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July 17, 2001
By
Rene Tse
Website:
http://www.first-financial-success.com
>
What is offshore banking?
Offshore banking is when you bank outside of your own country, particularly in a tax haven country. A tax haven is any country that has either a very low or zero rate of tax on personal, capital, business and other categories of income tax. They also offer banking or commercial secrecy. Offshore banking centers that are also considered tax havens include Grand Cayman, Bahamas, Anguilla, Vanuata, Naura, Turks and Caicos, and St. Vincent.
Examples of transactions that occur in offshore banking: Receive deposits of monies, purchase, sell, discount, or negotiate on regular basis notes, checking, bills of exchange, acceptances, Issue letters of credit, provide trust services, purchase stock, debt obligations, or other securities for public or private distribution.
Take time to expand your knowledge and research on reasons why many more people are banking offshore. The tremendous growth of offshore banking is astounding. In 1970, deposits in the Caribbean and other tax havens were $25 million. Just 18 years later in 1988 it was over $200 billion dollars!
For
more information on offshore banking - click here!
> About The Author:Rene Tse is a successful author and the
publisher of http://www.first-financial-success.com. A one stop resource for the offshore banking industry featuring articles relating to offshore financial planning, and tax reduction strategies. *Webmasters,
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