Bank Accounts

Offshore banking refers to the deposit of funds by a company or individual in a bank that is located outside their national residence. Although the term implies that these banks are located on islands, many offshore banks are, in fact, found in onshore locations, such as Panama, Luxembourg and Switzerland.

The history of offshore bank accounts originated for the same reason that even now they continue to attract citizens from different parts of the world: the necessity of reducing the tax burden, starting with hoe national governments deal with pressuring, with more and more force, the wealthiest people and also those who are not.

Offshore world specialists remember that everything began with the United Kingdom. There, as continues to happen these days, treasury taxes were extremely high and the people refused to lose money that they had earned through their own efforts. They had to look for a solution and it was in that moment when a small state, known as the Canal Islands, entered onto the scene. The idea, at the time, and even now, was to deposit their funds in banks in a jurisdiction that was far from public scrutiny and that, in addition, offered a low tax rate.

The offshore experience with the Canal Islands expanded. Suddenly, little islands, especially in the Caribbean, were consolidated as international bank centers and the idea of offshore banks grew. Beginning with the adoption of laws that were favorable towards banks, as well as the implementation of facilities for attracting investors and depositors, the offshore world began a long expansion process that has continued up until today.

The offshore bank has arrived in these small jurisdictions that offer security and confidentiality. The offshore bank services have worked very well for Europeans, Asians, Africans and Americans who look for certain advantages in offshore banks that they couldn’t find in local banks in their own countries.

The list of advantages of an offshore bank continues to seduce not just a few around the world. For example, these banks operate in jurisdictions where there is a great political and economic stability. This offers the clients the security that their goods are running no risks besides privacy laws on confidentiality apply in these jurisdictions.

Publicity campaigns against offshore banks have been falling under their own weight. Despite the criticism for the supposed use of offshore bank services for laundering money, more and more businessmen put their trust in an offshore bank as they are proven to be trustworthy, secure and very advantageous with customers’ respective relationship managers through the years.

If you want to know more, please do not hesitate to contact us:

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Disclaimer:

Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use.  In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.