Offshore Stock Brokers
Whenever the word Stock Broker is mentioned, the two most common pictures that quickly pops into one’s head are the full service brokers with offices around the country and their highly-trained professionals at your beck and call, and the discount or internet brokers that cost less and allow you to trade on your own just by accessing their website. There is however, another set of brokers out there who can cater to a different set of clients and their needs. These are the offshore brokers. By definition, offshore brokers are financial institutions (i.e. Banks) located outside your country and are able to execute trades in your behalf. There are a lot of different offshore brokers out there, each with its own set of special services that are attractive and applicable to a select audience only.
Accessibility:
This is perhaps the major issue that one must wrestle with in dealing with offshore brokers. Since these financial institutions are located outside of one’s country, there aren’t any branches that can readily visit, unless that person goes to the country where said financial institutions are located. Placing a call can also be a slight problem since, again, offshore brokers are financial institutions. Not only are they not open 24/7, one must also be able to adjust to that particular bank’s timezone. Thanks to the Internet, most offshore brokers now allow clients to trade whenever they want to.
Services:
Where they lack in accessibility, offshore brokers more than make up for in quality of service. Not only do they offer a lot, but they offer services at a high degree of professionalism that is unparalleled. Imagine the dignified, personal, and prestigious professionalism of Swiss financial institutions working for you and you may start to see what’s so good about offshore brokers. Not only do they work efficiently, but they take secrecy and confidentiality very seriously. Because these brokers are financial institutions, you can expect the same services that upscale banks offer. Services such as asset management, offshore incorporation services, multi-currency accounts, as well as trading in stocks, options, CFD’s, futures and Forex. These may not seem like a lot compared to what the usual set of brokerages offer, but offshore brokers are not for the usual set of clients. With prestige comes a price. Most offshore brokers have a high minimum maintaining balance, but it’s nothing compared to the degree of service that one can expect should one acquire their services. The best part about offshore brokers is that your money is outside the country! Think of how much you’ll save when you make a killing in the stock market and your broker just happens to be conveniently located in a “tax haven”.
Additional Information:
If you’re seriously considering an offshore broker, you might want to take a look at the different countries and their corresponding laws regarding taxes.
