Business of Offshore Banking

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Business of Offshore Banking

Post  Jorda07 on Mon Jun 21, 2010 8:16 am

Like many other fields, going offshore has become a trend in banking business as well. Offshore banks have come up like anything, owing to the customer demands. Offshore banks work the same way as onshore banks with the only difference that they operate in a separate jurisdiction or location. By operating in a different location, the banks offer higher returns as they are not bound by any rules and regulations. The services offered by the offshore banks are the same as that of the onshore bank, if not better.

Among the key factors attracting the offshore investment is the low taxes offered by such banks. Offshore banks offer lower taxes than onshore banks. Some of the offshore banks offer zero taxes, thereby, getting known as tax havens. This benefit has been solely responsible for a steep rise in offshore business banking. By investing in offshore accounts, the investors can provide complete protection to his assets from any kind of political or economic turmoil.

Offshore investment can be done by availing the services of a bank which is located outside the country of residence of the investor, to take advantage of the locational differences. The offshore banks do not reveal the invested amount to a third party unless it is related to some illegal activity. This is a relief for all those people who wish to keep their funds safe and confidential. In the times of world recession, offshore banking has come to the rescue of the investors seeking profits as well as security.


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