A question about the off-shore banking
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elton
Apprentice
Joined: 13 Aug 2005
Posts: 2
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 Posted: 07/22/08 - 10:33 Post subject: |
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| I have a question which has been causing me a lot of dilemmas. Namely, very frequently I have heard the term ‘off-shore’ banking. I know that it sometimes have some negative meanings associated with it, but I don’t know what it exactly means. Can you explain me in a couple of sentences the meaning of this phrase? The simpler the better! |
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karlik
Apprentice
Joined: 02 Mar 2008
Posts: 4
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| Posted: 08/21/08 - 00:09 Post subject: |
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| Offshore banks are those which are not situated in the country where the person who deposits the money lives. They are usually situated in countries which are regarded as tax havens, that is places where taxes are low or non existent. It is true that those countries have always been associated with some kind of illegal business, tax evasions and even criminal groups. But this does not necessarily have to mean that all people who have their money in some offshore bank are practicing some criminal actions. These banks also ensure a high level of privacy. I think that also Andorra, Switzerland and some other European countries are also considered to have offshore banks. |
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