Bermuda, Cayman
Islands, Channel Islands, Isle of Man, Liechtenstein, Luxembourg, Malta and
Mauritius, Less interesting, Switzerland
are among the renowned offshore
destinations, although they are designed to be catered more to private banking
for more than fifteen decades.
Recently, however, such destinations have been in the news for all
the wrong reasons: they have been targeted by governments as secret hideouts
where money earned illegally is stashed away, or as havens to avoid taxes.
But offshore accounts are not just about tax avoidance and
parking ill-gotten wealth. And it is not necessarily that only the wealthy can
afford to open such an account.
You may probably benefit from an offshore account if you live
outside your home country, or frequently move between countries, are planning
to buy a property or thinking of retiring abroad, or need to make international
payments (for example, if you have children being educated in a foreign
country), or have accounts in different currencies.
(Derived from
Source Gulf News)
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