Offshore Banking

Offshore Banking can refer to banking transactions undertaken in a currency other than your own, but is more commonly defined as opening and using a bank account in a bank located in another country, usually one that has relaxed tax laws.

Offshore banks are typically used as a form of asset protection; by moving storage or control of certain assets to another country, customers may be able to avoid paying some (or all) of the relevant taxes associated with using, investing or disposing of the asset in their home country. Anyone who spends most of their time working for foreign companies or overseas may also find it advantageous to have an offshore bank account. This may be used to handle all their foreign income and investments, regardless of where they normally live.

To find out more about offshore banking, select an item from the menu below.