Specifications of offshore Banking and accounts

OFFSHORE BANKING: An offshore bank is a bank regulated under international banking license (often called offshore license), which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale, can be referred to as offshore financial centers. Since OFCs often also levy little or no tax corporate and/or personal income and offer, they are often referred to as tax havens.