While there is increased appeal in transferring money to other countries, preferably with more stable economies.
Transferring money to other countries
While there is increased appeal in transferring money to other countries, preferably with more stable economies, it can be challenging to move large amounts overseas. The amount you can transfer will vary depending on several factors including the legal regulations of the country. The most crucial elements to look at are:
The country’s political stability
The viability of business founding.
Countries like Malta, The Vatican and Liechtenstein are quite popular expatriate destinations for investment and money transfers. This is because of their lenient tax laws and their economic and political stability. However, some banks are being increasingly unwilling to allow US dollar transfers as they are trying to steer from their imagine as money laundering and tax evasion destinations.
Malta is an archipelago southern of Cecily which is part of the European Union. The island uses the Euro and has English as an official language, which has made it a popular destination for expatriates, particularly those wishing to invest or deposit money offshore. However, it is deemed to recently be suffering from American Banks’ decisions to limit their activities to America. This means that in order to transfer money to Malta, Americans are now required to withdraw money from their American accounts, open one on the Island and deposit that money themselves. The purchase of items, however from jewellery to property, is still possible using the dollar.
The Vatican, famous for its Vatican Bank worth $8 Billion in assets, doesn’t require holders of bank accounts to pay any taxation. For this reason, it’s very popular among wealthy Italian officials, artists, and even athletes. Officially, however, it is reserved to Vatican nationals. Though The Vatican protects its asset holders and will be legally bound to keep their identities private, the fight against corruption has seen thousands of accounts being closed over the past couple of years. For this reason, people often use the purchase of art, which the church is known to often auction, to invest. Art is known the appreciate in value and you will not be required to have a local bank account to make your purchase.
As a landlocked micro-state, Liechtenstein is often deemed the safest economy in the world, and the most convenient tax-less set of banks to transfer money to. The confidential relationship between investors or depositors and bankers is almost unrivaled. Though it was once blacklisted as a tax uncooperative country (allowing billionaires to evade their country’s taxation by moving their assets to the local banks), it has now been lifted from the list and is inviting prospective savers in all legality. This means it is very unlikely deposers would see their account closed for having transferred assets from their country of residence.
In deciding where to invest, it is imperative you do thorough research on the state of the country (economically and politically) as well as on their national laws. The larger the investment or transfer, the wiser visiting the country and physically speaking to local bankers and a personal accountant is necessary. While the three countries discussed above are known tax havens, they’ve also been implicated in tax scandals that will require you to be sure of the legality of your actions.