Do Offshore Accounts Work?

Financial benefits – offshore accounts typically offer higher interest rates and lower taxes than domestic accounts. Diversification – if you're investing money abroad, offshore banking gives you the potential to diversify your investments in various countries rather than sticking all your eggs in one basket.

Is it worth having an offshore account?

If your home government imposes capital controls, an offshore bank account would help ensure you could access your money when you need it most. In short, keeping some of your savings in the right foreign bank can largely protect you from madness in your home country.

Is it illegal to have offshore bank accounts?

Offshore accounts are not illegal, but failing to properly declare overseas income is. Tax specialists and other financial advisers can help you utilise your offshore account, and navigate tax law, but other tools are also useful. International financial institutions can help facilitate overseas banking.