Are you looking for a personal offshore bank account Maybe you are looking for a corporate offshore bank account Generally speaking any bank account opened outside of ones native country can be considered an offshore bank account The appeal of an offshore bank account is much more apparent during tax time when assets and income must be reported to the IRS or other government revenue agencies abroad This is why some companies and wealthier individuals prefer to open an offshore bank account in small sovereign states which allow account holders to remain virtually anonymous For many years an offshore bank account was indeed a convenient way to hide profits from illegal activities or underreported business earnings Many people consider opening an offshore bank account for very legitimate financial reasonsBankThere is usually not much difference in service or benefits between the bank on the corner and a bank located in the Cayman Islands These banks which are well established institutions