Offshore Bank Account , An In-depth Analysis.

[mneilson]

Generally a bank account opened outside of one's native country can be considered an offshore bank account. Offshore bank account can be used for savings, or as normal banking. It may be opened by any individuals or business houses in most countries, to have major benefits in terms of asset protection, privacy and tax relief.


Offshore banking account may be used as savings account, or as the main means of banking, making investments, purchasing insurance and loans etc. The current account also comes along with a debit card. Difference lies very much in the taxation area.


If we compare offshore banking with a regular onshore banking, the later is subject to the tax rules, foreign exchange rules and charges of the country the account is located in. These rules are also subject to foreign exchange regulations, and are not covered by the offshore banking confidentiality and asset protection legislation. On the other hand, offshore banking is tax free, all account information is confidential and there are no foreign exchange regulations.

 

[rotaro]

Nice information here, however, I believe there is something missing, the most important to know about offshore bank accounts if they are real "offshore" is that you most often has the banking secrecy and anonymity, means it is not possible to trace down the ownership of the bank account.