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The offshore banking has grown in relevance in today’s times of political turmoil and high taxes. The need for easy accessibility to large amounts of cash assets has led the corporations to offshore banks. An offshore bank is located outside the depositor’s country of residence. It offers accounts and other financial services to these depositors without making any distinction between them and the residents of the place. As such the depositors get to enjoy the same benefits as those enjoyed by its residents. With the help of an offshore bank, the customers can avail greater privacy, lower or no taxes, less government regulations, political and financial stability.
Today it’s a growing phenomenon. It’s a legal thing which is approved by the government. However, there are international laws that regulate these offshore banking systems. This is mainly to monitor and catch money-laundering activities and other illegal transactions. An offshore bank offers many other benefits to its customers like greater flexibility in terms of fast cash mobility and transactions when mergers and acquisitions happen etc. These offshore banks also provide their customers with debit cards to allow them to withdraw and deposit cash to their accounts from anywhere, anytime.
Offshore banking has become popular in recent times as it exempts one from paying high taxes. This is one of the many ways of legally avoiding the taxes. But for this one has to abide by the tax laws of one’s own country. With its growing demand for offshore banking, now accounts can be opened online, by phone or by mail through online offshore banking systems.
John - that sounds great. I just wired all of my money as it exempts one from paying high taxes.