Description: What is Offshore Banking? Offshore banking means that you have a global investment or a financial account in an area outside the nation you're residing in. This
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An offshore bank is a bank located outside the country of residence of the depositor. Typically, an individual or company will use an offshore bank in a low-tax jurisdiction (or tax haven ) that provides financial and legal advantages. These advantages typically include:
While the term originates from the Channel Islands being "offshore" from the United Kingdom , and while most offshore banks are located in island nations to this day, the term is used figuratively to refer to any bank used for these advantages, regardless of location. Thus, an "offshore banks" include Swiss banks and those of other landlocked nations such as Luxembourg and Andorra .
https://nomadcapitalist.com/offshore-banking/ There are some common misconceptions about offshore bank accounts, based on information given by politicians and media of certain countries. The reality is that offshore banking is not about "hide and seek", but could be a way to more stability, more wealth, higher interest rates, as well as more investment opportunities. Simply put, it allows you to diversify your options and take control of your own money. ------- ABOUT NOMAD CAPITALIST Andrew Henderson is the