What is Offshore account

An offshore account is an account established outside the possessor's country of citizenship. Although in theory the term can refer to any foreign country, it is often associated to some countries and islands that do not enforce strict regulatory laws and generally involve lower taxes. This is why they are chosen by wealthy individuals and some corporations as the location where they deposit their financial assets.

Offshore account

An offshore account is an account established outside the possessor's country of citizenship.

Related terms

Oracle Order book Off-chain Open-source Orphan block

Join our free newsletter for daily crypto updates!