Off shore bank transactions - An Overview
The use of a bank located outside the legal jurisdiction of the country of one's residence for all bank
transactions and financial services can be called Off shore bank transactions. Off shore banks normally are
situated in taxation havens and provide secrecy and safety for the depositors.
It was the English who coined the word ‘Off shore' to specify taxation havens located in
the British Channel Islands, which were actually off the shores of Great Britain. The banks located in these
islands offering taxation savings were the pioneers and eventually the term has become generic to describe the
industry itself. These islands became major global bank transactions centers due to the taxation and other
benefits offered. These became the preferred banks to hold assets, save and invest.
The local governments of these places do not have as many restrictive laws of bank transactions as most
countries do. Such freedom enables various types of Off shore bank transactions accounts that can be manipulated at
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With a daily circulation of about £2Trillion, Off shore bank transactions is a major player in the global
financial markets. The business has come a long way from very small beginnings a few decades ago with a limited
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All the services offered by regular banks can be obtained from Off
shore banks. Apart from regular corporate and personal checking accounts, Off shore financial centers also
provide secure Internet bank transactions facilities that allow electronic bank transactions. Transfer of
funds, debit, credit and ATM cards valid globally, loans and mortgages are all possible. Some facilities offer
anonymous numbered accounts to provide the ultimate in confidentiality.
Some banks offer investment management and custodial services as well. Foreign exchange dealings, corporate
administration services, trustee services and funds management too can be had. There is a kind of specialization
between retail and private bank transactions and so each bank may not offer all the services. While retail banks
are more economical offering standard services, private banks tend to be more expensive offering personalized
services for their clients.
Let's take a look at the advantages. Unless proof of criminal activity on the part of the client is offered, Off
shore banks are not obliged to divulge personal or corporate information and as such, offer great privacy. Government bodies and/or taxation authorities cannot
get any information out of these banks. They cannot therefore take any kind of legal action against account
holders.
Off shore banks being usually located in taxation havens, one's investments can grow without any charge on
account of taxationes. So, taxation savings is another major advantage. It may however be necessary to pay
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Lastly, your assets are completely protected. Your banked assets are protected from the prying eyes of invasive
bureaucracy, lawsuits and seizures.
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