Offshore Bank
A bank that is located in a country other than the country of residence of the person depositing funds in the account is an Offshore Bank. The majority of offshore banks that are used are based in low tax countries, often referred to as tax havens that can provide financial and legal advantages to the depositor. The advantages of using an offshore bank for your banking needs include:
- Increased privacy
- Better taxation on funds
- It is easier to access deposits
- They offer protection against political and financial stability in the depositors country of residence
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