There are many, and the following are just a few examples: -
Security: in many countries, bank deposits do not have the same protection as you may have been used to at home.
Cyprus, Argentina and Greece have all provided examples of banking crises. By using an offshore bank, based in a highly regulated, transparent jurisdiction with statutory protections for investors, you can feel secure in the knowledge that your money is safe.
Service: offshore bank accounts provide a highly personalised service, giving you around-the-clock access to your money through online and telephone banking, seven days a week, 365 days of the year.
A relationship manager will always provide a personal point of contact who should take the time to understand you and your needs.
Convenience: as an expat, being able to keep your bank account in one place, no matter how many times you move countries, is a major benefit.
You also know, no matter where you are in the world, you will have access to your money.
Tax: there are a number of tax advantages to using an offshore bank. These range from keeping your money outside the tax net of your home country, to protecting it from taxes in the country you're currently living in.
It can also be useful when it comes to estate planning as, depending on your nationality and tax status, assets that sit in your offshore bank account might not be subject to inheritance tax.
Investing: an offshore bank will provide you with a wide choice of funds and investments that may not available either in your home country or where you are currently living.
Investing through an offshore bank is straightforward and there is usually advice or tools on hand to help you create an investment portfolio appropriate to your risk profile and the outcomes you want to achieve.
Investing with an offshore bank account is normally much more flexible and transparent than the alternatives that are conventionally used.
Foreign exchange services: with multi-currency accounts usually coming as standard, transferring money between accounts is fast and free. And, if you need to transfer money between currencies, offshore banks will normally provide a competitive foreign exchange rate, compared to a regular banking service.
This is one of the biggest advantages of offshore banking.
Lending and credit: because this is effectively a private banking service, lending and credit facilities are often much more flexible and tailored to your needs.
For example, you will often find very competitive mortgage rates are available for property, particularly if you are considering investing in, or mortgaging a property in a mainstream market like the UK.
You can take advantage of these benefits by opening an offshore bank account. It is a simple and quick process.
Some financial advisory firms, like AES International, can open an offshore private bank account for you within 48 hours, provided that all the requirements are met.