Is Offshore Banking legal?
Many use it as a way to hide their money and avoid paying taxes. Some use it for illicit purposes like money laundering and tax evasion. While these activities are criminal and can result in jail time, offshore banking doesn't have to be illegal.
It can be totally legitimate if:
- you run a business in a foreign country
- have investments
- have an account in a country where you may spend a good part of the year
You may also choose to use offshore banking in a country that has favorable tax treatment. Some parts of the world allow you to invest your money while earning income on that money tax-free.
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