Below are just a few factors you should consider when looking for the best offshore bank for you. Let's talk first about privacy or bank secrecy, because that's what is on most people's minds at the moment.
Your Country of Citizenship and Residence as beneficial owner of the account is a major factor, even if technically you are opening an account for a corporation or foundation from the other side of the world. In order to enhance your banking privacy, you should be looking to bank in a jurisdiction where you home country does not have undue influence. Europeans, for example, should look to other continents, to countries that are not covered by the European Union Savings Tax Directive. That means avoid all European countries, including Switzerland, Liechtenstein etc. Avoid also territories of European countries - like the Cayman Islands, which are British, or Curacao which is Dutch. Panama might be a good option, or Uruguay, or a wilder card country.
For Americans, however, Panama is to be avoided. Even the best offshore banks in Panama cannot be regarded as private for Americans, because of the US influence in Panama going back nearly a century. Switzerland no longer offers good banking privacy to Americans - since long before the current UBS fiasco. The Caribbean is also too much within the US sphere of influence. Americans looking for the best offshore bank for privacy should look to some lower-profile European countries, or maybe to the Middle East or Africa.
As you can see, choosing the best offshore bank isn't easy, and there are many factors to take in. Most important is for you to do your due diligence and make an informed decision. There's lots more to be learned about offshore banking, but that will be covered in another article.
[expert=Peter_Macfarlane]
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