| Offshore banking, by its very | | | | roaring 90's? Maybe you are a wealthy |
| definition, is a bank that is located | | | | sugarcane farmer in a third world |
| outside the depositor's country of | | | | country in the Mediterranean; would you |
| residence. More times than not, this | | | | trust your local currency to your state |
| involves a country whose tax | | | | run bank? |
| jurisdiction is more favorable than one | | | | Also consider the ability of lower cost |
| home banks. There are also legal | | | | banks in other regions being able to |
| benefits and more importantly privacy | | | | offer better rates than available at |
| not available at home. | | | | your local bank, is it worth the risk? |
| While the entire industry suffers from a | | | | This is going to depend on you doing |
| cloak and dagger type status, there are | | | | your homework. |
| legitimate reasons for using offshore | | | | One downside is the typical offshore |
| banking, offshore trusts, and offshore | | | | bank is remote, so access to information |
| corporations to an individual's or | | | | can be difficult. However, in an ever |
| company's advantage. | | | | increasing telecommunications world this |
| Most think of low profile millionaires | | | | is becoming less of a problem. |
| whose road to wealth is somewhat | | | | Another disadvantage is that offshore |
| questionable but consider the | | | | banking is usually reserved for higher |
| alternative. There are areas of the | | | | incomes but this is also changing as |
| world where offshore banking is safer | | | | these institutions begin to compete for |
| than the political climate of one's | | | | depository currencies to boost their own |
| homeland. Would you want to be a | | | | local economies. |
| depositor in any Russian bank in the | | | | |