Are offshore bank accounts legal?
There are many reputable offshore centres around the world and the Isle of Man and Jersey are amongst them. They have both earned an internationally recognised standard of world-class financial practice by putting in place a level of regulation and supervision, which commands universal respect. Both Jersey and the Isle of Man are now recognised as financial centres in their own right. Withholding information about any part of your financial affairs could be illegal in some countries. Accounts held in well regulated offshore centres are as valid as any other account, however the responsibility to make the relevant tax declaration/s lies with the account holder (all interest is paid gross but this may be subject to a retention tax if you reside within the EU).
