The banks in the UAE play dirty with their customers. They behave as if they are obliging their customers by letting them keep their money in the banks whereas it should be the other way around. Despite of all the research you do before applying for personal loan in the UAE, there is high probability of your personal loan being rejected. Did you go to the best place to get a personal loan? Doesn’t make a huge difference. Well, so how do you avoid personal loan rejection in the UAE? Scroll down:
Check your credit report
Two non-negotiable criteria whilst applying for personal loan are credit history and credit score. You are likely to face a loan rejection in the UAE if your credit history is poor and credit score is low. Defaulted loan repayments in the past will lead to poor credit history.
Pro Tip: Use your credit card wisely to improve your credit history and build credit score.
Proper documentation
Documentation plays a substantial role when applying for personal loan. Even a single erroneous document can lead to rejection of personal loan. So, crosscheck all the details in the form and attach appropriate documents.
Pro Tip: Clarify your doubts before submitting the final version of the application form and double-check your contact details.
Clear up your debt
Trust plays a vital role in advancing loans from bank. An assurance of repayment of loan is substantial and to win the trust of the insurer, ensure that you clear up all your past debts. This leaves an impression and reduces the DTB ratio. DTB ratio plays a crucial role in the loan approval process.
Pro Tip: Settle existing debt before applying for a new one.
Disclose your intention for the loan
Personal loan can be utilized for n number of purposes. To get a low interest personal loan, disclose your intention on the application form so that the bank can offer you the best rate as per your utilization of the funds.
Pro Tip: Be honest to avoid loan rejection.
Check employer’s bank
By applying for personal loan with your employer’s bank, there’s a high probability of loan approval as the bank is in good relations with the employer. Also, it offers an extra level of security to the banks.
Pro Tip: Check with your HR manager if you don’t know your employer’s bank.
Check the minimum requirement
The criteria for granting loan varies from bank to bank. So, before applying for personal loan in any of the banks, do find out all the details and minimum requirement. The documents required will depend on your principal amount.
Pro Tip: Work out your monthly repayments by calculating the interest.
“Where can I get a personal loan” is what you ask? Well, that’s a secondary question. Primarily, focus on ‘How to avoid personal loan rejection’ whenever applying for personal loan in the UAE.
Taking a wise decision is the only option when it comes to buying an insurance because it is the most critical part of any financial planning. But with so many insurance products, insurance plans and insurers in the market, it’s okay to be perplexed. Whether to approach financial institutions or independent financial advisers is what you ask? Here we are vouching for independent financial advisers not because we are one of them, but because we want you take an unbiased decision.
insurance from independent financial advisors
Let’s take a quick look:
You need choices to make good decisions
Buying an insurance policy from a financial institution comes with the sales pitch of different insurance plans from that respective institution only. For example, an agent from company A will give an insight on plan A to Z from company A itself.
On contrary, an independent financial adviser is unbiased and will nourish your appetite with the insurance plans from the market that are best suited for your requirements.
Strategic financial advice
Buying an insurance policy is a complex and intimidating process which needs strategic financial advice to materialise the contract for the benefit of both the parties involved. Legacy insurance makes it all the more complex. So, going for an independent financial adviser is the wisest decision that anybody can take as it not only simplifies the process but also backs you with well-rounded financial advice’s. They are free to recommend insurance plans from multiple sources which can enhance their creativity as a problem-solver.
Value-for-money insurance plan
An independent financial adviser has access to all the insurance plans in the market. Thus, they can help you by offering you the most affordable and value-for-money plan that saves you some money irrespective of slight compromise on the protection. Also, with their expertise they can let you know if you are overpaying for any of the insurance policies.
Most knowledgeable in the financial market
An independent financial adviser needs a timely update to his/her ‘Insurance bible’ because he/she is bound to offer nothing but the best to his/her customers. Independent financial advisers are the official ‘Mr. / Ms. Know-it-all’ of the insurance market. They need to know the eensy-weensy of every insurance plan and insurance policy in the market. They should be well-versed with the technology as people nowadays are going smart by going paperless.
Online insurance
As mentioned previously, people are going smart by going paperless. Online insurance is the latest trend to buy insurance. People with just a few clicks can buy insurance online via internet. Buying an insurance is already an intimidating process and buying it online can be a little more complex due to the technology-gap. But, no need to worry as independent financial advisers are waiting out there to offer you step-to-step guidance. ‘Customer satisfaction’ matters to them the most!
So, what are you waiting for? Contact an independent financial adviser right away and experience the best yourself!
Savings is the need of every household for security and surety in case of emergency. To facilitate and meet the needs of its customers, banks offer varied kinds of options for savings and investment viz. Offshore Deposit Accounts, Savings Accounts, Term Deposits etc. Before choosing an investment type that best suits your need, you should go through the pros, cons and limitations of every form of banking. The decision of selecting a particular form of investment should be mooted in depth. Here are few details to ponder over before deciding whether to invest in Savings Accounts or Term Deposits.
Savings Accounts Or Term Deposits
The greatest advantage of Term deposits is that they yield more rate of interest than Savings Accounts. It is known worldwide that higher return on investment is one of the major reasons why people decide to opt for time deposits over savings account.
However, the savings bank account have an edge over fixed deposit account in a manner that one can deposit and withdraw money from Savings Account anytime they want, without losing any interest. But in Term Deposit you lose interest if you withdraw your investment in the midst of its tenure.
Furthermore, the added advantage of withdrawals from any bank branch or ATM for emergency situations is a point one should think over, since Term Deposits do not offer such facility.
Having said that, few are of the view that since the fear of losing interest is high, people tend to cut down their expenditures if they have invested in term deposits. The lessened expenditure can inculcate the habit of saving. The facility to withdraw money anytime you want does not imbibe that habit in you.
Each and every individual is unique and so are his habits, needs and wants; one should choose an investment type that best suits his/her requirements. There is also a view that one becomes complacent if they have a term deposit, they tend to stop saving thinking they have saved enough.
So, one should always observe habits and past history before deciding on an investment type. Many believe that Offshore Accounts are the best investment types. Tax Havens provide more interest than a traditional bank in a country, so one can also opt for Offshore Deposit Accounts. Citibank IPB offers great services to its ever-growing clients in Offshore Banking.
In the initial stages, one should go for savings account to begin with little investments made over a long period of time and then magnify the investment base by adding term deposit investments. One should opt for a blend of both savings and fixed time deposit to have the best of both worlds. Citibank offers customer friendly and easy to use services in savings and term deposit investment. More savings, more security!
In an earlier post, we looked at how offshore banks offer investment solutions for the needs of high networth clients like you. Here, we will delve into the depths of high finance / financial engineering and look at how structured products can help you with your investment needs:
What are structured products?
Structured products are fixed-term investments whose payout depends upon the perform of an underlying benchmark such as interest rates, equity markets, commodities, corporate credits or foreign exchange markets. Structured products provide you with the potential to earn higher returns than are offered by conventional banking products.
What kind of capital protection is available with structured products?
Full protection – Or, 100% capital protection. This means that the minimum that you receive on maturity should be at least equal to the amount originally invested.
Partial protection – How much of your original investment you get back depends upon the performance of the underlying benchmark and only a proportion, say 70% is protected by the capital guarantee.
What are the main structured products available?
Structured deposits combine a deposit with an investment product. The return on a structured deposit depends on the performance of the underlying benchmark or asset. Structured deposits may provide higher returns when compared to traditional fixed deposits but you take on more risks when you buy a structured deposit, including the risk that you receive returns that are lower than expected. At maturity you will receive the principal amount of the structured deposit; but, if the deposit is withdrawn early, you may not receive 100% of the money invested back.
Foreign exchange linked structured deposits are short-term deposits that can meet your foreign currency needs while potentially offering higher interest rates than traditional fixed deposits. They can take the following forms:
Dual currency deposits – They can provide you with potentially enhanced returns in one currency in return for accepting possible repayments of the deposit principal plus interest in another currency. They may come with a “Knock-out” that remove the risk of conversion when the specified knock-out level is touched or breached. Or, they may feature a “knock-in”; in such a case, they become active only when the specified “knock-in” level is touched or breached.
Range deposits – They allow you to take a view on the future movement of a foreign exchange rate to earn a potentially higher return. This higher return is derived from the higher risks associated with exposure to foreign exchange.
Structured notes are investments whose return is linked to the performance of one or more underlying asset(s) or benchmark(s). Underlying assets or benchmarks could include market indices, equities, interest rates, fixed-income products, foreign exchange rates or any combination of these.
It may be the interest amount and/or principal repayment, which are linked to the performance of the underlying instrument. Structured notes differ from structured deposits in that you will receive the principal amount on maturity of the structured deposits while you potentially stand to lose the whole principal sum when investing in structured notes.
► Your offshore bank may be able to advise you as to the level of capital protection that you may structure with the choice of your structured instrument.
Structured products – questions to ask
Before you make a decision on using structured products in your portfolio, you could consider asking your relationship manager / portfolio manager the following questions:
▪ What are the features of this structured product?
▪ What are risks associated with this structured product?
▪ What are the expected returns on this product?
▪ How does this product fit my investment needs given my risk profile?
▪ How much fees would the offshore bank earn on selling me this product?
▪ How can I exit this structured product and what should I expect when exiting?
In an earlier post, we had explored the complexities relating to tax issues, especially when you own assets in multiple countries. We had also briefly touched upon how an offshore bank account and other services offered by offshore banks can help you manage and mitigate tax outgoes. Here, we will look at some of the more popular tax saving structures used by offshore banks to help you deal with your taxes and to help you with asset protection and growth:
Offshore bank accounts
These form the foundation for all your offshore activities – whether personal and/or relating to your business activities. You will typically get / gain access to:
▪ Full online banking and Internet access
▪ Corporate and personal credit, debit, ATM and prepaid cards
▪ Term and fiduciary deposits
▪ Multi-currency accounts in major currencies
▪ International transfers using SWIFT, SEPA, TARGET, international Banker’s Drafts etc
▪ Brokerage and investment services
▪ International factoring
▪ Trading platforms with access to all major markets worldwide
▪ Savings, escrow and investment accounts
▪ Mutual/investment funds
▪ Gold Certificates / Precious metal purchase
Offshore companies
These include International Business Companies (IBCs), Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLCs). These structures can then be used to register limited partnerships and companies in the countries where you do business. Advantages of such structures are as follows:
▪ Limited liability for shareholders like you
▪ A separate legal identity
▪ Simple transfer of ownership
You can use offshore companies for a number of purposes. Some typical purposes include:
As a holding company
You could use a holding company to own your assets like property and investments. This would help you:
▪ Mitigate income and inheritance taxes that may otherwise be payable if investments were held in your name
▪ Protect held assets from possible seizure in a country in which you are resident
▪ You could also use this company to hold trademarks, patents, royalties and other rights. The company could derive income from them by granting leases, rights or distributorships.
Employment
If you earn income outside your country of residence, you could establish a company and then sell sole rights to your services to this company. Such a company can also be used by onshore resident companies to employ staff engaged in offshore projects. Advantages include:
▪ Saving on social security type deductions
▪ Helping avoid complex employment regulations
▪ Providing tax-free wages and pensions to employees
Off-the-shelf Offshore companies
Some offshore banks / wealth management firms offer clients the option of off-the-shelf companies. These are companies that have already been registered. Buying one of these companies can help you save on incorporation process time, get a company that can be used immediately and get a company with vintage (that has existed for some years).
7 Things to Consider Before Opening an Offshore Bank Account
Offshore banks are banks that are located outside a country other than the account holder’s country of residence. Moreover, offshore banks are specifically licensed by their jurisdictional authority(ies) to offer offshore banking services. Offshore banks are known for the wide range of benefits they offer account holders vis–à–vis retail bank accounts. This has made them popular both amongst high networth individuals and businesses that operate internationally.
Let us check out seven important pointers you need to consider before you open an offshore bank account:
1. Consider your needs – Before you choose an offshore jurisdiction and an offshore bank, you will need to consider your requirements as objectively as possible.
Do you need to make international payments or have accounts in different currencies?
Do you live outside your home country?
Do you move regularly between different countries?
Are you looking for an economically stable home for your money?
Are you thinking of retiring abroad?
Consider not just your current needs but also your possible future requirements. Moreover, an offshore bank account is usually associated with minimum deposit/assets under management requirements that are much higher vis–à–vis retail bank accounts. Keep all the above in mind before you go in for an offshore bank account.
2. Consider the offshore bank’s jurisdiction – Your offshore banking jurisdiction should fulfill certain important criteria:
▪ A history of political, economic and regulatory stability including stable tax and inheritance structures.
▪ An established pool of private bankers, wealth managers and legal and financial specialists and service providers who have experience catering to the needs (including international needs) of high net individuals.
▪ Zero / low rates of direct and indirect taxes (whether on income, capital gains, assets, transactions, consumption or otherwise).
▪ The presence or absence of double taxation agreements (DTA) or tax information exchange agreements between the jurisdiction you are considering and other countries, especially your home country, could possibly influence your decision. You may either want to take advantage of these agreements or avoid them.
Basically, you are looking at a jurisdiction that has a fairly long record of political/economic stability and of offering offshore banking services. Typical destinations include Singapore, Switzerland, Isle of Man etc.
3. Consider the bank – Check out the various banks offering offshore services in your chosen jurisdiction. You may favour a brand whose name you are familiar with or you may be looking for a bank that offers you the specific features and benefits that you are looking for.
Whatever bank you decide on, the bank must have experience with and value international clients. Banks that have mainly local business may not have the expertise that is required in today’s highly complex regulatory environment for international banking. Global banks like Citibank, HSBC, Standard Chartered Bank etc. have presence in several countries and the international expertise that you are looking for. They can also help you with opening an offshore account from the comfort of your home.
Service levels, banking and support channels, customer service languages are also important factors to take into consideration before you decide upon a bank.
4. Consider the products/services bouquet offered – Your offshore bank should be able to offer you a suite of products and services that can help you effectively and efficiently manage your international holdings, optimize your tax outgoings, protect your assets from creditors, estranged spouses or other family members, achieve orderly, controlled and structured transfer of assets to younger generations of your family and ensure continued ownership of businesses without fragmentation between multiple owners.
5. Consider world-wide availability/accessibility of products and services – Determine the global availability and accessibility of your offshore bank’s products and services through the following sample questions:
▪ Do you have access to global markets and a global range of products and services (depending upon your country’s regulations)?
▪ Do your bank’s products (debit cards, credit cards etc) have global validity and acceptance?
▪ Do you get world-wide product and customer support?
▪ How about “anytime” transactional access to your bank account from anywhere across the globe?
6. Consider the bank’s fee structure – Your offshore bank may charge you fees on a flat fee model; this could be a percentage like one percent of your total assets under management. This fee covers all transactional, custody and advisory costs. Alternatively, there may be different fee structures for different products; under this model, advisory, discretionary management services and managed funds may charge the highest fees.
You should take the time to understand your bank’s fee structure in detail including going through all bank documents. Also, get your relationship manager to explain in detail the fees that are applicable to your context.
7. Consider privacy, security and confidentiality – The proliferation of digital banking channels like Internet and mobile banking have given customers
“anytime, anywhere” convenience. While you will need to practice good security habits, also ensure that your offshore bank also offers security measures like:
▪ Multiple security layers that include the use of login usernames and passwords, security devices, instantly generated passcodes that are delivered through SMS or email etc.
▪ Application of additional security layers to all financial and important non-financial transactions.
▪ Instant alerts through SMS / email on execution of a wide variety of financial and non-financial transactions.
TYour offshore bank should also offer you greater levels of data confidentiality and customer privacy that is available with a standard retail bank.
Top 5 Tips for Choosing a Great Offshore Banking Service
Offshore banks are banks that are located outside a country other than the account holder’s country of residence. Moreover, offshore banks are specifically licensed by their jurisdictional authority(ies) to offer offshore banking services. Offshore banks are known for the wide range of benefits they offer account holders vis–à–vis retail bank accounts. This has made them popular both amongst high networth individuals and businesses that operate internationally.
Here, we will present a few tips that will help you get started towards choosing a great offshore banking service, one that will fit your needs and requirements to a T, or as close to it as possible:
1. Assess your needs
Before you choose an offshore jurisdiction and an offshore bank, you will need to consider your requirements as objectively as possible. Do you want to establish personal and/or business accounts? Do you need an account with multi-currency features? Do you need a debit and/or credit card(s) with global acceptance? Do you want to bank with an offshore institution with a strong pedigree in estate/inheritance planning? Consider not just your current needs but also your possible future requirements.
2. Choose the right country / jurisdiction
Choose your offshore banking jurisdiction carefully and in accordance with your needs. Ideally speaking, your offshore jurisdiction should be politically and economically stable with strong and reliable regulations especially inheritance laws. The presence or absence of double taxation agreements (DTA) or tax information exchange agreements between the jurisdiction you are considering and other countries, especially your home country, could possibly influence your decision. You may either want to take advantage or these agreements or avoid them.
3. Choosing a bank
Check out the various banks offering offshore services in your chosen jurisdiction. You may favour a brand whose name you are familiar with or you may be looking for a bank that offers you the specific features and benefits that you are looking for.
Whatever bank you decide on, the bank must have experience with and value international clients. Banks that have mainly local business may not have the expertise that is required in today’s highly complex regulatory environment for international banking. Global banks like Citibank, HSBC, Standard Chartered Bank etc. have presence in several countries and the international expertise that you are looking for. They can also help you with opening an offshore account from the comfort of your home.
Service levels, banking and support channels, customer service languages are all important factors to take into consideration before you decide upon a bank.
4. Range of products and services
Your offshore bank should be able to offer you a suite of products and services that can help you effectively and efficiently manage your international holdings, optimize your tax outgoings, protect your assets from creditors, estranged spouses or other family members, achieve orderly, controlled and structured transfer of assets to younger generations of your family and ensure continued ownership of businesses without fragmentation between multiple owners.
5. Security, privacy and confidentiality
The proliferation of digital banking channels like Internet and mobile banking have given customers
“anytime, anywhere” convenience. While you will need to practice good security habits, also ensure that your offshore bank also offers security measures like:
▪ Multiple security layers that include the use of login usernames and passwords, security devices, instantly generated passcodes that are delivered through SMS or email etc.
▪ Application of additional security layers to all financial and important non-financial transactions.
▪ Instant alerts through SMS / email on execution of a wide variety of financial and non-financial transactions.
Your offshore bank should also offer you greater levels of data confidentiality and customer privacy that is available with a standard retail bank.
How would you handle your banking if you are relocating overseas? Or, are spending significant amounts of time working overseas? If you are like most people, you would probably have a bank account in your home country and a local account in the country you are working in. You would then probably start moving money between the two accounts while making your bankers happy by clocking up plenty of currency exchange and transfer fees.
An offshore account can help you save on exchange costs and take advantage of tax savings while also offering you plenty of other benefits. So, how do you go about opening and accessing an offshore bank account? Here, we will try and answer your all-important question:
Opening an offshore bank account
Some offshore banks require your presence while opening an offshore account while there are many other banks that allow you to open an offshore bank account remotely. There are also global banks with high-street arms like Citibank, HSBC, ANZ etc that can help you open an offshore account through their local branches in your country. Of course, if an offshore bank identifies you as a premier customer, you can expect the bank to come to your house to complete the necessary formalities!
Document requirements
Given the global impact of terrorism and how terrorists use money laundering to fund their activities, KYC (Know Your Customer) and AML (Anti-Money Laundering) norms have become more stringent and most offshore banks have also had to fall in line in adopting these norms. So, expect to provide a range of documents establishing your identity and financial track record when you open an offshore bank account.
▪ The documents required may include:
▪ Photocopies of your passport and/or driver’s license or any other photo-identification document issued by a governmental agency
▪ Photocopies of any of your utilities bills to establish proof of residence
▪ Financial reference usually from your current bank
▪ Proof of income including bank statements and tax assessment notices
▪ You may also be asked the nature of transactions that you expect to carry out from your offshore account; for this purpose, many offshore banks may want additional documentation, noting from where the money you are depositing in the bank is coming.
Accessing your offshore bank account
Most offshore banks now allow you to access your accounts through a secure website. And, many also provide dedicated phone banking lines. You could also go through a Relationship Manager who may be provided to you. You will usually be given an internationally-valid debit card onto which multiple currencies may have been loaded; you can transact with such a card in different countries without having exchange fees to worry about. And, as and when you have a particular financial requirement (loans, structured investments, retirement or insurance products) you may also be able to access your offshore bank’s team of product specialists for specific insights / solutions.
Offshore banks are generally sited in locations that are known for their political, economic and regulatory stability (including stable inheritance laws). This allows customers the freedom to make long-range investment and inheritance plans. They also get the freedom to invest or dispose of their funds in the manner they best see fit.
Convenience
An offshore bank account can give you the convenience and flexibility, you may have found lacking in standard banking accounts, at many levels. If, for instance, you are a frequent global traveler or someone who moves from country to country on work assignments you would love the convenience afforded by multiple currency accounts.
With this service, you can set up accounts to cover payments you need to make back in your home country, everyday expenses in your resident country, and any travel you do overseas – without losing any money through currency conversion fees. You may also be able to obtain debit and credit cards linked to different currencies.
You also get the convenience of investing in global markets, the convenience of investing in products that may not be available in your resident country and even the flexibility of customizing your own portfolios.
Tax benefits
Offshore banking jurisdictions offer high rates of tax incentives to customers. Such incentives both attract customers and promote a healthy investment environment that attracts outside wealth. Benefits may range from very low to no rates of tax on income earned through investments in an offshore account.
Such income may also not be subject to tax in the customer’s country of residence unless it is transferred to the resident country. Capital gains tax is also usually absent. Offshore accounts tied to trusts or companies can also be used for the legitimate avoidance of estate and inheritance taxes upon death.
Customer confidentiality
Offshore jurisdictions offer their customers higher levels of privacy and data confidentiality than standard banks. For anyone wishing to protect their assets from unfair or speculative litigious behavior for instance, an offshore bank account can be a very handy tool.
Cons of Offshore Banking
Deposit insurance
Retail banking customers usually fall within the scope of a depositor compensation scheme run by their country’s banking regulator which would cover current, savings and deposit accounts. Such a cover is generally not available to most offshore banking customers and products.
No guaranteed returns
Investment portfolios operated by offshore banks do not provide guaranteed or even targeted returns. Risk factors that can lower returns or even send portfolios into loss are an ever present element. All the more so, especially when an investment portfolio is built with an expectation of beating the market.
High fees
Offshore banks often require a high minimum deposit. You may also be required to maintain a sizeable minimum balance in the account at all times. They may also have high fee requirements that range from anywhere between 1% to 2% of all assets under management. On portfolios that range in value from hundreds of thousands to millions of dollars this is far from being an insignificant sum.
Comparison Between Offshore Banking and Onshore Banking
What is offshore and onshore banking?
Offshore banks are banks that are located outside a customer’s resident country. So, if you are resident in one country but have a bank account in another country, this account is technically an “offshore” account. However, legally the term offshore banking is used to refer to an account that has been set up in a bank that has been specifically licensed to offer offshore banking services.
For instance, in Singapore, now also well-known as an offshore banking jurisdiction, Offshore Banks are licensed as such by the Monetary Authority of Singapore under the Banking Act.
In general, offshore banks are famous for the range of benefits they offer account holders, over and above, what is available through standard banking channels. Onshore banks, on the other hand, are located inside the customer’s own country.
What are the eligibility requirements and process(es) required to open an offshore / onshore banking account?
Opening an onshore account or a bank account in your own country is a relatively well-known process: you visit the bank of your choice, fill up a CA/SA form, submit required identification and address proofs and pay the initial deposit amount.
With increased international compliance and anti-money laundering measures in place, offshore banks also require identification and address proofs and increasingly, proof indicating source of income.
However, more often than not, it is not necessary for the client to travel to the jurisdiction to open an offshore account. This is especially true for the bigger banks that have put due diligence procedures in place to allow bank accounts to be opened entirely by phone, fax, email, courier and through the Internet.
Initial and maintenance deposits with onshore banks are much lesser in comparison to their offshore counterparts. Offshore accounts, require a minimum of several thousand dollars to start with. And, many offshore banks prefer to set minimum requirements in terms of Assets Under Management (AUM) or Funds Under Management (FUM) which refers to the total assets the offshore bank manages on behalf of the customer.
What are the benefits of an offshore bank account vis-à-vis an onshore bank account?
While onshore banks in many countries have expanded their product / service portfolio to deliver a wide range of offerings to their countries, these are not necessarily tailored towards the specific needs and requirements of high networth individuals and business houses operating in several countries.
Offshore banks fill that void by providing a premium set of banking products and services. In a nutshell, the benefits of holding an offshore bank account would include:
▪Protection from political or economical turmoil in resident country
▪ A history of regulatory stability
▪ Nil or negligible taxation on income, capital gains and even on inheritances
▪ High levels of data confidentiality
▪ Asset protection from potential legal action, including situations such as divorce.
▪ Currency diversification
▪ Access to global markets for trading and investment purposes
▪ Availability of specialized or customized products / portfolios / services
However, it is important to remember that standard onshore banking products like savings / current accounts and fixed deposits enjoy deposit insurance protection from the respective country’s banking regulator. Such protection is generally not available for offshore banking products.
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