What is offshore banking?

Offshore banking is not much different to normal banking. It only means the bank is based offshore.

Offshore banking in past and nowadays

In past days everybody could open an offshore account to hide moneys and earn tax free interest; that is no longer recommended today. To use offshore banking in compliance with the law you have to incorporate an offshore company in a tax exempt country and then open the account under the name of said company. This simple step ensures that all moneys earned on the offshore account are covered by the tax exempt status of the offshore company.

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