Offshore banks are often located in jurisdictions that offer low taxation, or nontaxation, on deposits and gains. They also offer a degree of privacy, which insulates assets from scrutiny or seizure by tax authorities located in the depositor’s country of origin. Less regulation is imposed on offshore banks, as they operate either as independent banking institutions or as part of a larger banking entity located onshore in another country. For depositors who live in countries subject to unstable political conditions, offshore banks also offer an advantage in providing a safe and secure location where they can place their assets.
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