Earlier on the offshore banking accounts were offered complete privacy. This made this offshore job very dependable and lucrative. The offshore banks were not obliged to reveal any information of the accounts including acknowledging its existence. The tax benefits of the host countries are what bade people to create accounts and deposit money in these countries.
These countries had relatively relaxed tax laws and procedures which proved to be beneficial for organizations and individuals. But now the offshore banking rules have become very strict. For example in the U.S.A. any bank account that contains over one thousand dollars is to be notified. If this account is in one of the offshore banks as well, even then the I.R.S. of the U.S.A. has to be informed of this account. This is irrespective of the bank where the account is.
The benefits of opening an offshore account helps prevent financial losses especially when an unstable economy collapses. This helps prevent the account holders from a run by the national banks. But with the heightened security in many countries along with norms like that mentioned above, the offshore banking has seen some decline in recent times, especially in developed countries. However, competition is also a cause of the slide in these offshore jobs.
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