Offshore banking

Offshore bank is a bank that is in a different country that the banks account holder country of residence. Making any bank, that allows non residents to create a bank account an offshore bank.
Offshore banking would be the use of any banking services in an offshore bank.

Most significant advantages of an offshore bank:

Tax efficiency - The main reason offshore banks are used are to escape tax in some way or for, although this not the only reason to consider such a bank as your banking provider.

Flexibility of your funds - Another great reason to use offshore banks is that they offer great flexibility, convenience to your funds and easy access to deposits. Allowing for fast transfer of funds especially if you're dealing with multiple countries at the same time. Also adding to that there is the possibility to hold accounts in multiple currencies making business between countries even more easier.

Additional products and services - As a lot of offshore banks have a great deal of experience in dealing with different countries around the world, they also offer more services that the usual onshore banks. These services may include special investment opportunities, also a great deal of confidentiality, and a lack of foreign exchange controls. Increased privacy and protection from political, local or financial stability

Risks involved in offshore banking:

• One disadvantage of offshore banking may be that quite a large amount of money has to be held in an bank account. Also the starting deposit for opening an account may be quite sizable.
• Another downside can be that in the place of financial crisis in the country where you hold your bank account, your assets may not be as well protected as they would be if the account was held in an onshore bank. Onshore banks usually have a scheme in place for your asset protection. Because of this the bank of choice and its policies have to be greatly inspected in order to safely use an offshore bank as your baking solution.

Bank account upkeep

Maintaining a bank account isn't that different from an ordinary bank, the exception that the banks may be a bit more interested in large fund transfer and that the banks should be informed before some large unusual activities in your bank account before they happen. 

Getting started

As it may be quite difficult to open a bank account for the type of business and the correct country in witch to open an bank account you may need to speak to a professional such as Baltic Legal, or a similar one.