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