Offshore banking usually refers to the practise of opening an account with a bank based in another country (typically a country with non-restrictive tax regulations). Offshore banking can also refer to foreign currency banking transactions.Some businesses rely on offshore banks as a way of protecting their assets. Because the storage or control of some assets can be moved to another country, certain taxes that are normally levied in the home country are effectively bypassed and extra expenses are avoided.Offshore banking is also useful for contractors that spend a lot of their time doing work overseas or for foreign clients. By having an offshore bank account, they are no longer tied to their home country’s banks for their regular transactions which can possibly take place anywhere in the world. Except for some specific type of services, offshore bank accounts provide a selection of services similar to what are available from local banks.
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