Though the trend of having an offshore bank account is evolving to great extent, but still there are many people who are having misconceptions about it. Many people think that the offshore bank accounts are beneficial only for criminals and tax evaders. While some think that only rich people can afford to have a bank account in another country. There are some other myths related to the offshore banking and chances are there that you may have believed those myths. Here we are going to discuss the major myths of offshore banking so that you can have a clear and true idea about them. This discussion will let you decide that whether you should have an offshore bank account or not.
Myth- Offshore banking is illegal
If you have believed this myth then let us tell you that having a bank account in a foreign country is totally legal. In this era of globalization, where the businesses and trades are done internationally, entrepreneurs and individuals are required to open their bank accounts in the different countries they deal in. As they are required to have all time access to their money, which is only provided through the offshore banking; they need to have an offshore bank account. So, having an overseas bank account is fully legal until you are not using it for criminal activities.
Myth- Most of the offshore banks are located in the countries with unstable economy
When mentioned about the term “offshore banking”, many people start thinking of the country with high political risks and instability. But, there is nothing like that. Along with providing the major benefits, the offshore bank accounts also provide you the security for your funds. So, no matter how stable their economy is, they are going to benefit you.
Also, an offshore bank account is that which you are having in another country, not in your home country. So, in the case offshore bank accounts are considered to be in the unstable countries then it means that all the countries are unstable. Thus, there is no reality in this concept ....