Choosing an offshore bank can be an overwhelming experience, even for the most seasoned investor. There are many factors that determine which bank is right for you and your financial goals, and those factors are different for everyone. However, there are a number of characteristics that the best offshore banks possess, and we highly recommend keeping these in mind during your decision-making process.
The best offshore banks have the following characteristics in common:
Physical Location
With the increase in Internet technology and innovative encryption services, Internet-based banks have become the new trend in offshore banking. While there are significantly more legitimate Internet offshore banks than fly-by-night operations, an offshore bank with a physical address and a full-time staff in a fixed location is generally a safer bet.
Jurisdiction History
The best offshore banks are located in jurisdictions that have a long history of political stability, economic security and, to be frank, a long history, period. Political unrest can wreak havoc on a country’s economic strength, and military coups or invasions can cause all banking to cease and everyone’s assets to be frozen. Currency devaluation, recessions and other economic woes do not bode well for a solid banking community.
Infrastructure
Banks located in jurisdictions with a strong nationwide infrastructure are going to be able to give you better service – this means consistent electricity, fast Internet access to servers, dedicated telephone lines, maintained roads and modern transportation services to and from the city in which it is located.
Commitment
Offshore banks that are committed to innovative customer service are the backbone and the benchmark of the offshore banking community. Not only are the best offshore banks fiercely protective of your privacy; they are always at the forefront of encryption technology, added measures of identity protection against increasing scrutiny; and more accommodating to their customers’ requests.
These are the fundamental factors in determining which offshore banks are the best. The good news is, literally hundreds of banks all over the world fall into these categories, and al that remains is to choose a bank that’s right for you. For more information on how to choose the best offshore bank for your financial needs, click here. Or, we also recommend that you contact us with specific question regarding your offshore banking decisions – we’re happy to assist in finding the perfect bank, and in establishing an account there.