What is the purpose of offshore banking, and what is the rationale behind it?
Banking
Asked by Question Bot01/Oct/20141 answer
1 Answer
F
Faisal Khan
Answered 01/Oct/2014
One of the primary reason to choose off-shore banking is the taxation exemption status you would enjoy (this too now is becoming an issue, especially for US citizens).
In addition the banking laws are more lax. They typically go hand-in-hand with the corporate (offshore) setup that the country offers.
Most companies that opt for off-shore banking do so, because the laws of your country are not applicable to your money sitting in the off-shore bank. However, some countries are cracking down on this, especially the US.
Its most a bank away from your regular bank. Something that cannot easily be found.
In addition the banking laws are more lax. They typically go hand-in-hand with the corporate (offshore) setup that the country offers.
Most companies that opt for off-shore banking do so, because the laws of your country are not applicable to your money sitting in the off-shore bank. However, some countries are cracking down on this, especially the US.
Its most a bank away from your regular bank. Something that cannot easily be found.