Download - Offshore Banking 2003
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Offshore banking
PRESENTED BY: FARIHA SHAKEEL(9100)
USMAN IRFAN (10899)
SANDESH KUMAR (10716)
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INTRODUCTION
Definition of offshore banking
It provides legal and financial advantages
They are also found in onshore location
Services provided are same as off onshore banks.
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Services
Presence all over the world
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Origin of offshore banking Globalization
Place for tax havens Definition of “tax havens”
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Advantages of offshore banking Provides politically and economically
stable jurisdictions. Provide lower cost and higher
interest rate Engage in helping developing
countries Interest is paid without deduction of
tax. Privacy of account.
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Disadvantages of offshore banking Not for small savers
Involved in crime
Distance issue
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•Banking practices•Misconceptions•Access to funds
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Function of a offshore bank It provides theinvestments service to
its clients. Depositors do not need to go in
personal to open the accounts. For large deposits it can be
established through the off shore intermediaries.
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Role of shore bank and investments
Offshore banks play a vital role in facilitating investment worldwide
Offshore banks are exempted from regulatory scrutiny with effect to liquidity.
Offshore banking is an increasingly attractive alternative to heavily regulated financial markets of emerging economies
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Operation of an offshore bank
They are integral part of the foreign currency markets.
They contribute to economic development of host country;such as
They raise foreign loans and bonds It speeds up communication and
transport network in host country.
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Enhances economic growthPotential tax efficiencyConvenience: easy, international accessA safe haven for your moneySince it provides a broad range of features, offshore banking can provide you absolute safety and security Many of the offshore banking facilities assure privacy and confidentiality Multiple currencies
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Benefits of the Offshore Banking Benefit from more attractive account
structures and interest rates Benefit from global access to funds Bank in multiple currencies Have access to global business
opportunities Bank in an economically and politically
stable jurisdiction if we reside in a country that has a corrupt banking system or is presently less than stable
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Legality of Offshore Banking It is absolutely legal service provided
by a financial institution What can be illegal is when a person
holds offshore bank account, receives an income and does not report this income in his home country
Tax evasion is illegal
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Safety, Confidential Information & Security of Offshore Banking
Located in politically stable countries Financial sector is tightly regulated
to eliminate risk Bank secrecy( varies on country’s
legislation) Also offer anonymous bank accounts
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