Advantages And Disadvantages Offshore Banking.
What is offshore banking? A bank that is located outside the country of residence of its depositors is known as an offshore bank. Typically, most offshore account holders are non-residents of the bank's jurisdiction. The popularity of offshore banking is due to the various advantages it offers in comparison with national banking, such as greater privacy, easy access, little or no taxation, and protection from political, local or financial instability. While the term originated in the Channel Islands, offshore from the United Kingdom, and while historically most offshore jurisdictions are located on islands, it is now used to refer to all banks offering the above-mentioned advantages, regardless of their location. For example, banks located in Switzerland, Luxembourg, and Latvia are often referred to as offshore banks. Benefits of having an offshore bank account The main advantages of having an offshore account, and the reasons for offshore banking's growing popularity, are: Con...