There are number of concerns related to having an account in an overseas bank, like some are concerned that whether the process is legal, some are concerned that how complicated the process is and some are concerned that are they eligible to have an account in the overseas bank or not. There are many other concerns that hit the people’s mind. And if you are among those people who are having these concerns then you have come to right place. Here, we are going to explain all the aspects related to overseas bank accounts.
As you are here, you must be aware that an offshore account is the one that is located in any other country except the country of holder’s residence. They are opened in the same way as a bank account is opened in your own country and you can use them to store any of your earnings. However, the requirements for opening an account and benefits that you will get differ from bank to bank.
Who can get an account opened in an overseas bank?
Many people get confused just over the fact that whether they are eligible to have an overseas bank account or not. But, let us tell you that anyone, who is more than 18 years old, can have an overseas bank account. If you want to take the benefits of various investment opportunities that overseas banks offer, want to secure your money from the government, want to get more interest on your money or just want to reduce the amount that you pay as a tax, then you can consider having an overseas bank account.
For an instance, if you are having sufficient funds as savings in your domestic bank account then you can consider placing the extra savings in an overseas bank as it will help you save your money that otherwise would go in the form of tax deductions. Thus, if you are having enough funds and are 18 years old, then you are eligible for having an account opened in an overseas bank ....