# Offshore Banking: Breaking The Taboo
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2020-01-07
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: Offshore Banking: The Truth Revealed
Meta Description: Learn from James Turner, Director at Turner Little, about the benefits and misconceptions of offshore banking. Get expert advice and bespoke solutions today.
URL: https://financedigest.com/offshore-banking-breaking-the-taboohtml

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It’s not what you think. Offshore banking is often slandered, and most commonly associated with tax evasion. But this begs to question – what do people really know about offshore banking? James Turner, Director at York-based Turner Little tells us everything we need to know about [offshore banking](https://www.financedigest.com/sse-and-equinor-to-proceed-with-4-billion-dogger-bank-c-offshore-wind-farm.html "SSE and Equinor to proceed with billion Dogger Bank C offshore wind farm").

“Offshore banking, simply put, is [banking done in a country other than the one you live](https://www.financedigest.com/how-can-open-banking-help-smbs-navigate-the-cost-of-living-crisis.html "How can Open Banking help SMBs navigate the cost-of-living crisis? ") in. That’s it. It doesn’t [mean tax](https://www.financedigest.com/working-from-home-what-does-it-mean-for-your-taxes.html "Working from home: what does it mean for your taxes?") evasion, it doesn’t mean hiding money, it doesn’t mean fraud, it’s perfectly legal – and convenient.

“There are both financial and legal advantages to [banking](https://www.financedigest.com/the-open-banking-revolution-enabling-accessible-and-inclusive-finance.html "The open banking revolution – enabling accessible and inclusive finance") offshore. At Turner Little, we recommend clients consider the why, before they consider the where. Banks in certain countries tend to be less stable, whilst other offshore jurisdictions are incredibly stable and provide easy account set-up and access online.

“One [clear benefit](https://www.financedigest.com/clearing-out-your-garage-benefiting-from-corporate-simplification-2.html "Clearing Out Your Garage – Benefiting from Corporate Simplification ") is having access to a multi-currency account. If you have international financial obligations, the ability to transfer money between currencies is a relatively fast and painless experience, with some offshore banks able to provide competitive rates in comparison to regular [banking services](https://www.financedigest.com/becoming-more-than-a-bank-adding-value-through-financial-solutions-as-a-service.html "Becoming more than a bank: adding value through financial solutions as-a-service").

“Depending on the bank you choose, offshore banks can act as a [private](https://www.financedigest.com/pragma-investments.html "Pragma Investments on Wealth Management versus Private Banking") banking facility, where lending and credit facilities can be more flexible and tailored specifically to your needs. A good offshore [bank will also be able to provide you with a wide array of funds and investments](https://www.financedigest.com/investment-banks-trading-revenue-likely-to-shrink-barclays-boss-says.html "Investment banks’ trading revenue likely to shrink, Barclays boss says") that are appropriate to your risk profile and the outcomes you want to achieve.

“Offshore banking is also one way you can ensure your financial information is kept private. It’s also a way in which you can [protect](https://www.financedigest.com/the-digital-finance-revolution-empowered-consumers-turn-digital-to-protect-financial-security.html "The digital finance revolution: empowered consumers turn digital to protect financial security") your assets against financial instability. Offshore [banking works if you use it correctly](https://www.financedigest.com/markets-could-face-sharp-correction-bank-of-england-warns.html "Markets could face ‘sharp correction’, Bank of England warns"), and if all the documentation is correct – this is where we come in. At Turner Little, we familiarise ourselves with the [regulations necessary for compliance](https://www.financedigest.com/are-compliance-and-anti-money-laundering-aml-regulations-hurting-your-sales.html "Are compliance and anti-money laundering (AML) regulations hurting your sales?") in a multitude of offshore jurisdictions – so you don’t have to. When the rules are followed, offshore [banking is legal and gives you the means to better protect your assets](https://www.financedigest.com/u-s-to-move-3-5-billion-in-afghan-central-bank-assets-to-swiss-based-trust.html "U.S. to move .5 billion in Afghan central bank assets to Swiss-based trust"), providing you with both financial strength and freedom.”

Turner Little specialises in creating bespoke solutions for individuals and [businesses of all sizes](https://www.financedigest.com/covid-19-is-impacting-the-high-speed-steel-market-size-business-revenue-forecast-leading-competitors-and-growth-trends-2031.html "COVID-19 Is Impacting The High Speed Steel Market | Size, Business Revenue Forecast, Leading Competitors And Growth Trends 2031"). The knowledge and expertise of their specialists will be able to assist with any enquires, no matter how complex.


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