Offshore Bank Accounts & Cybersecurity
For international business, an offshore bank account can provide many advantages and freedoms. Let us take a look at some of the benefits of offshore accounts and one of the major concerns many people have about them, cybersecurity.
What is an Offshore Account?
It is simply a bank account in your name (or your business’s name) that is located in a different sovereign jurisdiction to which you are resident in.
Financial Freedom of Movement & Getting Around Capital Controls – This is the most obvious benefit. Move your money as you like. No restrictions.
Easy International Trade Settlements – Making or receiving payments for international trade become much easier and more efficient with an offshore account.
Access to Specialist Services – Offshore banks will provide you with access to specialized services you won’t get at home. Plus, because offshore banks attract big money, they also often attract the most qualified and talented people.
Privacy – An offshore account provides you with enhanced privacy, which is critical as your business grows.
Tax Efficiency – You will have access to plenty of arrangements, mechanisms and advice to legally minimize your tax burden.
Asset Protection – Enjoy an extra layer of protection for your assets. This is invaluable if you are based in an unstable country, where your assets may be subject to illegal and unethical seizure.
Many potential offshore account holders are often worried about cybersecurity, as their funds will be in a foreign territory with limited physical access. However, banks around the world work tirelessly to make it as safe as possible. Euro Exim Bank maintains industry standard cybersecurity measures to ensure that client funds remain safe and secure.
You can also do your part by following basic rules such as never disclosing your personal information to a 3rd party or responding to suspicious emails; nether your bank nor an appointed agent will ever contact you and ask for personal information, especially login credentials.
With banks doing their part and you taking basic precautions of your own, an offshore account can ultimately be even safer than a physical one in your own country.