An offshore bank account allows you to improve efficiency of international financial transactions. Despite the efforts of government and international business organisations in reducing the criminal activities, such as tax evasion, associated with offshore banking, it is still important to set up an offshore bank account in a politically and economically stable offshore jurisdiction. This can help to prevent any bureaucratic difficulties and tax haven stigmas. Choosing the right jurisdiction will optimize the benefits that come with an offshore bank account, such as tax efficiency, greater business freedom, protection of assets and ease of international operation.
Switzerland, which is the seventh largest bank center in the world, and the Cayman Islands, which is the fifth largest bank center in terms of deposits, have been two popular jurisdictions to set up an offshore bank account. Switzerland holds almost US$ 3 trillion in offshore bank accounts while the Cayman Islands holds an estimated US$1.9 trillion in deposits. However, there are a number of other jurisdictions that boast excellent reputations as financial hubs. These jurisdictions include Ireland, Dubai, Singapore, and Hong Kong.
Recent endeavours by western governments and the OECD in the fight against tax evasion has placed more attention on jurisdictions labeled as tax havens. Ireland does not carry a