Why open a bank account abroad to secure your savings
Money obtained through a lawful activity, and after having paid the taxes, can be used as you prefer. Including depositing it in a foreign bank. On the other hand, Fiat has a registered office in London and a tax office in the Netherlands. Obviously because it is fiscally cheaper than in Italy. If Fiat can do it because you shouldn’t have a checking account abroad?
The point is an other. What are the advantages of opening a bank account abroad? And does it save us from property and forced withdrawals? Tax legislation requires the transferable and real estate securities owned outside Italy to be declared to the Inland Revenue. So it is mandatory to indicate in the tax return how many accounts you have abroad and the amount. A current account abroad does not save from any balance sheet (there are other solutions). And it does not save from forced withdrawals. In theory.
Let’s see this point better
But then does it make sense to open an account abroad?
But then is it convenient to open a bank account abroad? Yes for 2 reasons. Reason 1. Asset security. If you have a lot of liquidity, the solidity of a foreign banking giant, not necessarily an American one, but also a European one, is a guarantee for your money. It is true that in Italy the Interbank Guarantee Fund guarantees up to 100 thousand euros, but if the liquidity is large, more current accounts should be opened. A single account abroad on a solid bank could be a simpler solution.
Reason 2. It may make sense to open an account abroad to escape any forced withdrawal. But only if the bank is in a country outside the Eurozone. It is true that it is always necessary to declare current accounts held abroad. But it is also true that applying a possible forced withdrawal to a current account of a foreign bank could be more complicated.