Off shore banking is maintaining a bank account in a foreign country, where banking taxes are significantly lower than in your own country. In the past, it was mostly employed by wealthy individuals or companies, but in the last decades, and especially with the advent of the Internet, it has become increasingly accessible. In fact, there are now hundreds of thousands of people from Europe, the U.S., Canada, and Australia who use it.
This type of banking can be particularly appealing to expatriates who are interested in off shore mortgages or expat mortgages. Plenty other groups can benefit from it, such as those who wish to put money aside for their retirement, or those who want to get the best possible interest rates on their banking account.
Some countries or locations are havens for off shore banking because they have a low tax jurisdiction. Countries and locations frequently used by banks that provide this type of banking include Switzerland, Luxembourg, the Isle of Man, Channel Islands, and Lichtenstein. In total there are tens of low jurisdiction countries. Compare The Financial Markets for Off Shore Banking.
This type of banking can normally benefit anyone who wishes to place a significant sum into an account and then leave it untouched for a long period of time. However, people living in other countries than their own may find it useful in particular in a variety of circumstances, especially if they are considering getting international mortgages. It's worth noting that this kind of banking is usually used besides a normal banking account opened in the home country of the owner, and in the national currency – it's not a substitute for a banking account for everyday use.
As already stated, off shore banking can be especially appealing for those who want to obtain expatriate or international mortgages. If you happen to be one of them, then find the best mortgage rates at comparethefinancialmarkets.com number one for off shore banking.
Compare the Best Offshore Banking Providers for 2018
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