Offshore Bank Account and Normal Bank Account in Cyprus

[richardm1964]

What are the basic difference between offshore Cyprus Bank Account and normal Bank Account in Cyprus. Which one carries more benefits?

 

[mneilson]

The Bank Account, which is opened in a Bank located outside the country of residence of the Account holder, is called as “Offshore Bank Account”. Generally an Offshore Bank Account is opened in a low tax jurisdiction or tax heaven that provides financial and legal advantages. In case of a Normal Bank Account, no such facilities are offered. I think the same principle is applied for Opening Bank accounts in Cyprus also