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An offshore account is a bank account (also known as an OSA account) opened in the name of an offshore company. Refers to the account opened by an overseas institution in the offshore business department of a domestic bank that has obtained the qualification for offshore banking business according to law. There is no direct regulation of offshore accounts, although there are policies and measures in place.
1.Freedom of fund transfer:
The offshore account of the customer is the same as the account opened in an overseas bank.
The customer can freely transfer funds from the offshore account, which is not subject to domestic foreign exchange control.
2. Unrestricted deposit interest rate and varieties:
A. Banks are located in countries or regions with lower tax rates and can therefore be used to reduce taxes.
B. the countries where offshore Banks are located have stricter privacy requirements for depositors.
C. Reasonably avoid the supervision and management of account activities in the depositor's country, such as prohibiting the opening of anonymous accounts.
D. Protect deposits in times of political or economic instability in the country where the depositor is located.
The deposit interest rate and varieties are not restricted by domestic supervision, and are more preferential and flexible than the similar deposit interest rate of overseas Banks.
3. Exemption from deposit interest tax:
The interest earned by offshore deposits is exempted from tax by the Chinese government, and the actual net income of offshore deposits is more objective.
4.Convenient operation:
The offshore account in the form of Internet platform has the same convenient function as AliPay. The amount of money is displayed on the offshore account platform immediately after it arrives.
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