It's interesting that Swiss banks also hide their assets from the Swiss by using offshore bank structuring. - Julian Assange The offshore banking refers to the deposit of funds by a company or an individual in a bank that is located outside their national residence. Although the term implies that these banks are located on islands, many offshore banks are found in Cayman Islands, Bermuda, Luxembourg, the Channel Islands, Macau and Panama. The advantage of offshore banking is that funds are tax exempt, where the banks are located. Offshore banks offer the same services as domestic banks and frequently they offer more anonymity (greater secrecy) than "onshore" banks. Some of the financial and legal advantages: Greater privacy Little or no taxation (i.e. tax havens) Easy access to deposits (at least in terms of regulation) Protection against local, political, or financial instability The offshore banking has often been associated with the underground economy, organized cri