Offshore banking means opening a bank account in a country where you do not live. Reasons for opening offshore accounts include asset protection, business expansion and, in some cases, tax cuts. In a world of growing lawsuits from those who want to get your hard-earned money, offshore banking coupled with an offshore asset protection trust This is one of the most effective ways to protect your money, protect your assets and help increase your wealth. But first things first: is offshore banking legal?
Offshore banking is perfectly legal if you are not trying to hide money from the tax authorities. Some people think that they can avoid paying taxes by opening an offshore account. However, the Foreign Account Tax Compliance Act (FATCA) requires offshore banks to report to the IRS about balances and banking activities of US citizens. To make it clear, offshore banking simply means that you open a bank account in another country. Although the whole process is much simpler than you think. The bank you have chosen does not even have to be “offshore,” which is great news for those who do business in Canada. In addition, you do not need to be rich to open an offshore account. Banks in other countries set their own account lows. Thus, you can open an account for just a few thousand dollars.
More information here - https://www.worldbank.org/
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