Benefits of offshore banking for customers

Individuals and companies that set up an offshore bank have the opportunity to appeal to a large international client base. This is because offshore banking enables a number of wealthy individuals to conduct their banking activity in a highly secure and private manner.

Reasons for offshore banking

Offshore banking, also known as overseas or international banking, enables individuals to conduct their banking activity in a jurisdiction other than their country of domicile. This is a sought after service as it allows clients to benefit from a number of features of offshore banks. Some of these are outlined below:

  • Privacy – clients are able to conduct banking activity in an anonymous and private manner. The majority of offshore banks offer their clients complete anonymity to ensure that their banking matters are kept away from the public eye.
  • Taxation – a number of customers seek offshore banking for the purpose of favorable taxation. There are many a number of jurisdictions are offer low or zero taxation, including the Cayman Islands and Belize.
  • Stability – as a lot of countries experience political, economical and financial turmoil, high-net-worth individuals are striving to protect their finances in a stable environment. Locations such as the BVI and Seychelles boast stable economies that prove to be beneficial for these clients.

The above mentioned are a few of the benefits that offshore banking institutions offer their clients. In order to become a fully licensed and regulated banking entity, you must obtain the relevant banking license from the chosen jurisdiction’s financial regulatory body. It is advisable to enlist the services of a professional consultancy to ensure that the process is completed in an efficient and timely manner.