Panama
Panama has long been a key player in the international banking industry, and the country’s recent economic growth has further solidified its place as a financial leader. With over 80 international banks, it has one of the world’s largest banking sectors.
The country has a good balance of stringent privacy guidelines combined with adequate controls to prevent money laundering. As a result, the industry is highly competitive, yet better monitored than many more peripheral jurisdictions.
Panama enjoys favorable tax laws, such as exemptions for foreign income, so you won’t be double-taxed. It’s also a great place to do business, invest in the growing tourism industry, or take advantage of great deals on Panama real estate. Many tax advantages exist for each of these types of investment.
Additional benefits to opening an offshore bank account in Panama are its close proximity to the U.S. if travel is needed to set up or maintain the account. English is widely spoken there. Plus, the dollarized economy eliminates any foreign exchange risks.
Seychelles
A rising star on the international scene, Seychelles scores big points for its high level of bank secrecy. Its long-standing privacy policy protects the identity of the beneficial owners of companies and corporations. As a result, it’s one of the world’s best places to set up a closely-held offshore corporation.
The nation is a bit lax about reporting interest income to foreign tax authorities, although it does maintain tax treaties with 46 countries, in compliance with the Organisation for Economic Co-operation and Development.
Interestingly, much of the local population of Seychelles has no access to banking services, and most of its businesses have virtually no way of borrowing capital. However, the country has been rapidly building its banking sector and has one of the fastest improving economies in the world.

Hong Kong
A number of key factors are working together to make Hong Kong one of the fastest growing offshore havens in the world today. It’s located near a rapidly-growing China, not to mention the rest of Asia. It’s also become the chosen destination of those who’ve moved their European and North American accounts due to the privacy crackdowns in those jurisdictions of late.
A perk to banking in Hong Kong is the ability to hold funds in a wide range of currencies and even change currency with the flip of a switch. Savings accounts can even be held in gold.
Interest rates are impressive, and tax laws are favorable for foreigners. There are no taxes on capital gains, inheritances, dividends, or deposit interest. Only local income is taxable. Even profits from overseas trades that pay to Hong Kong-managed accounts are usually exempt.
Singapore
Although Singapore regrettably earned its place as a top financial center by turning a blind eye to illegal foreign activity, it certainly hasn’t hurt this offshore haven. It’s currently one of the world’s fastest growing wealth management industries, expected to rival Switzerland by 2020.
It benefits greatly from its location as a hub for southeast Asia, and has a major advantage over rival Hong Kong whom many view as being too heavily influenced by China. Singapore’s tax rates are among, if not the lowest in Asia. A wide range of currencies, including gold, are available to account holders.
Today Singapore’s banking sector is much more compliant with banking regulations. However, due to the industry’s size, it exerts a high level of influence over the government, resulting in very little political opposition to its privacy practices.

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Switzerland
It’s hard to think of offshore banking without Switzerland coming immediately to mind. While it’s far from the picture most people have of James Bond making a withdrawal from an anonymous numbered bank account, Switzerland still offers some of the world’s strictest confidentiality.
The country is stable and politically neutral. The financial services industry

United Arab Emirates
The UAE city of Dubai first emerged as an important financial center when it found itself lacking in some of the oil and gas reserves that some of its neighbors possessed. As a result, it shifted its focus to the flow of massive amounts of money circulating among its oil-rich neighbors and beyond.
It serves as a politically and financially stable banking option, amid a region plagued with turmoil. It’s also situated strategically along an all-important East to West trade route.
Benefits to banking in the UAE include low taxes, a number of tax-free zones, and a level of privacy that rivals that of Swiss banks. Due to its ask-no-questions philosophy, it’s home to considerable illegal activity. Much of the industry’s incoming funds are in the form of cash or gold.

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Cayman Islands
The offshore choice of political candidate Mitt Romney, the Cayman Islands benefit from the added support of being a territory of the United Kingdom. So, while still essentially autonomous politically and economically, it has a safer feel for those who are skeptical of international markets.
Like many of its competitors, the Caymans offer a number of tax-free incentives and little financial regulation and oversight. The nation has long held the opinion that savvy investors are perfectly capable of taking responsibility for their own compliance and that the markets always know best.
Today the country is the world’s fifth largest financial services center, taking on business from the world’s biggest banks and corporations. It plays host to over 10,000 mutual funds (only Luxembourg has more), over 200 banks, over 90,000 companies, and 140 trust companies. It’s the world’s top home for hedge funds and captive health insurance companies.

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Lebanon
Lebanon is often hailed as the “Switzerland of the Middle East” for its tight bank secrecy laws. Banking privacy in Lebanon is “absolute” and guaranteed by law, with violations being subject to criminal prosecution.
It’s also a tax haven, much like most of its competitors. Foreigners pay no local income tax on interest and revenues earned in Lebanese banks. Likewise there are no inheritance taxes, stamp duties on contracts, corporate income taxes, or taxes on dividend distributions or capital gains.
The country has a stable banking system, as well as measures in place to prevent money laundering.
Luxembourg
With over 12 percent of the world’s market for offshore banking, Luxembourg is a major player in the global financial sector. Like other banking secrecy jurisdictions, it’s full of tax loopholes and loose financial regulations.
It’s also extremely stable due to it political neutrality and the strong influence its financial sector holds over the nation’s political leanings. It’s central (both politically and geographically) to the heart of Europe and was a founding member of the European Union, giving it better access to European and international markets.
Its tight banking secrecy policies are based more on the principle behind professional lawyer-client relationships, with even more privacy laws in the works. The country is also reportedly setting up a high-security storage facility where clients can keep assets like paintings and gold with no fear of having these possessions reported to tax authorities in their home countries.
Whether you’re looking for a place to stow a Picasso or simply wanting to transfer your self-directed IRA where you’ll have a better variety of investment options, offshore bank accounts can open up a whole new world of possibilities.
Belize
Although only in its 3rd decade of international banking, Belize has been steadily growing its financial services industry since it first emerged on the scene in the early 1990s. Today it offers a myriad of products and services to international investors from all over the world.
It’s a popular choice among North Americans,

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