Eternity Law International News Open an offshore bank account

Open an offshore bank account

October 13, 2020

Open an offshore bank account – why do you need to open it today? Most of legal entities and individuals use internal bank accounts. In some cases, this is sufficient for making payments.

However, if you are serious about international investing and pay special attention to protecting your savings, then it is not recommended to rely solely on domestic banking systems.

In this case, it would be reasonable to open an offshore bank account. In this way, you can develop a solid strategy to protect and grow your capital.

Offshore accounts and the impending collapse of the global economic system – is there a connection between them?

In 2020, the stock market fell. As a rule, such a crash and fall in capital shares market means that economic instability is coming. Now, business is forced to exist in the most severe conditions of survival.

Many countries are still unable to return to their usual format of work, and there are no predictions about when this will happen.

Of course, for countries with a higher level of development, for example, for Singapore, this situation is not so crucial and is quite acceptable. However, for Ukraine things are completely different.

Ukrainian experts in the field of economics say that if the business structure does not begin to function normally at least in the 3rd quarter, then the situation will become extremely deplorable.

Based on the current conditions, many economists recommend opening an offshore bank account and doing it as soon as possible. This is how you will be able to protect your financial savings.

Moreover, you can transfer funds into currencies that are more stable in the world market, and invest them wisely.

Why do you need to have an offshore account?

Offshore bank accounts guarantee reliable protection of your assets, both corporate and personal. Diversification allows you to build a strategy that would minimize any risks. What do we have thanks to the ability to invest in various assets?

  1. Minimization of risks of losses – one of the investments may turn out to be unprofitable and work poorly during a certain period, while others may work much better; thus, a balance between potential losses and profits is achieved.
  2. Saving capital – working offshore account and well-planned diversification will help you to protect your savings from unpleasant phenomena such as confiscation or crisis.
  3. Making a profit – diversification affects the increase in profits directly, since it significantly increases the number of sources of income.

Diversification is the best option for protecting your business from the impending crisis and economic collapse. After all, the budget deficit in many countries is increasing every year, and the amount of debt is much higher than GDP.

In a period of economic crisis, the government is trying to find any ways of salvation. Therefore, the printing press begins to work most actively.

However, money production is not a panacea, because an uncontrolled, extremely large mass of money leads to an increase in the size of debt. When such a bubble bursts, absolutely everyone will suffer.

The last resort for filling the state treasury and covering debts is the confiscation of assets and the establishment of strict control over the funds of individuals. That is why offshore banking is a way to eliminate the risk of losing your assets and business.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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