EmailWire
01 Sep 2023, 15:03 GMT+10
DUBAI, UAE - (ARAB NEWSWIRE) - The definition of an offshore bank account is simple: it is the practice of opening a bank account outside the country of residence. With the help of offshore banking, a person may conduct instant, fee-free global money transfers in just a few clicks. One can also set up offshore bank accounts in diverse currencies and maintain them simultaneously with their domestic banking account.
Offshore accounts are vital for wealth management in UAE primarily because of their wealth-growing potential and portfolio diversification. Therefore, maintaining an offshore bank account is considered a favorable investment decision, especially for high-net-worth individuals. Investors may also choose banks that offer Onshore and Offshore banking solutions as a part of their wealth management services.
What Is an Offshore Bank Account?
An offshore bank account is not very different from a local bank account opened in the customer's country of residence. The significant differences, however, depend on the country where the offshore bank is opened, and the types of banking services offered in that country.
It has become widely accepted that the term 'Offshore Banking' refers to opening bank accounts in specific locations which have become popular for offshore business activities.
Why Go for an Offshore Bank Account?
Opening an offshore account is an effective way to save, invest and manage money. A person may consider opening an offshore banking account if they are:
Benefits of an Offshore Bank Account
Offshore banking has multiple benefits, from securing the assets of the account holder to maintaining their privacy. Offshore banks may even assist investors with wealth specialists to resolve their investment and foreign exchange queries. However, an offshore banking account has some more important benefits as well, some of which are mentioned below:
Conclusion
Offshore Bank Accounts are gaining popularity because they make it easier for people to manage their money between countries. Additionally, they simplify money transfers to and from offshore accounts in a currency preferred by the customer. Offshore bank accounts offer economic diversification, privacy, and freedom from being reliant on a single country or financial authority. As internationalizing assets is an excellent way of securing a promising financial future, individuals looking forward to gaining potential positive returns on their investments can choose to open an offshore bank account in UAE.
About iQuanti
iQuanti ignites powerful and predictable digital marketing performance for global brands with an approach rooted in data science and deep vertical knowledge.
Notice:
Opinions, analyses, reviews, or recommendations expressed in this article are those of the select editorial staff's alone, and have not been reviewed, approved, or otherwise endorsed by any third party.
This article is issued through Arab Newswire (www.arabnewswire.com) - a newswire service for Arab World, Middle East and North Africa (MENA), and it is distributed by EmailWire (www.emailwire.com) - the global newswire service that provides Press release distribution with guaranteed results
Get a daily dose of Israel Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Israel Herald.
More InformationLONDON, UK: This week, the Global Financial Centers index showed that New York remains the world's leading financial center, with ...
KAOHSIUNG, Taiwan: In a significant milestone for its defense capabilities, Taiwan has unveiled its first domestically developed submarine. Although it ...
HONIARA, Solomon Islands: Prime Minister Manasseh Sogavare revealed that he opted out of a Pacific Islands leaders' summit at the ...
SACRAMENTO, California: Intending to raise some US$160 million per year to help prevent gun violence, California Governor Gavin Newsom signed ...
MANILA, The Philippines: The Philippines remains steadfast in its resolve not to yield to Chinese efforts to obstruct its fishermen ...
VICTORIA, Texas: This week, U.S. District Judge Drew Tipton in Victoria, Texas, ruled that President Joe Biden did not have ...
BEIJING, China: In a deal worth US$10 billion at list prices this week, state-owned carrier China Eastern Airlines announced that ...
BEIJING, China: This week, China Evergrande Group said its founder and chairman, Hui Ka Yan, is being investigated over suspected ...
RIVERSIDE COUNTY, California: In his opening statement this week in the first U.S. trial over allegations that a car autopilot ...
SEATTLE, Washington: As part of Washington's efforts to stop Big Tech from monopolizing the most lucrative parts of the internet, ...
JEDDAH, Saudi Arabia: As part of Riyadh's efforts to further Saudi Arabia's electrification drive, electric vehicle (EV) maker Lucid announced ...
NEW YORK, New York - Stock prices were punctured Friday bringing to an end the 'flash in the pan' rally ...