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Income tax
what is meant by offshore banking unit?
Replies (2)
An offshore banking unit is a bank branch in another country.
For example, let's assume that Bank XYZ is an American bank with a branch in Bermuda. As on offshore banking unit, the Bermuda branch does not accept depositsfrom anyone except other foreign banks, and it will make Eurocurrency loans.
For example, let's assume that Bank XYZ is an American bank with a branch in Bermuda. As on offshore banking unit, the Bermuda branch does not accept depositsfrom anyone except other foreign banks, and it will make Eurocurrency loans.
thanks for your help
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