Banking Offshore

Offshore banking is available in some offshore jurisdictions around the world. The service of offshore banking can only be provided in offshore jurisdictions where the necessary ground work (offshore banking legislation) is in place for financial institutions to provide offshore banking services. Offshore banks and regular banks basically provide the same services but offshore banking has advantages such as banking privacy laws, tax exemptions and others.

Most offshore jurisdictions only offer offshore banking license to established corporations or branches or agencies of established foreign banks. Countries which offer offshore banking are Dominica, Belize, British Virgin Islands, St Kitts & Nevis, Bahamas, Cayman Islands, Panama, Seychelles, Isle of Man, Cyprus and many other offshore jurisdictions.

Offshore banking has come a long way. In the part very few offshore jurisdictions offered offshore banking and services such as anonymous offshore bank accounts and numbered offshore accounts were available to super rich clients. Today the number of jurisdictions offering offshore banking services has increased and international banking regulations have imposed rules on offshore banking, for example offshore banks are no longer allowed to issue anonymous offshore bank accounts. International banking laws state that all banks including offshore banks must operate by the Know Your Client (KYC) rule.

Offshore banking services are some of the best banking services available. With the use of modern telecommunications and stable financial institutions offshore banks makes it possible for clients around the world to access offshore bank accounts and other offshore banking services. One of the laws of offshore banking in the offshore jurisdiction is that banking services may not be offered to residents therefore all clients are from outside of the offshore jurisdiction where the offshore bank is located. The services which offshore banks offer includes internet offshore banking, banking via telephone, corporate accounts, personal accounts, credit cards, wire transfers, debit cards, investment accounts, brokerage services, checking accounts, ATM cards and services among other banking services.

Banking offshore has its advantages as offshore banking can be used for tax planning and for privacy. There are no local taxes in the offshore jurisdictions for incomes which are earned aboard therefore offshore bank accounts are not taxes in the offshore jurisdictions. Offshore banks do charge services fees for some of the services which they offered. The fees charged will depend on offshore bank chose. Offshore banking privacy laws provide a level of privacy for offshore bank accounts and the offshore bank account holder. The information in offshore banks can only be given out with the consent of the offshore bank account holder and most times consent must be given in writing. Any person or corporation who give out this information can be fined.

Many persons prefer offshore banking for its benefits of privacy and tax exemptions and offshore banks are able to provide high returns for clients and some offshore banks are able to provide offshore investing opportunities for individuals and corporations. Offshore banking is available for corporations and individuals and setting up an offshore bank account is not a difficult task.

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