Setting up accounts with offshore banks has become popular amongst seasoned investors. Some well-known OFC are situated in Luxembourg, Bermuda, BVI, Jersey Island, and Guernsey. The advantages of these OFC are that they have an established system for investors and low taxation. All financial products, bank accounts and insurance policies registered under these OFC automatically enjoy related advantages.

In Asia, Hong Kong and Singapore offer the most established offshore financial centres and naturally these two financial centres have become a tax paradise for businesses and individuals. Nonetheless when selecting an offshore banking unit, one has to be mindful that it may have a cross-border taxation agreement which might affect tax planning.

“Don't put all you eggs in one basket”is sound advice, it is wise to identify more than one off shore banking location for your purposes.