Offshore Banking

An offshore bank located outside the country of residence of the depositor,typically in a low-tax jurisdiction that provides a legal advantage.an offshore banking takes place due to some reasons because it has strong privacy, less restrictive legal regulation, low or no taxation, protection against local political or financial instability. offshore banking has often been associated with the underground economy and organised crime via tax evasion and money laundering however, legally,offshore banking does not prevent assets from being subject to personal income tax on internet.offshore banking is an important part of the international finance system.expert believes that as much as half the world’s capital flow through the offshore centres.

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