An offshore bank is a bank located outside the depositor's country of residence. It is often in a place where taxes are considerably lower (a "tax haven"). They also frequently provide more privacy and easier access to funds than the banks in the depositor's home country, as well as liability protection.
Most popular "offshore" jurisdictions have a legal system derived from a major western country and greatly favor non-resident corporations.
Some popular tax haven jurisdictions are:
- British Virgin Islands
- Isle of Man
- Turks & Caicos Islands