| Internet banking is a form of banking | | | | brackets. People choose offshore banking |
| where almost all types of operations can | | | | because their country of residence may |
| be carried out online. Fund transfers, | | | | require them to pay an exorbitant amount |
| bill payment, balance inquiry and many | | | | of tax on their assets. They find it |
| other banking related transactions can | | | | convenient to deposit their money |
| be performed without actually leaving | | | | elsewhere so there is no need to |
| the confines of home or office. Offshore | | | | disclose this asset in their native |
| Internet banking is used by people who | | | | country. If they do not declare this |
| hold a bank account outside their | | | | asset, they will not be liable to pay |
| country of residence. Offshore bank | | | | any tax on it. The rationale at the core |
| accounts are opened by individuals to | | | | of this concept simple: since the money |
| save on taxes. The whole concept of | | | | is not physically present in the |
| offshore banking in the financial world | | | | country, its laws will also not be |
| is planned to facilitate protection of | | | | applied to it. However, this does not |
| wealth and hard-earned assets. It also | | | | always holds true in all the cases of |
| allows people with global business | | | | depositing money in an offshore bank |
| interests to conduct business in a | | | | account.As the individuals who have |
| confidential and private manner. This | | | | opened such bank accounts are mostly |
| can be done by utilizing the advantages | | | | globetrotting businesspeople, the |
| offered by offshore bank accounts, | | | | convenience of being able to access |
| coupled with proper corporate formation, | | | | their overseas bank account from |
| structuring and planning.There are some | | | | anywhere is very beneficial for them. |
| countries in the world that are | | | | Account holders with virtually |
| considered tax havens, as they allow | | | | negligible business interests overseas |
| individuals to deposit money in the | | | | also find the facility of offshore |
| banks of their country without levying | | | | Internet banking favorable, as they can |
| high taxes. People who opt for this | | | | perform transactions through their |
| option usually have a lot of money and | | | | offshore accounts without physically |
| fall into high-income categories and tax | | | | leaving their country of residence. |