Offshore Accounting and its Effect on Ethics and Tax Evasion

Offshore banking involves an offshore bank that resides in a country that differs from the customer and for most cases is located in a lower tax jurisdiction country. The advantages of offshore banking are as follows: asset protection, privacy, lower tax, and a broader range of investments. There’s a lot of bad impression when it comes to offshore banking because there are issues of money laundering and tax evasion that come to mind, but offshore banks first and foremost provide protection and privacy and that is what they are mainly known and used for.