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Posted 24 March 2010 - 12:38 PM
Today itís a growing phenomenon. Itís a legal thing which is approved by the government. However, there are international laws that regulate these offshore banking systems. This is mainly to monitor and catch money-laundering activities and other illegal transactions. An offshore bank offers many other benefits to its customers like greater flexibility in terms of fast cash mobility and transactions when mergers and acquisitions happen etc. These offshore banks also provide their customers with debit cards to allow them to withdraw and deposit cash to their accounts from anywhere, anytime.
Offshore banking has become popular in recent times as it exempts one from paying high taxes. This is one of the many ways of legally avoiding the taxes. But for this one has to abide by the tax laws of oneís own country. With its growing demand for offshore banking, now accounts can be opened online, by phone or by mail through online offshore banking systems.