Advantage And Disadvantages Of Offshore Banking
Advantages of offshore banking -:
• Offshore banks are an excellent means of providing access of politically and economically stable jurisdictions, to residents of nations or areas where there is a situation of political unrest or constant fear of their assets being frozen.
• Offshore banking is one of the few industries, by which geographically remote island nations can competitively engage and develop. This can help developing countries procure and track out investment and create growth and stability in their own economies, and can help redistribute world finance from the developed to the developing world.
• Sometimes the banking services offered by offshore banks are those that may not be available from domestic banks such as that of having anonymous bank accounts, or higher or lower rate loans based on risk and investment opportunities which are not available elsewhere.
• Interest, on the money deposited by depositors, is generally paid by offshore banks without deducting any tax amount. This is an advantage to individuals who are from those nations that do not need to pay tax on worldwide income.
• A great element of privacy exists and can be maintained.
• There is either little or no taxation that comes into play by being a customer of an offshore bank or by availing of an offshore banking service. Disadvantages of offshore banking -:
• Offshore bank accounts are sometimes less financially secure than those accounts in the home state of a depositor, be it a
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