Wednesday, August 24, 2011

Offshore Banking

Offshore banking sounds mysterious and exotic. But in reality it is using the service of a bank located in another country other than your own. Many people mistakenly think you have to be a high roller to use offshore banking. You may be looked at as a tax invader or money laundry person. Most people definitely can't afford offshore banking there is a high limit you must have on deposit but on the other hand you don't have to be a multimillionaire either. Many offshore banks have a minimum deposit of $50,000.

Many people use offshore banking because of their secrecy and make it also possible to be exempted from many taxes. One of the main benefits of using offshore banking the account is strictly private. Your funds are also protected from creditors, taxes and other interesting parties. If you have a extra $50,000 you might want to deposit it in an offshore bank for a rainy day no one will ever know but you.

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