Offshore Banking started at the Britain’s Channel Islands years ago and accomplished to establish itself quite quickly in the financial markets. Nowadays offshore banks are not only located on islands but in many locations around the world. Offshore banks provide savings and corporate business accounts for people or companies that are residing in another country, in which more restrictive banking and tax rules are applied. This makes an offshore bank an attractive choice to open a bank account as rules are mostly in the benefit of the clients.
However when you have your bank account with any offshore bank do not assume that you don’t have to pay your personal income tax on the interest you harvested on your capital because the personal tax office in most of the countries does not make a difference between interest earned at your local or your offshore bank.
Popular Offshore Banks Locations
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One Response to “What is Offshore Banking”
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June 10th, 2008 at 8:00 am
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