This is highly beneficial to individuals who do not make tax payment on worldwide income or

who do not make payment until the tax return is agreed. Further, many of the services
rendered by the offered by offshore banks many not be available from banks located in home
country.

An offshore bank is a bank located outside the country of residence of the depositor, typically
in a low tax jurisdiction (or tax haven) that provides financial and legal advantages

Offshore finance is one of the few industries, along with tourism, in which geographically remote island
nations can competitively engage. It can help developing countries source investment and create growth
in their economies, and can help redistribute world finance from the developed to the developing world.

Offshore bank accounts are less financially secure

Offshore private banking is usually more accessible to those on higher incomes, because of the costs of
establishing and maintaining offshore accounts

Offshore jurisdictions are often remote, and therefore costly to visit, so physical access and access to
information can be difficult

Offshore bank accounts are sometimes touted as the solution to every legal, financial and asset
protection strategy but this is often much more exaggerated than the reality