A bit of history
Since the early 2000s, economic crises that affect entire regions – if not the world – have been more frequent, and states have been conspicuously powerless to curtail them. Understandably, many individuals and entrepreneurs have consequently been looking for pragmatic solutions to protect their assets.
The bursting of the internet bubble and the 2008 global financial crisis, for instance, were followed by long and brutal recessions, and they have not been without consequences for banking systems around the world. Nowadays, the Covid-19 pandemic foreshadows yet a new crisis of historical dimension. The blow it has already dealt to the global economy has considerably changed the landscape of banking. Institutions that were considered stable have been downgraded, particularly in the West (EU, UK, USA). In many countries, the political measures that are meant to save local economies might in fact contribute to savings being under threat and to the instability currencies.
Investors understand the need to diversify their investments into different asset classes. While essential, this precaution is no longer sufficient, especially if these investments are grouped in one country or region. In other words, one must, while diversifying, go beyond borders as well as across asset classes. And what better destination, for your assets, than tax-friendly systems?
The mere idea of opening an offshore bank account in a tax haven often raises questions, though; sometimes even suspicion. For a long time, multinationals have stopped hesitating to create offshore accounts via dedicated subsidiaries, but individuals still have reservations when it comes to opening a personal offshore account.
Opening a bank account abroad
Nonetheless, any seasoned investor willing to go international will have to wonder how to open an account abroad.
The question is simple, but the answer will present variable difficulties depending on one’s nationality and the country in which one plans to invest. The opening of an offshore account is always subject to several conditions – depending on the tax laws applicable to each – but it may be perfectly legal.
Opening an offshore bank account may even prove to be safer for one’s assets and more profitable than many alternatives that are deemed more reassuring.
Just as all banks do not offer the same products, one must choose the offshore bank that will suit his or her projects and ambitions. A lot of information about the advantages of different banking systems is available on the internet and, it is now even possible to open an offshore account online, allowing everyone to overcome geographic distances.
Harvey Law Group is composed of business and immigration lawyers, among others, and is by your side, to advise you and ensure the validity and legality of your applications, legal action or any step you intend to take. Founded in 1992 by international lawyer Jean-Francois Harvey, Harvey Law Group (HLG) has close to 30 years of experience serving your interests. The international presence of our firm allows us to support you in the development of your projects and of your business. Our team is perfectly familiar with the markets in which they are established, and our lawyers specializing in business law, corporate law, company law, and immigration law have been trained in-house and in private practices, and they offer you unique and personalized advice. Together, we can optimize your international exposure!