[ˌɒfˈʃɔːr əˈkaʊnt]
An Offshore Account is a bank account located abroad. There are some legal benefits from using one but they are commonplace in tax evasion schemes.
An Offshore Account is a type of bank account that is held in a different country to the residence of the account owner. This different country is usually chosen due to their hands-off approach to taxation and tax compliance with other countries.
It is completely legal to have an Offshore Account and can have many benefits including easier access to international trade and investment and increased safety is the owner's country of residence is unstable.
Unless you declare yourself as a Non-domiciled individual, it is a legal requirement to report all earnings to HMRC, even if they are offshore. However, Offshore Accounts can be popular with tax evasion schemes as the country which holds the Offshore Account is usually chosen due to their strict banking secrecy laws and unwillingness to cooperate with tax collectors from other countries
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