What is Offshore Investing and what are the benefits of an Offshore Bank Account?
A smarter way to manage your wealth
Citi International Personal Bank uses our global investment expertise to help you make the most out of offshore private wealth management.
'Offshore' means different things to different people and is often used within the context of financial services and banking.
In its simplest form offshore means situated or registered abroad. In terms of banking it usually relates to banking in a different country or jurisdiction to the one in which you live (your country of residence).
For example, you may live in Russia but bank through London, or you might be an expatriate banking through Jersey. In both situations you are banking and investing offshore, or internationally.
Investing, saving or holding an offshore bank account in this way can offer you a host of benefits from increased protection of your wealth to potential tax advantages.
What are the benefits?
- You can gain access to diverse types of investments or other financial products that might not be available in your home country.
- Through your offshore bank account, you can manage your money in a wide range of currencies across the world.
- If you live in more than one country or plan to move to another country you can benefit by holding some of your wealth internationally, as it is easier to access and you can hold it in the currencies of both countries.
- You can further protect your wealth by banking or investing in highly regulated safe and secure markets. This is particularly useful for those who are living or working in countries where they are not comfortable holding all of their wealth.
- There may be certain tax advantages to holding a portion of your wealth outside of your home country. This depends on where you live and where you pay tax.
- Citi International Personal Bank does not offer tax advice and you should consult your tax or financial adviser to find out what is appropriate for your individual circumstances.
Make the most of offshore investing with Citi International Personal Bank
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