An offshore (or foreign) bank account is a bank account you have outside of your country of residence. The benefits of an offshore bank account include tax reduction, privacy, currency diversification, asset protection from lawsuits, and reducing your political risk. In April 2016, Wikileaks released 11.5 million confidential documents, known as the Panama Papers, which provided detailed information on 214,000 offshore companies serviced by the Panamanian Law Firm, Mossack Fonesca. The document exposed how world leaders and wealthy individuals hide money in secret offshore tax shelters. The…
Read more50% Yes |
50% No |
34% Yes |
41% No |
16% Yes, as long as offshore income is reported |
6% No, too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes |
3% No, and neither should corporations and business organizations |
See how support for each position on “Offshore Banking” has changed over time for 74.6k UK voters.
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See how importance of “Offshore Banking” has changed over time for 74.6k UK voters.
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Unique answers from UK users whose views extended beyond the provided choices.
@9LKD4695 days5D
Only if they can show a legitimate reason for the money being put offshore - e.g. having a second home in that country
@9L2VYKM4wks4W
Yes, but only as long all loopholes for the wealthy citizens who abuse the system to avoid taxes are closed. Especially big companies and the rich.
@9KYY9QL1mo1MO
Yes, but companies shouldn't be allowed to do it as it allows the concentration of wealth abroad by untaxed entities. Citizens are taxed on their gains, so it should be one rule for individuals, another for companies.
@93R4GT32yrs2Y
Yes, but it depends on which nations banks it is in.
@93DHDFW2yrs2Y
Yes, but with strict limitations and obligations to report offshored income
@92QWF2Z2yrs2Y
Depends on the situation for example people working on an oil rig should not be taxed
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