If you are either considering offshore banking or are already involved in offshore banking, then you might be wondering how to keep up with changes in offshore jurisdictions’ banking policies. The truth is that offshore jurisdictions have laws and regulations that are always changing.
If you’ve been looking up articles on the best offshore jurisdictions, it’s important to note that these lists are actually always changing. Since geo-political and economic situations are always changing, it’s extremely important to know how to keep up with these changes and get the most from your offshore banking strategy.
Changes are a Part of Offshore Asset Protection
"The Only Constant in Life is Change" - Heraclitus
Offshore jurisdictions' policies are constantly changing. Take for instance Hong Kong. For years, Hong Kong was considered one of the best offshore jurisdictions for individuals and corporations. In a major shake up this year, however, it seems that everything has changed.
China passed a national security law that has a major impact on Hong Kong. Investors have flocked out of Hong Kong in a mass exodus, with corporations and individuals seeking out other offshore jurisdictions to eliminate the threat posed by the new national security law in Hong Kong. Does this mean that Hong Kong is completely off the table for offshore banking? No, not necessarily.
There are times when investing in Hong Kong can still be beneficial but knowing the latest laws and regulations there are more important than ever.
Another consideration is changing technology and how it’s impacting offshore banking. Fintech and e-commerce, as well as artificial intelligence (AI), are making it easier to take advantage of offshore banking, opening up new opportunities in banking in various jurisdictions around the world. Still, it’s critical to know what changes are happening in offshore jurisdictions before you invest in them.
How to Keep Up with The Changes?
So, how do you keep with the changes in offshore jurisdictions’ banking policies? In the next few sections, we’ll discuss a few different ways you can keep up with these changes and get the most from your offshore banking strategy.
1. Ponder upon What the Experts are Saying
Perhaps one of the best ways to see the latest news in offshore banking is to turn to thought leaders and experts. These industry leaders can provide a wealth of knowledge in everything regarding offshore jurisdictions, as well as new strategies to help you adapt to ever-changing regulations in offshore banking.
By simply signing up for newsletters and other insider information programs from offshore banking experts, you can get in-depth information that will help you make more informed decisions in terms of where you put your finances offshore.
2. Consult with an International Corporate Service Provider
An international corporate service provider can offer an exceptional level of education and service in terms of finding the right opportunities if you are a corporate investor. For example, international corporate service providers typically offer services such as international due diligence searches, formation research, compliance solutions, and much more.
If you are looking to invest in an offshore jurisdictions as a corporation, then an international corporate service provider can make the task seem much less daunting while also providing the insider knowledge you need to find the best offshore jurisdiction.
Brace yourself - More Changes Ahead!
This year, we’ve seen many changes in the offshore banking sector. The coronavirus pandemic has led consumers to demand more digital based banking options, which is also opening up new opportunities for investors. While offshore banking is getting more and more convenient, it’s still important to remember that the regulations are always changing.
It’s up to you, the investor, to make sure that you are always in compliance in terms of your assets and investments. If you’re required to report your investments in a jurisdiction for tax purposes and you fail to, then you could be faced with fines and penalties.
To Conclude...
Offshore banking is still a great opportunity for protecting your assets and even reducing your tax liability. While it might seem that offshore banking regulations are getting stricter, there are plenty of excellent opportunities for investing in offshore.
The key to making the right investments, however, is to make sure that you are keeping up with the changes in offshore jurisdictions’ banking policies.
JUN
2020
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