Offshore bank is located outside the country of residence of the depositor. These locations usually boast of much lesser taxes than the country of residence of the investor. Sometimes there are no taxes applicable at all in these locations. Such locations are known as tax havens. There are several other advantages of opening an offshore account. These include:
• Strong Privacy: The offshore bank offers high privacy to the investors. Those investing in offshore bank can avail maximum privacy for their funds. The offshore accounts can be opened without revealing the amount to a third party. This way the investors can keep their money safe from the unsocial elements and corrupt authorities.
• No or less taxes: The taxes applicable on these offshore accounts are generally lesser than the country of residence of the investor. This is one of the key motivators of offshore investment.
• Offshore business accounts are controlled by liberal regulations, both legal and governmental.
• If the investor’s country is faced with an unstable government or political set up, he or she can hugely benefit from the offshore business accounts.
The services offered by these banks are the same as that offered by the domestic banks. The services of these banks include:
• Personal and corporate current/checking account
• Personal and corporate savings accounts
• Secure internet banking facilities
• Anonymous numbered accounts (extremely confidential)
• Debit and ATM cards, which are accepted globally
• Credit cards
• Loans
• Mortgages
• Strong Privacy: The offshore bank offers high privacy to the investors. Those investing in offshore bank can avail maximum privacy for their funds. The offshore accounts can be opened without revealing the amount to a third party. This way the investors can keep their money safe from the unsocial elements and corrupt authorities.
• No or less taxes: The taxes applicable on these offshore accounts are generally lesser than the country of residence of the investor. This is one of the key motivators of offshore investment.
• Offshore business accounts are controlled by liberal regulations, both legal and governmental.
• If the investor’s country is faced with an unstable government or political set up, he or she can hugely benefit from the offshore business accounts.
The services offered by these banks are the same as that offered by the domestic banks. The services of these banks include:
• Personal and corporate current/checking account
• Personal and corporate savings accounts
• Secure internet banking facilities
• Anonymous numbered accounts (extremely confidential)
• Debit and ATM cards, which are accepted globally
• Credit cards
• Loans
• Mortgages