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Offshore banking can be beneficial to a wide range of individuals and businesses, not just the elite and wealthy few, according to one sector specialist.
This was a view expressed by Rhiannon Williamson, director of expatriate and international lifestyle magazine Shelter Offshore.
Ms Williamson emphasised: "Pretty much anyone can bank or invest offshore - the offshore world is not exclusively available only to an elite and wealthy few."
Start-up businesses and other UK SMEs can benefit in several ways from opening up offshore bank accounts.
Ms Williamson explained that circumstances will differ, but detailed some of the advantages of offshore banking and investments.
She said: "There are sometimes taxation benefits available... efficient estate planning, better interest returns, the chance to exploit active business interests overseas in low to no taxation jurisdictions and global access to assets and income.
"[The benefits can also] include higher rates of interest paid on savings and investments, higher levels of confidentiality attached to transactions and accounts held offshore, general asset protection benefits, worldwide easy access to financial funds and maybe even better levels of customer service."
Commentators have speculated that the popularity of the internet has encouraged the development of offshore bank accounts. Web services have allowed potential offshore investors better access to information regarding the process.
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