For most people, any bank account is considered okay to them. However, this is not true anymore. Many people are opening offshore bank accounts after realizing the numerous threats that face the banking systems back at home. The western banking systems have become so risky that many people feel their deposits and livelihoods for that matter are at a greater peril. In this post, we take a closer look at the reasons why many people are opening offshore bank accounts and why you also need one.
The political risk is too high in the western banking system
The greatest risk that people in the west face today is their government. One government after another, the trend of sinking deeper into insolvency keeps repeating itself. In Cyprus, the government anticipates Bail-in, Spain is taxing bank deposits, while Argentina, Portugal, and Poland are nationalizing citizens’ savings.
Think this is too far away from you? Hold on a minute and rethink again; you might be a victim already! Most governments have already introduced or are working on legislations that allow them to confiscate deposits from banks. This is the right time to rethink of diluting these risks. An offshore bank account to hide some of your deposit helps to dilute the inherent risk because the government back at home will not have jurisdiction over it.
The banking systems abroad are more stable compared to those in the West
The banking systems in the West are built on a very shaky ground. They are fundamentally cracked, and every person who places all the trust in them risks huge setbacks. They are based on promises by the political systems that keep shifting ground in every political cycle. Choosing the perfect company secretary service in Hong-Kong is a real added value for your business.
The banking system only stores a very small quantity of cash such that it will be very difficult, in fact impossible, to withdraw large amounts of money on demand. If the economy suffers shock such as the famous Lehman-style, it will be very difficult to access your deposit.
You do not have to simply relax and wait until the reality hits you hard, take to the correct options right away. Look for offshore banks that do not joke with clients’ deposits. If you want your deposit, offshore banks provide it immediately and unconditionally.
Offshore bank accounts earn very high-interest rates
One outstanding thing about western banking systems is their characteristically low-interest rates. The interest rates have been pushed so low by the political systems such that it is impossible to make any meaningful revenue from keeping the deposit in a bank.
In fact, compare the difference between the depositors’ interests and borrowers’ interest and you will realize how your deposit is used to make as you get nothing. The interest rates abroad are significantly higher and can accumulate to very high levels especially when large amounts are on fixed deposit accounts.
Conclusion
A closer look at the western banking system and inherent risks reveal a very shocking state of affairs. Your deposits are no longer safe, not readily available, and interest rates are extremely low.
Well, do not wait anymore, make sure to open an offshore bank account and enjoy the financial freedom you have always wanted.
