You work hard for your money, which is why you should do everything possible to keep it safe. One way to provide a stable harbor for your funds is to stash them in a bank account in a foreign country. While it might seem complicated to establish one of these bank accounts, an experienced financial manager can help you set everything up so you can transfer currency at will and even access it with an offshore debit card. Here are a few reasons to consider this technique.
The world is a volatile place, and it can only take a shift in political climate to make things less hospitable for top earners. If you live in a country that’s undergoing changes in fiscal policy, it might be a good idea to stash some cash in a nation that’s less likely to raid successful people to make up for monetary shortcomings. You shouldn’t allow your hard-earned savings to be sacrificed to make up for the fiscal irresponsibility of your government.
Less Vulnerable to Lawsuits
Today’s society is more litigious than ever, and there are literally millions of lawsuits filed in the United States every year. Even if you live a responsible life and take care of all of your obligations, you can still be an attractive target for someone who wants to take advantage of your wealth. While it’s impossible to completely shelter your money in an account with an offshore debit card, it does make it more expensive for potential legal adversaries to pursue your funds, which could inspire them to find a more enticing objective.
Better Interest Rates
As the national debt continues to spiral out of control, the government prints more money to cover its debts. While it’s a way to create the appearance of a balanced budget, it actually devalues the currency and causes inflation. To help stimulate the economy, regulatory agencies also continue to lower interest rates to encourage borrowing, but it provides lower returns on savings accounts. An offshore bank account in a country with a more favorable rate can provide a bigger bump for your nest egg.
Protect Your Money
These are just three of the many advantages of an overseas bank account but talk to your financial advisor to see if there are any additional benefits that apply specifically to your situation. Once you decide to take this step, find a company that offers an offshore debit card to give you easy access to your funds. For more information about our services.