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Offshore investments are made outside of the country where you reside. You may want to open an offshore account for many reasons, including diversification and tax planning.
In some cases the investment advantages of such a corporation are offset by legal, corporate and account registration fees imposed by the country in which the offshore account is established. Further, the officers of the corporation may be required to establish residence, own real estate, or meet an investment minimum (depending upon the ...
An account held in a foreign offshore bank is often described as an offshore account. Typically, an individual or company will maintain an offshore account for the financial and legal advantages it provides, including but not limited to: Strong privacy, including bank secrecy. Little or no corporate taxation via tax havens.
Offshore bank accounts are held outside of your home country and are an option to hold funds in a foreign currency. Offshore bank accounts can make sense in some situations, such as for those who ...
In 1983 Citi's International Personal Bank (IPB) Singapore was established to meet the offshore banking needs of affluent individuals who reside outside of Singapore. [ 3 ] In 1999 Citibank was among the first four foreign banks to be awarded the Qualifying Full Bank (QFB) license by the Monetary Authority of Singapore (MAS) in 1999.
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The definition of an offshore financial centre dates back to academic papers by Dufry & McGiddy (1978), and McCarthy (1979) regarding locations that are: Cities, areas or countries which have made a conscious effort to attract offshore banking business, i.e., non-resident foreign currency denominated business, by allowing relatively free entry ...
Similarly, although the reference to fund can be taken to include any sort of collective investment, within offshore jurisdictions themselves, the term offshore fund is often limited to purely open-ended investment funds (i.e. a fund where the investor can redeem his investment during the life of the fund) where the investment is by way of ...