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| Future Developments in Offshore Banking |
By
Steve Holder |
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Many geographical and political reasons driving the increasing popularity of offshore banking in other regions of the world pertain as well to those living in the United States. An ever increasing population, demanding continually improving living standards, places an undue burden on our financial system. This creates an ongoing need to increase taxes in order to support the costs of developing new infrastructure. Offshore banking provides companies and individuals the opportunity to invest their assets in a location where they will continue to grow without being subject to excessive taxation.
Individuals utilizing offshore bank accountsinclude high net worth individuals such as: Businessmen and entrepreneurs, entertainers, authors, sports celebrities, inventors, engineers, medical practitioners, emigrants and expatriates seeking to deposit funds in a location where they will be easily accessible, without limitation on how those funds are used.
Corporations are forming offshore bank accounts in numbers that increase exponentially each year, and are expected to continue to do so well into the future.
In 2000, 80,000 offshore companies were incorporated in the Caribbean alone, with an estimated worldwide total of over 900,000 incorporated offshore companies. It is also estimated that the number of offshore incorporated companiesincreases by 150,000 each year.
Other factors leading to the increased number of offshore corporations include ongoing political and economical instability, government trade deregulation and the lifting of trade barriers, and the general trend towards globalization of commerce driven largely by the Internet.
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