Offshore Banking Explained
Offshore banking can be somewhat of an enigma for people who think foreign accounts are for the seriously rich. This article discusses the merits of offshore accounts – and find out who uses them, why they use them and where.
What is offshore banking?
Having an account in a country other than where you normally live is known as offshore banking. Various sectors of the population use offshore banking facilities, including individuals, corporations and State departments.
Why would I have an offshore account?
With the financial climate at home being a little unpredictable, you may prefer to bank in a country that has a steady economy. Or perhaps you regularly travel abroad and would like to have the convenience of a bank account in the country you frequently visit. The majority of people, however, use offshore accounts to manage money in the country where they own a property – such as a holiday home.
