An offshore bank license authorizes the holder to operate a bank in a country that provides services to clients that are residents in other countries. The license is issued by the country in which the bank is operated. Setting up an offshore bank can help the holder legally save taxes and maintain earnings and profits in a low or zero tax jurisdiction. Although the application and licensing procedure is quite complicated, once the license is approved, the benefits are significant.
Countries that offer offshore banking licenses include: Antigua, Belize, Cayman Islands, Cook Islands, Dominica, Panama, St. Vincent, Samoa and Vanuatu.