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Home » Banking » Types of Banks » Offshore Banks

Offshore Banks


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 secrecy, 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
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