Are offshore digital banks really "offshore" anymore?

asked by u/michael35 · 16d · 1 answers

I've been noticing a trend lately with some of the more popular digital banking solutions that claim to be offshore. While they certainly offer multi-currency accounts and a smoother UX than your grandad's high street bank, a good number of them still seem to be tied to a fairly specific regulatory framework, often in a single jurisdiction. For example, you might get a great account with an EU IBAN, which is useful, but is it truly 'offshore' in the traditional sense of diversified regulatory risk or tax advantages for certain scenarios? It feels more like 'online international banking' than true offshore.

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  • u/brianna.white· 1 pts· 16d

    That's a great point. It seems the concept of 'offshore' is evolving. Many of these digital banks might offer an international experience, but their foundational regulatory ties are still very much onshore somewhere, limiting some of the traditional benefits or freedoms associated with true offshore banking.

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