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Understand the Differences Between Retail and Offshore Private Banks

Caye International Bank

Offshore Private Banking in Belize

Many people don’t put too much thought into the diverse types of banks that exist. They simply want to know their money is safe and that they can access it when needed.

While the word bank can be a generalized term, it is important to recognize how different banks can be. This is especially true if you’re looking for an international or offshore bank which provides sophisticated banking and investment services for individuals as opposed to an onshore retail bank that focuses on the general consumer.

Let’s take a deeper dive into banking and explore the key differences and similarities between the traditional retail banks most are familiar with and offshore private banks.

What is an Offshore Private Bank?

As the names suggests, an offshore private bank is both offshore and private. Since it is offshore, it is not a bank used by its local citizens. Instead, it is explicitly designated for use by foreign individuals, investors, and companies. It is also private, which means controls are in place to protect the offshore bank’s clientele.

There are many offshore banking destinations to choose from, savvy investors gravitate toward the options in Belize. As you move closer to opening an offshore account, you will need to meet certain requirements set by your choice of offshore private bank as well as the Internal Revenue Service (IRS) if you are a U.S. citizen.