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Why do people have offshore accounts?

You often hear about offshore accounts in movies and tax evasion cases, but have you ever wondered why people really move their money out of the country? What you'll find is that there are many legitimate reasons to keep at least part of your wealth overseas.

For instance, some people want to diversify their assets. They know that currency values rise and fall like the stock market. Changing money into other currencies can help them maintain their wealth if there is a sudden drop.

Some people also worry about not having access to their money when they need it. After all, banks do not have much cash on hand. Having money at multiple institutions may make it easier to obtain in some cases.

Of course, a lot of people travel all over the world for business and leisure. These offshore accounts may not feel all that "foreign" to them, the way they sound to people who never leave the United States. They use them consistently.

Having money overseas, for those who travel, can also help in an emergency. If you suffer a serious injury and need medical care, that money can help you get it. Insurance companies may drag their feet and it can take time for them to deal with international medical bills. Having your own cash on hand ensures that you can at least get the care you need, when you need it, and worry about the financial implications later.

If you are going through a divorce, make sure you know how these offshore financial accounts may factor into the property division process.

Source: International Man, "10 Reasons Why You Need an Offshore Bank Account Today," Nick Giambruno, accessed May 02, 2018

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