to this and disadvantages, depending on which country you choose for your international account.

Advantages

* There can be substantial tax breaks and higher investment opportunities for offshore accounts. Many offshore accounts are tax havens, which translates into savings for the depositor. While you still have to declare all income from worldwide investments in the US, you may gain from gross income interest payments and other tax liability perks. A lot of offshore accounts can also provide higher interest rates than your home country resulting in greater growth of your current portfolio.

* Unknown to many US citizens is the fact that there are high performing funds around the world that residents of the US cannot legally profit from. If you have an offshore account, however, you can gain access legally to these 'hidden' investments.

* For many offshore accounts you can do multi-currency transactions without paying the higher fees of domestic accounts and can write checks or complete transactions in any country in the world.

* Some offshore banks allow anonymous bank accounts and lower or higher rate loans. Carlos Hank Rhon asks that you read part 2 of this article.