Suggest to the average American that he or she might benefit by owning a foreign bank account and you'll more than likely get a questioning look and a response such as, "Why on Earth would I want to do that?" Americans, you see, tend to have an extremely parochial attitude when it comes to their money — and they also tend to have an almost unnatural suspicion of foreign banking activities. After all, the media have exposed them to an unending series of foreign banking tales involving political shenanigans, financial fiascoes and criminal capers. Yet, the simple fact is, most Americans could benefit by owning a foreign bank account. Already, foreign banking — or, as it is more popularly known today, "offshore banking" — has become an important tool for thousands of legitimate and highly successful businesses and individuals. And in today's high tech computerized satellite communications world it is easier than one could ever of believed. Who would have believed even 5 years ago that standard simple transactions as talking to an American Express agent that the person demanding a cheque stub number could be half way around the world in India speaking better English than most Americans. To top it off this person was probably born in a low tech mud hut and 15 years ago did not even have access to electricty and running water. In practice, a foreign bank account gives the prudent investor the opportunity to synchronize the benefits of various banking activities and blend them into a unique profit-making and tax-saving financial strategy. For the careful and conscientious investor, it is one of the most pragmatic ways of expanding the realm of financial opportunity, because it is one of the most creative ways of diversifying assets. Since offshore banks don't operate within the United States (hence their name), accounts held in them are rarely subject to our state and federal laws and regulations. Offshore banks can also offer a wide range of services well beyond the legal ability of domestic banks. Through aggressive use of these services, investors can increase their profits, reduce their tax burdens and raise capital at lower interest rates — all without the restrictive maze of red tap often encountered in the United States. There are approximately 45 jurisdictions around the world that bill themselves as offshore financial centers or banking havens. Many of these centers are remote, lack adequate support facilities or have flaws in their banking or tax laws that could affect your privacy or your rate of investment return. That does not necessarily mean you should avoid banks in these jurisdictions when shopping for a location for your foreign bank account. However, it does mean that you should exercise additional caution, making sure the bank is well managed and offers the services, experience and security you are seeking. As a means of increasing your wealth by diversifying your investments, minimizing your tax load and increasing your investment profit you should seriously look at obtaining one or more offshore bank accounts. As the saying goes, do not place all your eggs in one basket. If you are looking for financial services to help you manage your wealth, assets, make investments for you, or manage your business banking, contact C.L. King financial services. The firm founded in 1972 provides investment banking, equity research, sales and trading, offshore and investor services to corporations and institutions. The company co-manages bond offerings, IPOs, follow-ons, secondaries, convertibles, and preferred. To learn more, please visit here: http://www.clking.com/
0 Comments
If you've ever wondered exactly how it is that modern banking originated, you're not alone. Though many of the practices of modern banking have come about only within the past one hundred years (or less), some of the early basis for modern banking can be traced back to the Middle Ages and before Below you'll find some basic information on some of the origins of banking, from the early days of the barter system and the banks of the old empires to the moneylenders of the Middle Ages, as well as some of the more recent developments that have evolved into the modern banking system that we know and use today. Before Banking As some form of banking has existed for most of written history, there isn't very much information available about what life was like before banking of any form existed. Most likely there was a barter system of some sort in place, where individuals traded goods and services for other goods and services without an official currency or exchange rate set. Variations of the barter system continue to exist today, though it is nowhere near as widely used as it was as little as 50 years ago. Early Origins of Banking As early as the days of ancient Greece and Rome there was evidence of at least a rudimentary banking system in place. Coins were minted bearing the likenesses of emperors and other rulers, and goods and services were paid for using these coins in addition to standard barter. Tribute was also paid to rulers in coins as well as goods and services, and these transactions were recorded by financial officers within the palace or government. Unfortunately, the value of currency and the currency that could be used often varied from ruler to ruler and emperor to emperor… especially in cases where one ruler was overthrown by another and the previous ruler's coins were rendered useless. Banking in the Middle Ages By the time the Middle Ages came around, banking had evolved into a more stable form in the guise of moneylenders. These individuals would set up a table or bench in marketplaces, offering loans with interest much like modern banks. Unlike modern banks, however, many of the moneylenders were corrupt and sought only to make as much profit as possible from those who needed their services. Competition between moneylenders could be fierce, as well… after all, there was only so much of a market for their services to go around. Moneylenders who failed in their business efforts often broke apart their bench (known as a “banca”), and it is from them that we get both the word “bank” (from the benches they did business on) and “bankrupt from the breaking apart of their benches. Modern Banking Obviously, banking has come quite a way from the corrupt moneylenders of the Middle Ages. Banks are now regulated by the government on a national level and are watched by a variety of groups to ensure that their practices are just. There are also a variety of account types and banking services that have evolved from the original loans offered by moneylenders… savings, cheques, and even money market and investment accounts. The advent of the internet has added even more banking services, and account access to a level that has never been seen before. If you are looking for financial services to help you manage your wealth, assets, make investments for you, or manage your business banking, then contact C.L. King financial services provider The firm founded in 1972 provides investment banking, equity research, sales and trading, offshore and investor services to corporations and institutions. To learn more, please visit here: http://www.clking.com |
ContactAlbany Archives
April 2019
Categories |