We can help you setup accounts with a choice of over 15 offshore banks in several locations.
As part of our service we are happy to help our clients choose the best offshore bank for them. When it comes to choosing which bank is best for you, it is very important to use a respected bank in a highly regulated location. The most common locations for expatriates are Jersey, Guernsey, Isle of Man, Luxembourg, Switzerland and Cyprus. There are also several other locations such as New Zealand, Belize, and the British Virgin Islands.
An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages.
These advantages typically include:
Greater privacy (see also bank secrets, a principle born with the 1934 Swiss Banking Act)
- Low or no taxation (i.e. tax havens)
- Easy access to deposits (at least in terms of regulation)
- Protection against local political or financial instability
While the term originates from the Channel Islands being "offshore" from the UK, and most offshore banks are located in island nations to this day, the term is used figuratively to refer to such banks regardless of location, including Swiss banks and those of other landlocked nations such as Luxembourg and Andorra.