When it comes to offshore financial services, there can be multiple benefits of having offshore bank accounts. These bank accounts are completely legal and highly beneficial. Whenever you want to do something internationally, it’s important to have the right financial infrastructure. One of the benefits is that you can put yourself on a path to citizenship in a new country by keeping money in another country’s bank account.
Additional benefits include asset protection (because it’s more difficult for someone to steal your money or commit fraud using your information) and building up balances in other currencies.
You can also make more investments using offshore financial services because certain companies may only want you to use certain currencies or banks from a specific location. For instance, if you’re making business transactions in Egypt, they may not want you to send money from your local bank account in your home country because it may not seem safe or secure to them. Instead, they may prefer you to have a bank account in Egypt because they’re familiar with those banks and the security that those banks provide. Having a diverse portfolio of bank accounts makes it more helpful and easier to transfer funds in different countries.