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 An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include:
 Greater privacy
 Low or no taxation (i.e. Tax havens)
 Easy access to deposits (at least in terms of regulation)
 Protection against local political or financial instability
 

 

While the term originates from the Channel Islands being "offshore" from the United Kingdom, and most offshore banks are located in island nations to this day, the term is used figuratively to refer to such banks regardless of location, including Swiss banks and those of other landlocked nations such as Luxembourg and Andorra.

Offshore banking has often been associated with the underground economy and organized crime, via tax evasion and money laundering.

In other words, offshore banking is just the practice of banking in another country with “tax haven” jurisdictions characterized by low or zero taxation on interest, dividends, royalties and foreign derived income as well as strict banking secrecy laws.

Offshore banking denotes carrying on banking activity which is insulated from the monetary regulations of the host country. Very often, such banking centers are set up deliberately to attract international banking business of dealing in non-resident foreign currency denominated assets and liabilities by exempting, reducing or eliminating restrictions upon banking operations as well a lowering tax and/or other levies.
TAX HAVENS

The term "tax haven" means a location where particular taxes are levied at a low rate, or not at all.
At times, Individuals and organizations can move themselves to areas with lower tax rates. This creates a situation of tax competition between governments. Different tax jurisdictions tend to be havens for different kinds of taxes, and for different kinds of people and organizations.
The former economic adviser to Jersey defines a tax haven as such:
"What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide demand for opportunities to engage in tax avoidance."

This is a pretty good definition, however, some other have gone further to say that any country that modifies its tax laws to attract foreign capital could be considered as tax haven.
Switzerland created what is perhaps the first popular modern tax haven in the early part of the twentieth century. Swiss banks quickly became a banking haven for citizens of Russia, Germany and parts of South America avoiding social, political, or economic problems in their home countries.

OFFSHORE BANK ACCOUNT 2013
 

 

Any bank account opened outside of one's native country can be considered an offshore bank account. Offshore bank account can be used for savings, or as the main means of banking. It may be opened by any individual or business in most countries, to have major benefits in terms of asset protection and tax relief.

Service and benefits offered by local banks and offshore banks are quite similar: offshore banking may be used as savings account, or as the main means of banking, making investments, purchasing insurance and loans.

Difference lies very much in the taxation area. Some offshore banks require a substantial initial deposit or other restrictions but the benefits of a lower tax obligation or higher interest rate usually overweigh this.

Now, many people consider opening offshore bank account for absolutely legitimate financial reasons, - For Example: to move finances in a jurisdiction more stable economically or politically.
Regular onshore banking is subject to the tax rules, foreign exchange rules and charges of the country the account is located in. These rules are also subject to foreign exchange regulations, and are not covered by the offshore banking confidentiality and asset protection legislation. On the other hand, offshore banking is tax free, all account information is confidential and there are no foreign exchange regulations.
 

 

 

 

Directory of Offshore banking, Private Bank International, Offshore Banks account List.

Alderney Costa Rica Nevis
Andorra Cyprus Netherlands Antilles
Anguilla Dominica Swiss-Switzerland- Suisse
Antigua Austria Bahamas
Barbados Belgium Belize
Bermuda Aruba Labuan - Malaysia
Cape Verde Dubai UAE Liechtenstein
Islands Cook Gibraltar Monaco
Cayman Islands Grenada Saint Vincent
Hong Kong Guernsey Uruguay
Isle of Men Jersey Latvia

 

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