Offshore Account

An offshore account refers to a bank account or financial service located outside the account holder’s home country. This arrangement is often sought to benefit from favorable regulations related to tax avoidance and asset protection. Typically, offshore banking is prevalent in island nations, enabling entities and high-net-worth individuals to establish companies and investments with the aim of reducing operating costs through lower tax rates. While offshore banking is legal in theory, it can be associated with illicit activities such as money laundering, tax evasion, and criminal endeavors.