Here are the top reasons why you should consider an offshore investment account.
An offshore (or foreign) account is simply a bank account you have outside of your country of residence and your home country – a ‘third-country’.
If you are in China – it doesn’t have to be Hong Kong. HSBC China operate very distantly from HSBC Hong Kong and offers no advantage whilst in China.
In fact HSBC are making it harder to open accounts and seemingly trying to get rid of smaller clients that generate under $1,000,000
Dilute Your Political Risk.
Governments may make unannounced and immediate changes to currency controls and foreign exchange rates, which is a big threat to your savings.
Sounder Banking Systems and Banks.
Offshore banks are almost always more responsible custodians of your hard earned-savings.
The jurisdictions may be AA rated and the Financial Institutions typically B+ or above – this is hard to achieve and subject to strict liquidity checks by regulators.
If you ever find yourself in a wrestling match with a government agency or with a frivolous lawsuit, you’ll have resources you can count on.
Offshore banks commonly offer convenient online platforms for you to hold foreign currencies.
Higher Interest Rates for Your Deposits.
If you look abroad, you can find accounts that give you rates or return significantly higher than what you’d find at home.
The Ability to Act Quickly.
Once a government has imposed capital controls or levied bank accounts, it will be too late to take protective action.
Maintain Limited Privacy.
You can legally maintain your privacy.
Peace of Mind.
An offshore account helps protect you from unsound banks and banking systems, the destructive actions of a bankrupt government, and frivolous lawsuits.
Maximize Your Personal Freedom.
Having an offshore bank account gives you more options. More options means more freedom.
If you live and work in China more than one of the above reasons should resonate with you!
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