OFFSHORE BANK ACCOUNTS
An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction or tax-haven. Examples of these include Luxembourg, Switzerland and the Cayman Islands. These countries and other jurisdictions provide financial and legal advantages that typically include:
Greater privacy
Less restrictive legal regulation
Low or no taxation i.e. tax havens
Easy access to deposits
Protection against local political or financial instability
The term originates from the Channel Islands, offshore from Britain, and most offshore banks are located in island nations. However, the term is used figuratively to refer to such banks regardless of location, i.e. Switzerland & Luxembourg are landlocked.
Please contact us for further information.