Offshore banks are located outside the country of residence of the depositor, normaly situated in a low tax jurisdiction (or tax haven) that provides financial and legal advantages.
The advantages of using offshore banks.
1) Strong privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act)
2) Less restrictive legal regulation
3) Low or no taxation (i.e.Offshore financial centres)
4) Easy access to deposits and online banking services
5) Protection against local political or financial instability
The term originates from the Channel Islands "offshore" from Britain, and most offshore banks are located in island nations to this day, But Switzerland is see as the most prolific offshore banking location.
For further information, please Contact a Swiss Bank.
Our private banking services are offered to high net worth clients wishing to deposit $500,000 USD or more. Click here for more information...