Services of Offshore Private Banks
- Most Private Banks are offshore banks. An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include some or all of strong privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act)
- Less restrictive legal regulation.
- Low or no taxation ( i.e. tax havens)
- Easy access to deposits (at least in terms of regulation)
- Protection against local political or financial instability.