What are offshore banking accounts?

Offshore banking institutions are usually located in a low tax juridiction that offer legal financial advantages over onshore (domestic) banks.
Opening an offshore bank account is truly the first and most important step you can make offshore.
What is an offshore bank account?
It may sound like an exotic or exclusive affair but in reality there is a ton of people who use offshore bank accounts for a variety of reasons for example investment purposes or asset protection.
They are provided by both local banks with branches in offshore banking centers such as citigroup as well as international banking institutions such as HSBC.
It is an account held in a juridiction known for its legislation which generally favors a

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