3 Common Myths About Offshore Wealth Management

offshore private wealth management

When you work hard to accrue wealth, you no doubt need the best management for it to ensure it does not get wasted or misused. A good way to do this is to use offshore private wealth management. While many movies have painted a not-too-attractive image for offshore wealth management, it’s actually a good way of keeping your wealth secured.

Here are some of the most common myths about offshore private wealth management and the real truth behind taking charge of your assets.

Myth #1: Offshore Private Wealth Management Is for the Ultra-Wealthy

One of the most widespread myths out there is that only the extremely wealthy use offshore private wealth management. However, many people with moderate to high incomes use offshore private wealth management to manage their assets. Shopping around will show you that minimum investments vary from bank to bank.

Myth #2: Offshore Private Wealth Management Has Legal Issues

Offshore private wealth management is both legal and very beneficial. When you’re looking for an asset manager, make sure that they’re licensed and regulated and have a background of successfully working with clients. First Anguilla has years of professional experience providing offshore private wealth management to a wide range of clients.

The global standard on the automatic exchange of financial account information (AEOI) has been in place since 2017. This ensures transparency and tax compliance, so if you bank outside the USA, you can still comply with tax regulations.

Myth #3: Offshore Private Wealth Management Is Complicated

There may be paperwork but an asset manager will do all the necessary work on your behalf. They will also walk you through the process, making it easy to know what is required of you and what exactly you’re signing up for.

It’s important to stay in good communication with your asset manager to make sure your offshore private wealth management goes smoothly.

If you’re interested in learning more about offshore private wealth management, contact our experienced team at First Anguilla today.

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