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- Offshore_bank abstract "An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include: greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act) little or no taxation (i.e. tax havens) easy access to deposits (at least in terms of regulation) protection against local, political, or financial instabilityWhile the term originates from the Channel Islands being "offshore" from the United Kingdom, and most offshore banks are located in island nations to this day, the term is used figuratively to refer to such banks regardless of location, including Swiss banks and those of other landlocked nations such as Luxembourg and Andorra.Offshore banking has often been associated with the underground economy and organized crime, via tax evasion and money laundering; however, legally, offshore banking does not prevent assets from being subject to personal income tax on interest. Except for certain persons who meet fairly complex requirements, the personal income tax of many countries makes no distinction between interest earned in local banks and those earned abroad. Persons subject to US income tax, for example, are required to declare on penalty of perjury, any offshore bank accounts—which may or may not be numbered bank accounts—they may have. Although offshore banks may decide not to report income to other tax authorities, and have no legal obligation to do so as they are protected by bank secrecy, this does not make the non-declaration of the income by the tax-payer or the evasion of the tax on that income legal. Following September 11, 2001, there have been many calls for more regulation on international finance, in particular concerning offshore banks, tax havens, and clearing houses such as Clearstream, based in Luxembourg, being possible crossroads for major illegal money flows.Defenders of offshore banking have criticised these attempts at regulation. They claim the process is prompted not by security and financial concerns but by the desire of domestic banks and tax agencies to access the money held in offshore accounts. They cite the fact that offshore banking offers a competitive threat to the banking and taxation systems in developed countries, suggesting that Organisation for Economic Co-operation and Development (OECD) countries are trying to stamp out competition.".
- Offshore_bank wikiPageExternalLink displaystory.cfm?story_id=8727748.
- Offshore_bank wikiPageExternalLink www.offshorebanksdirectory.com.
- Offshore_bank wikiPageExternalLink 20040209-090310-4341r.htm.
- Offshore_bank wikiPageID "370092".
- Offshore_bank wikiPageRevisionID "606436290".
- Offshore_bank hasPhotoCollection Offshore_bank.
- Offshore_bank subject Category:Banks.
- Offshore_bank subject Category:Finance.
- Offshore_bank subject Category:International_taxation.
- Offshore_bank subject Category:Offshore_finance.
- Offshore_bank subject Category:Organized_crime_terminology.
- Offshore_bank type Abstraction100002137.
- Offshore_bank type Banks.
- Offshore_bank type DepositoryFinancialInstitution108420278.
- Offshore_bank type FinancialInstitution108054721.
- Offshore_bank type Group100031264.
- Offshore_bank type Institution108053576.
- Offshore_bank type Organization108008335.
- Offshore_bank type SocialGroup107950920.
- Offshore_bank type YagoLegalActor.
- Offshore_bank type YagoLegalActorGeo.
- Offshore_bank type YagoPermanentlyLocatedEntity.
- Offshore_bank comment "An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include: greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act) little or no taxation (i.e.".
- Offshore_bank label "Banca offshore".
- Offshore_bank label "Offshore bank".
- Offshore_bank label "Offshorebank".
- Offshore_bank label "Офшорный банк".
- Offshore_bank label "مصرف أوفشور".
- Offshore_bank label "國際金融業務分行".
- Offshore_bank sameAs Banque_extraterritoriale.
- Offshore_bank sameAs Perbankan_lepas_pantai.
- Offshore_bank sameAs Banca_offshore.
- Offshore_bank sameAs Offshorebank.
- Offshore_bank sameAs m.020c10.
- Offshore_bank sameAs Q2593736.
- Offshore_bank sameAs Q2593736.
- Offshore_bank sameAs Offshore_bank.
- Offshore_bank wasDerivedFrom Offshore_bank?oldid=606436290.
- Offshore_bank isPrimaryTopicOf Offshore_bank.