What is an ‘Offshore Bank Account’?
Offshore bank accounts are accounts that exist outside the country that you live in, and most of the account holders are typically non-residents. These accounts are usually beneficial to the holder because they are located in countries that are tax havens. If you choose to have an offshore banking account you will have low taxes and this provides many benefits like:
- Low taxation (i.e. tax havens).
- Easy deposits
- Protection against local economic instability