An Offshore Banking Account is an account that you can open at a bank in a country that does not levy tax on income earned outside of its borders. Offshore Banks will generally provide special offshore banking services to its customer, most notably:
Anonymous Banking (many banks do not want any personal information about the owner of the account)
Confidentiality (strict confidentiality laws in most countries protect the account)
The two leading nations when it comes to offshore banking are Switzerland and Singapore. These countries offer some of the best offshore accounts for many reasons: they have low or no taxes on overseas earnings. Another reason they are popular is that they both protect your identities if desired, which is excellent if you do not want to keep your privacy.
Switzerland has earned the reputation of being the best Offshore Banking country for two reasons. The first is that they are very private and secretive, protecting your information at all costs. They have some of the highest bank security in the world, which makes it hard for anyone to snoop through your accounts without you knowing about it.