Services » Offshore banking

ID #1021

What are the disadvantages of Offshore Banking, if any?

Before you open an Offshore Bank Account, you maybe want to take into the cocederation some pointers:

  • Few offshore jurisdictions have depositor compensation schemes, to bail out depositors in the event that a bank becomes insolvent.
  • Offshore banking has been associated with money laundering and organized crime. There is a risk of reputation being tarnished by association.
  • In addition, the advantages of offshore banking may come at a high cost as the returns on some offshore banking accounts may be substantially below those of normal bank accounts.
  • The fees and minimum deposits required to open and operate accounts at some offshore banks can make them inaccessible to the general public.
  • Offshore jurisdictions are often remote so physical access and access to information can be difficult.

Last update: 2005-08-26 23:24
Author: Site Admin
Revision: 1.0

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