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An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include:

• greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act)
• less restrictive legal regulation
• low or no taxation (i.e. tax havens)
• easy access to deposits (at least in terms of regulation)
• protection against local political or financial instability

While the term origina

One of the areas that could be affected is off the coast of MA. But fishing, the oldest industry in MA, could be impacted by offshore drilling. The reason lies about 70 miles off the coast of Cape Cod,the area known as Georges Bank. Not only is it historically one of the most fertile fishing areas, but it's also the most likely spot to find oil.

As I predicted months ago, the U.S. Internal Revenue Service wants to clamp down with greater long-distance oversight of foreign banks that provide banks accounts or sell offshore services to American clients. The goal? Thwarting what IRS agents claim, (without offering any proof), to be rampant tax evasion.