Selecting the Offshore Jurisdiction

The first step to be taken for opening an offshore bank account is choosing the offshore jurisdiction. There are plenty of offshore banking providers offering a wide variety of account type, located in low to no tax jurisdictions worldwide. The choice of the most favorable location usually depends on personal circumstances of account holder.

Jurisdictions range by their quality from highly regulated centres with stable economy and political situation, to highly risky jurisdictions that few would recommend.

One of important nuances is that an offshore centre that is of good choice for an American citizen might not be so suitable also for international investor from UK, so it is advisable to consider your circumstances, country of residence, country of domicile, as well as any reporting restrictions placed upon you. Then, you should examine the reporting requirements of the jurisdiction you are interested in.