What Is Offshore Banking?
|
|||||||||
What is offshore banking and how can you benefit from offshore investment accounts? We've got answers for you, with information and advice from Dan Fournier, investment expert and published author.
When it comes to offshore banking, there are many misconceptions floating around. Get your facts straight with reliable information and offshore banking advice from Fournier's investment guide.
We'll explore the basics to offshore accounts, and debunk some common myths along the way. At the bottom of this page you'll find further links to hot topics and other advanced learning tools to broaden your knowledge.
Offshore Banking: the Basics
 |
Not much is known about offshore banking for many reasons, one being that your government would prefer you to keep your assets within the country. This lack of understanding naturally leads to many misconceptions about these kinds of accounts.
Before we go any further, let's define exactly what is offshore banking. Simply put, it means banking in a jurisdiction where there are strict laws about secrecy and privacy. Unlike a Canadian or US bank account, it takes a court order for bank employees to reveal any information about your offshore account.
The jurisdictions of offshore accounts are also called "favorable jurisdictions" or "tax havens." This is because non-residents pay little or no income tax for income earned outside the country.
 
|
 
|
 | |
Offshore Facts and Myths
Before you consider opening an offshore investment account, it's important to get the facts straight and debunk some common myths. Only once you've obtained accurate and reliable information can you decide if this is the right kind of account for your personal or professional banking.
Now that you understand what is offshore banking, let's clarify what it's not. Offshore banking is not illegal, nor is it only for the wealthy. Many banks and Fortune 1000 companies protect their assets with offshore accounts, and with the right investment advice you can too.
Just because a bank is overseas in a foreign jurisdiction (or "tax haven") doesn't make it an offshore finance company. For example, American Citibank has a location in a tax haven but is still "onshore" because it doesn't have the same privacy, taxation, and foreign exchange regulations as an offshore bank.
Why Go Offshore?
 |
With some common myths debunked, you might still be wondering why open an offshore account? Dan Fournier, our investment expert, highlights a few benefits in his investment guide:
"Offshore banks and financial centers exist to provide their customers with a means to protect and hold their assets, reduce their tax burdens, provide superior investment alternatives, as well as render many other services."
You can find out more about Fournier's book by visiting the ordering page on the left-hand menu. Before you open an offshore account, you'll want to have the more thorough understanding of what is offshore banking. To learn more about offshore basics, simply follow the links below.
Return to the home page from
this "what is offshore banking" page.
© All Rights Reserved
Nafta Technology Trading Inc.
127 Bridge Street, Plattsburgh, NY 12901
Contact Us