An offshore bank is a bank located outside the country of residence of the depositor. Typically, an individual or company will use an offshore bank in a low-tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include:
easy access to deposits (at least in terms of regulation)
protection against local, political, or financial instability
While the term originates from the Channel Islands being "offshore" from the United Kingdom, and while most offshore banks are located in island nations to this day, the term is used figuratively to refer to any bank used for these advantages, regardless of location. Thus, an "offshore banks" include Swiss banks and those of other landlocked nations such as Luxembourg and Andorra.
Ferdinand “Bongbong” Marcos Jr. looks set to win the Philippines presidential election, according to the Associated Press... Read more ... 21, 1966, issue ... His family went years without paying taxes and was estimated to have amassed billions of dollars, some siphoned from treasury funds and kept in offshore Swiss bank accounts ... Read more ... .
Two UK middlemen paid £9.7mn in bribes to top Saudi military officials to secure contracts for a British subsidiary of the European aerospace group Airbus, the opening day of a trial unveiled ... British middlemen for years had regularly paid bribes to “highly placed” Saudis through offshore companies and Swiss bank accounts,” Heywood said ... ....
Last month Ramatova also popped up in SuisseSecrets, a separate project exposing offshore assets based on leaks from Swiss banks, run by the Organized Crime and Corruption Reporting Project. She once had a Swiss bank account for which power of attorney was held by the co-founder of a conglomerate called Orient Group, the report claimed.
Her name is attached to Credit Suisse accounts that appear in the Suisse secrets project, a leak of data relating to 30,000 clients of the Swiss bank ... The spokesperson for Usmanov has since stated that Narzieva did not have “possession or control of any accounts in Swiss banks on behalf of her brother”.
... inside Swiss vaults ... Russians have up to $213 billion stashed offshore in Swiss banks Back to video. The Swiss Bankers Association (SBA) estimated that the banks hold between 150 billion and 200 billion Swiss francs ($213 billion) of Russian client money in offshore accounts.
"In particular, between approximately April and June 2012, the Veldhuis ControlGroup used the Sharp Group to remit eight wire payments, all funded by Stevia First stock-sale proceeds, and totalling over $4.2 million, to Swiss bank account of an offshore front company that ...
The strength — and weakness — of Russia’s economic position is evident from its foreign-trade statistics, which were analyzed in a working paper published this month by the Bank of FinlandInstitute for Emerging Economies ... Credible reports suggest they are hidden in opaque offshore markets, perhaps through transactions with EU or Swiss banks.
The Swiss banking giant says Moscow has about $300 billion of foreign currency held abroad – enough to disrupt money markets if the reserves are frozen or if Moscow is forced to suddenly move them due to sanctions over the crisis in Ukraine, the business outlet quotes Credit Suisse Group AG strategist Zoltan Pozsar as saying.
They hide their assets in offshore accounts and launder their money through blind trusts or real estate in London, New York, and Miami... The Bank for International Settlements estimates that Russian individuals and companies store about $11 trillion in Swiss banks, nearly one-third of Russian assets worldwide.
In 2012 — after the Swiss account was closed — the Tokayevs opened offshore companies in the British Virgin Islands that had their own bank accounts in Switzerland and controlled a UK company with $5-million in assets at one point in 2014 ... (Records also indicate that each of these shell companies also held its own Swiss bank account.).
But the Swiss bank rejected the allegations in a statement on Sunday, saying ... “I believe that Swiss banking secrecy laws are immoral ... They also acknowledged “having an offshore Swiss bank account does not necessarily imply tax evasion or any other financial crime”.
The economists observed how the share prices of Swiss banks implicated in offshore tax evasion, reacted to a total of 13 data leaks that became public ... For example, Swiss banks with no connection to offshore tax fraud suffered no drop in their share price ... the banks' share prices.
A statement published by German newspaper from the anonymous source explained their motivation for the leaks."I believe that Swiss banking secrecy laws are immoral ... “I am aware that having an offshore Swiss bank account does not necessarily imply tax evasion or any other financial crime.