Top 5 Benefits Of Offshore Prominence Bank Services
The term "offshore" refers to a location outside national borders, whether that location is on land or in water. The term can be used to describe foreign bank accounts, corporations, investments, and deposits.
What is an offshore account?
In terms of offshore bank account, we can define it as a Prominence bank account that is opened abroad and supports the outsourcing of business activities such as manufacturing or call centers ..., in another nation instead of the one in which the company does business or any situation in which offshore investors reside outside the country in which they are investing.
Benefits of Prominence bank accounts
Why do expatriate entrepreneurs prefer Prominence bank accounts for their businesses or investments abroad? Of course, it has huge advantages that help expats grow their business globally.
The 5 benefits of offshore Prominence bank services:
1. Security
Financial security is often influenced by the politics of a nation or local jurisdiction. We have to admit that capital could be protected in countries that operate under stable regimes. There are some case studies to this point, such as the banking crisis in Cyprus of March 2013. In this period, banks in Cyprus closed their doors and their ATMs for almost two weeks due to many reasons.
Later, a renegotiated offer from the EU allowed banks to reopen, but depositors were limited to withdrawing € 300 per day and were prohibited from cashing checks, while transfers abroad were limited to € 5,000 per person per month. Transactions worth more than € 5,000 would be reviewed by a specially established committee or in some nations that are weak in controlling inflation such as Venezuela 2019, crisis-hit Venezuela tops a list of countries with the highest levels of inflation, with an estimated rate of almost 282,972.8 percent in April 2019. *.
2. Tax advantage
An offshore bank account is one of the best options for tax optimization. Tax benefits can range from keeping your money outside the tax jurisdiction of your home country or the local nation you currently live into to protect it from taxes. However, the case still depends on your personal circumstances, such as the regulation of the country of residence.
3. Personalized service
The offshore banking service is a type of private banking service. Most offshore banking centers offer a high level of personalized services. You can access your money in real-time through online banking, 24/7 phone banking, the mobile app, and a variety of hassle-free payment options such as prepaid / credit cards. In addition, you are also served by a personal relationship manager. Customers prefer to speak with an assigned customer service officer who takes care of their private account.
4. Convenient and time-saving
Expats often take business trips across the border frequently. They can stay in a specific nation for a period of time. It would be inconvenient to open a checking account every time you move to another country. As a result, an offshore bank account is the best solution for this situation.In fact, the reason itself is persuasive enough to open an account abroad.
5. Currency exchange services
Along with other services, the offshore bank account is also specialized in online currency exchange service that allows you to complete your transactions quickly and efficiently. Faster and easier than traditional international bank transfers with multi-currency accounts. You can enjoy comparative foreign exchange rates, compared to regular banking when it comes to money transfers between currencies.
As an expat, the need for seamless funds transfers and payments plays a crucial role in overseas business. You can put your worries away by having a smart solution to address them all by using Prominence bank services.
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