An offshore account gives a higher level of freedom, security and profitability. Many offshore countries guarantee bank secrecy. In some, bank secrecy laws are so strict that it is a crime for a bank employee to disclose any information about a bank account or its owner. Currency control in offshore countries is considerably less rigid than in high-tax countries. Moreover, offshore bank accounts are able to avoid the high service costs that have become a part of domestic banking. Offshore banks normally offer very attractive interest rates. Offshore credit and debit cards afford a certain level of privacy since all purchases are debited to the offshore bank account.
At the same time, some offshore banks are financially stronger and better managed than even major domestic banks. This is the case because an offshore bank must maintain a higher ratio of liquid assets to accumulated debts.
For the above mentioned reasons it could indeed make sense to operate a bank account in an offshore jurisdiction where it is safe from domestic fiscal authorities, creditors, competitors, ex- spouses and other who might wish to appropriate your wealth.
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