Why might individuals choose to use offshore banking?

Individuals might choose to use offshore banking primarily for the benefits of saving on taxes and gaining convenience. Offshore banks often operate in jurisdictions with favorable tax regimes, which can help clients legally minimize their tax liabilities. This is especially appealing to high-net-worth individuals or businesses looking to optimize their financial strategies.

Additionally, offshore banking provides clients with the convenience of accessing a variety of financial services that may not be available domestically. This includes options for asset protection, investment flexibility, and international banking services that cater to global mobility interests.

The combination of these tax efficiencies and the convenience of operating in a less regulated environment makes offshore banking an attractive option for many individuals seeking financial solutions beyond what traditional banks offer.