First of all, we have to define what offshore banking is:
Offshore Banking is having a bank account in a country where you are not a resident. Normally this would be in a tax haven (a country that has low taxes or no taxation). Because of the word offshore you would think that only remote islands are offering this type of banking. In reality even the USA and Canada can be offshore tax haven for you depending on your country of residence and nationality.
Why Bank Offshore?
For people living in a politically or financially unstable country banking offshore will allow them to keep their hard earned money in a safe place. One way to lower your taxes is re-invoicing using an offshore corporation.
Some of the other advantages of offshore banking are:
-> Low taxes or no taxes at all. Avoid tax rate increases in your home country.
-> Higher interest rates are often available due to non-existent corporate taxes.
-> Possibility of investments that may not be available in your home country.
-> Anonymous accounts and strict privacy and bank secrecy laws will keep your banking confidential. Increase the level of protection by having an...
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