In many countries, offshore banking is associated with organized crime and money laundering. Clearly, this is an unfair characterization of an essential banking service. In simple English, having a bank account offshore means having a bank account outside the shores of your own country. This type of banking has many advantages and these advantages include the ones below.
Easy Access to Deposits
Protection against Political Instability
An offshore bank gives you easy access to your deposits. This is because offshore banks do not insist on all the bureaucratic procedures and red tape associated with the ones onshore. In addition, these banks have relatively low tax rates and some do not even charge taxes at all.
If you live an area of frequent political instability, an offshore bank will protect you from political and financial instability. Finally, offshore banks offer you greater privacy and specialized services that your onshore bank may not offer.