Anyone who is living overseas should seriously consider opening an offshore bank account and should research the options available to them as much as possible. Here are just some of the benefits of offshore bank accounts:
No tax is payable on any interest that is generated in an offshore bank account so this means that, at the very least, you can use this account as a place to hold your money without facing interest charges.
It is usually possible to hold cash in offshore accounts in a range of different currencies. If used properly, this mechanism can help you to manage currency risks between the currency of your home country and that of your host country.
Offshore accounts can help you to protect your assets. Any assets that you hold in your home country may be subject to political and social factors that are beyond your control. For example, the government of your home country may decide to raise inheritance tax or may suddenly raise taxes. Relocating your assets can give you much more control over what happens to them.
Offshore banking can give you access to banking products and services that may not be available in your home country.