Offshore zones are specific regions or countries where private persons can form international businesses and enjoy low or zero tax rates, provided that their income is derived from foreign sources, or their business operations are managed in other countries. There may be certain conditions and licensing requirements for specific activities such as banking, cryptocurrency, or gambling, which are subject to local tax laws. Offshore zones primarily offer tax benefits to non-resident entities, although non-resident companies may still have some tax obligations. Tax havens are similar to offshore zones but differ in terms of residence. In tax havens, tax exemptions apply to all individuals, regardless of residency or the source of income. However, as of 2023, there are fewer tax havens available, and many of them are blacklisted by the EU, which can make it challenging to access banking services and conduct business.