An offshore bank account is an account that is opened in a jurisdiction outside of the country of residence of the account holder. They are opened for financial and legal reasons, where the benefits of opening offshore accounts are appealing to consumers and companies worldwide. The main reasons for opening are as follows: greater privacy, low or zero taxation, and protection against local political and financial instability than that of your country of domicile. With the introduction of internet banking and internationally accepted debit cards and credit cards, banking overseas is far easier than ever.
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