3. Choose an appropriate currency to keep your fund
By setting up an offshore bank account, you can decide which currency you keep money
in. This is more advantageous in comparison with local bank accounts where you can
only stay your fund holdings with the domestic currency normally seen unstable and
devalued. However, it is noteworthy that choosing foreign currency for an offshore
account can make you subject to foreign tax liability, and cost you a high amount when
you want to exchange your current offshore currency into your domestic one.
Therefore, it is highly recommended that you think carefully about which foreign
currency can benefit you the most.
For example, investors whose funds in US dollars are more likely to choose Hong Kong
dollar as a perfect choice for their offshore accounts. The reason for this is the Hong
Kong dollar is considered to be pegged against the US dollars, allowing you to submit
very minimal cost when converting between those two kinds.
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