Banks on Britain’s Channel Islands (being offshore) actually gave this term its name. Fact however is that most offshore banks are not only located on islands. This term is nowadays used figuratively to refer to such banks regardless of location where the depositor is residing in another country, in which more restrictive banking and tax rules are applied.
» Offshore Banking however does not prevent assets from being subject to personal income tax on interest because the personal income tax of many countries makes no difference between interest earned in local banks and those earned in foreign countries.
Offshore banks provide multicurrency accounts so the world´s most used currencies can be kept on the same account avoiding exchange rate risk with the possibility of inexpensive currency exchange using the latest market exchange rates when more an exchange transaction is executed.
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