I handed over my client’s citizenship certificates and second passport after a quick 5 months and 19 days from the start of his citizenship application. He looked over at his wife and children, they were thrilled. He gave me a brief smile, and then asked “Alright, let’s set up my offshore bank account now.”
Investors often seek for a second citizenship for numerous reasons, offshore banking seems very fitting in times like these. Here are five main reasons why:
- Secure banking system: It important to be able to instantly and freely access your funds without any capital controls. A secure banking system also gives you the freedom to act quickly.
- Ensure access to medical healthcare and education: If for whatever reason you need access to medical healthcare abroad, having allocated funds outside of your home country could be most beneficial. Similarly, access to funds for education whether in your home country or abroad is important. Offshore banking will ensure you have access to the funds you need when you need it.
- Diversify your asset allocation: Many investors have a wide portfolio of investments, keeping them all in one country is probably not the best option. Offshore banking will enable proper diversification and a balanced investment portfolio.
- Privacy: Offshore banks are not obligated to declare account holder identities to any third parties. It is confidential and allows investors to invest their funds securely.
- Peace of Mind: Offshore banking is an insurance policy. Having freedom to control and access your funds whenever you please gives investors peace of mind.
With a second citizenship, whether Caribbean or European, setting up an offshore bank account is really straightforward. Offshore banks are aware that all newly second citizenship holders pass strict due diligence, therefore, the process is a lot quicker and safe. If you are interested in learning more about this, get in touch with any of Bluemina’s expert advisers in our branches around the MENA.
