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Tax Engineering

What is an offshore bank account?


Question

What is an offshore bank account?

Answer

An offshore bank account is a personal or business bank account that is opened outside the country of residence of the bank account holder and has some tax benefits that are not available his country of residence. Depending on the country where the offshore bank account is opened, it may have greater bank secrecy or not. Currently the most opaque countries to open an offshore bank account are Saint Vincent and the Grenadines, Belize, Samoa, Uruguay.



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