OFFSHORE BANK
Offshore Bank is located outside the country of residence of the depositor. Advantage of offshore bank is they provide access to politically and economically stable jurisdictions, they can provide higher interest than the legal rate in the home country due to lower overheads and a lack of government intervention, Interest is generally paid by offshore banks without tax deducted. Some offshore banks offer banking services that may not be available from domestic banks such as anonymous bank accounts, higher or lower rate loans based on risk and investment opportunities not available elsewhere.
List of offshore financial centres
Offshore financial centres include:
- Bahamas
- Barbados
- Belize
- Bermuda
- British Virgin Islands
- Cayman Islands
- Channel Islands (Jersey and Guernsey)
- Cook Islands
- Cyprus
- Dominica
- Gibraltar is no more an offshore centre since 30th June 2006. No new Exempt Company certificates are being issued from that date. All previous Exempt Company certificates will be ineffective from 2010
- Ghana
- Hong Kong
- Isle of Man
- Labuan, Malaysia
- Liechtenstein
- Luxembourg
- Malta
- Macau
- Mauritius
- Monaco
- Montserrat
- Nauru
- Panama
- Saint Kitts and Nevis
- Seychelles
- Switzerland
- Turks and Caicos Islands
