Putting your assets first
Offshore Services
What Is An Offshore Bank
Banks with these characteristics can be considered an offshore bank:
- While a bank does not have to be geographically located on an island of the shore of the mainland, it does have to be located in what is considered by the OECD to be an offshore financial centre. For a full list of offshore financial centers around the world, click here.
- Offshore banks have a strict policy of confidentiality. Each offshore bank has their own way of handling your privacy, and each offshore jurisdiction has its own laws; but you can be assured that the link between you and your assets is kept in the strictest of confidence. In addition, your bank account might be numbered, or perhaps opened in the name of your company, foundation or trust.
- The tax structure of an offshore jurisdiction determines how an offshore bank handles your funds in terms of reporting for tax purposes. Usually, an offshore bank is one that does not allow your assets to be subjected to double taxation, and the tax on capital gains and other income is minimal or nonexistent.
While these are the major characteristics of an offshore bank, the popularity of offshore finance has prompted offshore banks to offer a wide variety of other offshore banking services. These include :
Credit and debit cardsInternet-only access, encrypted and completely secure
Merchant accounts
E-commerce accounts
Corporate accounts