An offshore bank account is an account at a bank located outside the United States or other country of residence of the banking client. These bank accounts are known for having low tax liabilities, thus making them also commonly known as tax havens. Offshore bank accounts also tend to provide financial and legal benefits. These benefits may include:
- less controlling legal regulation - little to no taxation - greater secrecy - easy access to funds - protection against local financial or political instability
Popular Offshore Banking Destinations
The most infamous and popular offshore banking centers in the global market are the Cayman Islands and Switzerland. Other well-known established destinations for offshore banking include the following (in alphabetical order):
Bahamas Barbados Belize Bermuda British Virgin Islands Cyprus Dominica Gibraltar Ghana Hong Kong Labuan, Malaysia Liechtenstein Luxembourg Malta Macau Mauritius Monaco Montserrat Nauru Panama Seychelles Turks and Caicos Islands
Friday, July 4, 2008
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