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Definition of an Offshore Bank Account

An offshore bank account may simply beaffects the logic that money kept within the
described as: "a bank account maintained bybanking system bears profit for not only the
an individual or business in a jurisdictionowner of the bank account but the bank and
which they are not normally a resident of".the  local  economy  as  well.
Basically what this long phrase means is that
if you are a British citizen and you open aDespite these benefits people are more likely
bank account in somewhere like Spain forto find better offshore bank accounts in
example, the bank account in Spain issmaller legal jurisdictions such as the Isle
considered an offshore bank account. Thisof Man, Panama, Jersey or the Canary Islands.
example  also  works  in the vice-versa case.Hence most people often assume that an
offshore bank account means one that is
Countries often offer non-residents certainlocated on some island located halfway around
benefits which can be derived by openingthe world. The reason most people prefer
accounts there. Spain for example may chooseoffshore bank accounts in such jurisdictions
to promulgate banking laws that favoris because they charge less tax, have more
non-residents and not locals for a variety ofsecrecy laws and offer better interest rates.
reasons. The reason for such legislationBanks located in much more developed
would be most likely in order to attractcountries where stricter laws exist and banks
foreign investment into the country. If youhave to constantly reduce the amount of
reside in Britain for example and have fundsinterest offered to customers in order to
in a bank account in Spain its most likelymeet the profit margins expected by their
you won't be withdrawing your money everyshareholders.
other day of the week. This assumption also



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