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Offshore Bank Accounts

Offshore bankingIn general, offshore bank accounts are considered to be a novelty for people residing and working in their home country. On the other hand, they may prove to not only be beneficial, but even crucial for people operating as expats.

This is especially so for people who have trading and commercial operations in more than one country. This is where many business owners and foreigners consider offshore banking in UAE - GlobalEye.

While the options for offshore bank accounts in the UAE number in the several dozens, the choice is what matters most, particularly since customer service and the offered facilities can make a big impact on the speed and efficiency of your money management initiatives.

Of course, no high net worth individual wants to be stuck in a situation where the payment of workers in another country is kept on hold, or they have to wait of banking staff to find out more about the tax and fee implications of certain cross-border transfers.

The Need For Offshore Banking

Many people may be under the impression, especially in light of media portrayals, that offshore banking accounts are only for people with a lot of money, who want to evade taxes. But the option does a lot more than just that, and can prove useful even for regular businesspersons.

A marked and well-known feature of offshore accounts is the ability to retain funds in a number of currencies, thereby eliminating the need for many accounts for each desired currency.

Not only does this make the process of paying employees in multiple states a lot easier, but also give you the ability to operate it from anywhere in the world.

Choosing An Account

Choosing bank and destinationAnyone who has made up their mind about the need for an offshore account will also have certain services they will not be able to get by.

This means making a note of what these services are, and calculating how much they are worth to you.

In most cases, a current account and the facilities that come with it will deliver most needs. It will take care of the management of daily transactions, along with a debit card and chequebook.

This is because most people make use of offshore accounts for the primary purpose of holding funds at a foreign destination.

Destination And Bank

Holding funds in offshore accounts also means the protection from political risk and changing legal regimes.

For people residing and earning fund from a said country, this way of banking also gives people the chance to protect the money from local laws and taxation regimes.

In many cases, it can be simpler to open an offshore account through the local bank you currently operate with.