Offshore Bank Account

The Site Offshore Bank Account
bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include: * greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act) * less restrictive legal regulation * low or no taxation (i.e. tax havens) * easy access to deposits (at least in terms of regulation) * protection against local political or financial instability

While the term originates from the Channel Islands "offshore" from Britain, and most offshore banks are located in island nations to this day, the term is used figuratively to refer to such banks regardless of location (Switzerland, Luxembourg and Andorra in particular are landlocked).

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