Overseas accounts are being opened by people from all over the world because of the importance of overseas accounts in facilitating business transactions internationally, while guaranteeing security for both corporate and personal investments financially
Sadly, persons involved in overseas accounts and transactions are not always ‘clean’ and as a result, legal concerns arise with regard to the source of funds of many transactions involving overseas accounts. But this issue is international just as it is domestic. Despite the odds, the fact that so many people depend on overseas accounts as a means of building their savings safely, especially if they live in socially unsound territories shows the necessity of an overseas account in many cases. Managing an account overseas in a territory that has proven to be sound politically, economically and socially, and is going through a positive phase or development and growth affords the comfort os knowing that assets held in an overseas accounts are protected and cannot be seized as would have been the threat if the account were kept at home.
On the corporate level, overseas accounts are equally important and beneficial. In light of the wide scope of overseas accounts for companies (corporate accounts) and investors, especially as provided by offshore banks, corporations can consider taking their business international and increasing their trade partners so as to provide a wider range of products at competitive price for local customers. Depending on the currency in which the account is held overseas, the possibility of gaining higher interest rates and privileges are greater, thus creating the opportunity to increase wealth on returns on overseas account investments. Offshore banks, in particular, have as an inherent function, making overseas accounts available to their owners; and this is made possible by very advanced internet banking facilities and products that facilitate overseas account holders at any time of the day or week.
Other modernized overseas account banking facilities make it possible for account holders to remain in contact and correspond with officers with a series of mobile and telephone banking services. This makes it possible to make requests and receive information on the account overseas. Overseas accounts can be opened in any part of the world, as long as the applicant qualifies for opening such an account and is able to meet the requirements of holding an overseas account with the bank chosen. Since overseas banks tend to require that owners of accounts are local residents or citizens of the country, individuals and corporations intending to open an account overseas may resort to opening an offshore bank account, which is essentially an overseas account, with the same and more benefits of a regular account.
As an overseas account, as offshore account can be opened in almost any offshore jurisdiction where offshore banking services are available. Offshore banks are specifically equipped for handling overseas accounts and transactions on a normal basis. The Cayman Islands, St. Vincent and the Grenadines, The Bahamas, Cyprus, London, The Channel Islands, The British Virgin Islands and Panama are a few of the popular territories where overseas accounts can be opened and managed as offshore accounts, while reaping all the benefits that the offshore sector has to offer.