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What Is A Non-resident Offshore Bank Account ?

What is a non-resident offshore bank account ?

A non-resident offshore bank account allows you to manage your money easier amongst different jurisdictions. A non-resident offshore bank account is a personal/business bank account you open in a country where you are not normally resident. ( living in  for more than 183days)

These accounts are gernally known as offshore bank accounts, which have been widely used by businesses and expats living in other countries. You can use this type of account for a variety of reasons, including sending and receiving and holding money. You are also able to use this type of account for holding investments, shares and mortages, depending on your personal preference. The best-known offshore jurisdictions for holding such accounts are Jersey, Singapore, Hong Kong, Bermuda and Isle of Man. Almost all offshore bank accounts come with standard features such as online banking, debit cards. Some private banks do offer loans, mortgages, credit cards,etc, depending on the level of banking relationships you have with them.

Having a Hong Kong personal offshore bank account has proven to be the best in the world, having been offered monthly interest as low as 0.18% for spending instalments on a credit card, which is much cheaper than other jurisdictions.

Other benefits of holding an offshore bank account are:

  • convenient and easy to make payments

  • Easy for you and your family to move between countries for work, education and retirement.

  • The ability to manage foreign exchange at a finger click

  • A wide range of investment products to choose from

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