Relevant details about Offshore Financial Services and Offshore Banking
The term Offshore comes from the British Channel Islands, which are tax havens physically located offshore from the United Kingdom. However, nowadays the term refers to all tax havens worldwide either being British or not.
With regards to banking transactions, the simple movement of funds from the country of origin to a bank in another jurisdiction, being a tax haven or not, is considered as banking offshore. Thus, considering its fundamental basis, the offshore banking system is and always will be legal. In fact, moving money in world is not even legal as it is a daily procedure; these worldwide banking transactions – evolving individuals, companies or even governments – are very important because they are part of the economy’s stability and growth.