Offshore bank account

An offshore bank account is a bank account opened by an individual or business in a foreign jurisdiction, often in a country that offers tax advantages and increased banking privacy. The term “offshore” generally refers to any location outside of the country of residence or domicile of the person or business that owns the account.

Offshore accounts can be used for a variety of reasons, including to avoid taxation, to protect privacy, to facilitate international transactions, or to access foreign currency. Offshore banks are often located in global financial centers such as Switzerland, Singapore, the Cayman Islands, the British Virgin Islands and the Bahamas.

It is important to note that setting up an offshore bank account may be subject to strict regulations and legal requirements, including tax reporting and anti-money laundering. It is therefore essential to fully understand the applicable regulations and obligations before opening an offshore bank account.