An offshore bank is a bank that has an office in a place where the tax burden and / or regulatory pressure is lowest. Famous places where this type of bank has been tax havens like Switzerland , the Channel Islands and the Cayman Islands .
An offshore bank is a bank outside the country of residence of the account, usually in a tax haven (or load port) is located where financial and legal benefits apply. These benefits typically include one or more of the following.
a high degree of privacy (see also bank secrecy, a principle created by the Swiss Banking Act of 1934)
less restrictive legal regulation
little or no taxation (ie tax havens )
easy access to deposits (at least in terms of regulation)
protection against local political or financial instability
While the term in the Channel Islands "offshore", "off shore" of Britain comes, and most offshore banks in the island nations are located, the term in a figurative sense to such banks regardless of location ( Switzerland , Luxembourg and Andorra in particular are landlocked) to pay.
No comments:
Post a Comment