While it’s not illegal to hold assets in RAK offshore account, this is not a good idea. In some places, criminals are prosecuted when the proceeds of their crimes are deposited into an OFC. Likewise, it makes no sense to hold funds in an unused account. Unless you want to violate the law, you’re better off keeping your money in a local bank.
Convenient and practical way to keep your money out of the sights of tax departments:
Offshore banking is a convenient and practical way to keep your money out of the sights of the IRS and the Justice Department. An offshore bank account lets you store money safely in a foreign country without worrying about civil lawsuits. For instance, many sites specializing in these services market their services to physicians vulnerable to frivolous malpractice claims.
Protect your finances from civil lawsuits.
Another practical and ethical use of offshore accounts is to protect your finances from civil lawsuits. For example, some may use offshore banking to protect their assets from the government’s wrath. Offshore banking is a common choice for physicians. This is because of the high risk of civil litigation – some research suggests that 40 percent of lawsuits are frivolous.
Useful for medical field:
One of the most legitimate uses of offshore accounts is in the medical field. Some physicians use offshore banking to safeguard their money from lawsuits. These physicians are highly susceptible to lawsuits due to malpractice. The study revealed that more than 40 percent of malpractice claims were unfounded. In other words, using an offshore bank to protect your money is entirely legal. If your physician doesn’t want to be sued for their business, they can set up an offshore account to protect their assets and stay out of the public eye.
Efficient way to manage money while living overseas:
Offshore banking is a popular and efficient way to manage money while living overseas. In most cases, offshore accounts allow you to avoid tax on the money you withdraw. Offshore banking is a legitimate method of managing and investing your money. If you are an expatriate, you can choose to set up an account in an offshore location. Most countries have a low tax burden and are entirely legal.
Offshore banking is popular method for protecting your money from civil lawsuits. For example, offshore banking services cater to doctors, often subject to malpractice suits. A recent study found that over forty percent of malpractice suits were unfounded. Offshore banking sites offer these services to physicians to protect their money.