Offshore Banking Jurisdictions

Offshore banks provide access to politically and economically stable offshore jurisdictions, that may be an advantage for those residents in the areas where there is risk of expropriation or corruption. Many offshore banks offer services that may be unavailable in one's country of residence, but some offshore banks may even provide higher interest rates than banks in the home country.

There is plenty of offshore banking jurisdictions, and each of them has its own customer. The oldest and the most popular offshore banking jurisdiction for high-net worth individuals is Switzerland. However after experiencing substantial pressure from the US and other rich economies many other offshore banking jurisdictions for residents of some countries have become even more attractive.

Each customer has his own reasons to open offshore bank account. Some clients most of all appreciate long-lasting banking traditions, being sure than this will guarantee safety of their assets now and then; for others, it is important to make use of the combination of offshore banking and international business banking, or to choose the jurisdiction with the most strict privacy laws, etc.

We will not review all offshore banking jurisdictions, just some words about several offshore banking jurisdictions to give an insight how different they can be. For example, the main features of banking system in Switzerland are privacy, stability and protection of clients' assets and information. Perhaps, Switzerland has the biggest number of banks per capita, and many of these banks provide offshore banking services. When opening the offshore bank account in Switzerland it is also important to understand if you qualify for private banking services, or you should look for swiss bank providing retail banking services.

Another popular offshore banking centre is Panama which is even smaller that Switzerland; however, Panama has more than 150 international banks providing offshore services to customers worldwide, and one of the reasons is strong bank secrecy laws.

Singapore is one of the world's leading offshore banking centres, associated with high security, stability and reliability. Singapore offshore bank accounts have an excellent image, the procedure of incorporation is rather easy, although, like the other reputable offshore banking jurisdictions, Singapore has strict customer due diligence requirements.

There is no strict list of offshore banking jurisdictions. Many countries have served as great domiciles for offshore banking business, and many new offshore banking jurisdictions have appeared lately. Here is just an initial list: Andorra, Anguilla, Aruba, Austria, Bahamas, Bahrain, Belize, British Virgin Islands, Brunei, Cayman Islands, Cyprus, Denmark, Dubai, Gibraltar, Guernsey, Hong Kong, Ireland, Isle of Man, Jersey, Labuan, Latvia, Liechtenstein, Luxembourg, Macao, Mauritius, Panama, Seychelles, Singapore, Switzerland, United Kingdom, Vanuatu ...