Offshore account

A corporation or individual’s association (account creation) with a financial institution located outside of their country of residence is referred to as offshore banking. An account that is registered in a country or territory other than the home country of the holder is called an offshore account.

While managing, investing, and saving money while abroad with offshore accounts is considered efficient by some, one must mandatorily report their income to all applicable taxing authorities and declare any interest from such accounts.

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