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Offshore Banking is having a bank account in a country where you are not a resident. Normally this would be in a tax haven (a country that has low taxes or no taxation). Because of the word “offshore” you would think that only remote islands are offering this type of banking. In reality even the USA and Canada can be offshore tax haven for you depending on your country of residence and nationality.
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Offshore banking can be found all around the world. Maybe you will find a bank in country where you would like to vacation. The Caribbean Islands have many offshore banks. Asian countries such as Hong Kong and Singapore have taxation based on territoriality only taxing persons and corporations on business actually done in the country. Both are major financial centers with world class business facilities.
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