Offshore banking services cater to some individuals and businesses. They are offered by the banking and investment institutions that are available in jurisdictions and countries outside the home country of the depositor. They do not refer to any bank that meets this criterion, but to banking institutions that are located in jurisdictions that focus on the privacy of the depositors.
There are legitimate businesses and individuals who turn to offshore banking services, including many reputable Fortune 500 companies, even though rumor has it that questionable people choose these services because of the secrecy it grants them. This unfair portrayal includes connections to tax evasion and money laundering. The truth is that reliable offshore banking services are guided by stable regulations.
Offshore bank accounts have benefits. They tend to provide more profitable investment options than local bank accounts. Further, they generally offer higher interest rates on basic deposits. For these reasons, some individuals choose to go with offshore banking services, which grant them privacy and yield more profits while providing them with solid asset protection. Popular offshore jurisdictions often offer a good decrease in tax liability. These locations include the Channel Islands and Switzerland, which has been a big name in offshore banking for a very long time.
Establishing an offshore bank account is not very difficult, but it is more detailed than it was in the past. Most banks will ask for references from the existing bank of the depositor before establishing a relationship. Many banks will ask you to make a visit to sign various forms. Some banks may allow that an account be established by mail, but most do not allow this.