Offshore bank accounts are accounts used by depositors who do not live in the country where the bank account is located. Offshore banking is often used in order to pay lower taxes, or in some cases, no taxes at all. In addition to financial advantages, these accounts also provide legal benefits, protecting the depositors money from political instability.
2) Many offshore banks can provide higher interest rates, when compared to the depositors home country.
3) Offshore banks may be able to provide services that many other banks can not, such as anonymous bank accounts (the depositor is a number, rather than a name).
1) Offshore accounts are not immune to financial insecurity, as was demonstrated in the world bank crisis of 2008, where all but one bank caused depositors to lose money.
2) An offshore account requires expensive travel costs to visit the location, as they are often located a significant distance from the depositors location.
Before you become serious about creating an offshore bank account, you must first weigh the advantages and disadvantages. You may benefit greatly from an offshore account, or you may not see enough benefits to warrant the effort of opening one.
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