Why high net-worth individuals turn to offshore private banking

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One of the most in-demand offshore financial services today, especially for high net-worth individuals, is offshore private banking. While this service shares almost the same basic offerings with traditional banks, there are defining characteristics and personalized options that make it attractive, especially to the uber-wealthy.

In definition, offshore private banking offers not just banking services but also investment services and financial advice to private clients. Client accounts are not just for individuals, but they can also represent even a group. Because these clients own extremely large assets, the need for a banking manager’s expertise as well as the confidentiality that goes with it is of utmost importance.

Basically, a business manager guides and assists clients in making financial decisions for their assets under a personalized financial strategy. Furthermore, these experts manage their client’s wealth in an offshore environment, in full confidentiality.

Most importantly, what makes this type of banking stand out is their focus on financial strategies specially tailored to their client’s specific short term and long term financial goals.

There are several offshore financial centers that offer these services like financial centers around the Caribbean region such as the Bahamas, Cayman Islands, Bermuda (where award-winning company LOM Financial is headquartered), and even cities in Asia like Hong Kong. European countries such as Switzerland are also popular choices for offshore private banking services, especially for international clients.

Opening an offshore private banking account is easy as long as the value of your assets qualifies the requirements set by private banking services. Depending on your wealth, you’ll enjoy services such as personalized financial plans, your own account manager, and even the options to negotiate rates, commissions, and more.