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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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