Offshore Bank
Updated time: 23 Jun, 2015, 15:03 (UTC+08:00)
Offshore banks are banks located outside of the depositor's country of residence, usually in a low-tax jurisdiction (or tax haven) that offers financial and legal advantages. Such advantages typically include: greater confidentiality low or no taxation (i.e. tax havens); easy access to deposits (at least in terms of regulations); and protection against local political or financial instability.