When I travel to the wonders of the Caribbean, I notice lots of things that are very different than they are either in the US, Canada or Europe. Of course the most striking different is the weather. Those lovely blue skies lead your eye down to another hue of blue toward the sea. There is always color in the Caribbean unlike some of the sights we are seeing during this holiday season. Many of us are seeing the sights of dirty snow out their car windows and instead of salt spray from the sea, there is salt eating paint off of our cars. So, one may wonder why don’t we all just move down south closer to the equator and the warmth our bodies crave. Many reasons abound. Some have to do with leaving family members that we love back at home and others have to do with money and finances.
Know though that many islands offer very reasonable possibilities to finance what I like to call a vacationless lifestyle. Thus, meaning you don’t need vacations, since you are always in paradise. Also many destinations closer toward the equator have a much lower cost of living. Take St. Kitts or Nevis for example. St. Kitts and Nevis is a federation composed of two islands located in the Caribbean Sea. The population of the islands is approximately 40,000. When you are in these regions you can get a grand condo for less than the cost of a home in a major metro area. In another warmer climate, a Panama condo can be found for less than $300,000 in the Trump Tower. After that you only have around a fourth of the cost for the other random living expenses.
These regions have all of the necessities one needs. Many people open an offshore bank account even before they leave online. With numerous banks you can always be connected to your life back home (or let’s say your other home if you desire to keep a place stateside). After looking into the possibilities of why so many people have second homes in these regions, I came across one major reason called offshore banking. This is the process of simply opening a bank account in a country other than the one you are presently from and hold a passport. An example would be if you live in the US and open an account in St. Kitts then you are then a part of offshore banking. Frequent travellers, professionals and students who open an account do this many times to ease their travel financials needs.
I also looked up high interest offshore banking and found out it offers many benefits. Some of which make traveling easier, but also can be subject to laws and regulations. Please research this much more than I and see what all it entails. We all want a safe place for our money and especially funds that are going to take us on amazing travel adventures! So the question – How Offshore are you?