The term brokerage account refers to accounts that have been opened specifically for the process of participation in the financial markets. Such accounts normally have linkages to your financial products portfolio and the trading platform enabling you to pay and receive payments for all your transactions in the trading platform.
Brokerage accounts are used for trading in the Forex Market, Stock Markets, Commodity Market, Forward Markets, etc. They are generally opened by banks, financial services companies, and investment banks. Many of these banks levy associated charges from consumers for providing a brokerage account and linking to your bank account.
The benefits of offshore brokerage accounts are however tremendous as it enables you to trade on your desired stock market, commodities platform or asset management platform in a tax neutral country. The need for any third-party intermediary to transfer funds is minimized and you are in complete control of your portfolio.
The offshore brokerage accounts are most popularly used for:
Investing in stock markets across the globe through platforms based in tax neutral countries.
Undertaking investments in mutual funds and unit trusts in countries across the world through an offshore platform.
Investment in bonds and debt instruments through the offshore trading platforms.
In addition to the commonly used options, certain offshore banking accounts set in relatively little known countries can help you to access the markets in those countries. These accounts can mostly be opened remotely without the need for you to travel to the countries.
No designation has been made by the Texas Board of Legal Specialization for a Certificate of Special Competence in this area.