What is Offshore Banking?
Offshore banking simply means opening a bank account outside the country you live in. This might sound complicated, but in reality, it’s a common and legal practice used by millions of professionals, investors, and businesses worldwide. These accounts can be in places like Switzerland, Singapore, the UAE, or Luxembourg – jurisdictions known for their strong banking systems and investor protections.
Just like your local bank, offshore accounts let you:
- Hold money in different currencies
- Invest in international markets
- Access private banking services
- Protect your assets across borders
Why do people use offshore accounts?
Offshore banking is used to:
- Protect wealth from political or economic risk in your
home country - Diversify investments beyond domestic markets
- Access international products and currencies
- Support global living, for example, if you live in one
country, work in another, and invest in a third - Plan for the future, including legacy, tax, or business
succession strategies
It’s not about secrecy, it’s about strategy and smart wealth management.
The Benefits of Offshore Banking
What makes offshore banking a smart move for many?
- Global diversification: Spread risk across different
economies and currencies - Currency control: Avoid devaluation risk in your home
currency - Better privacy: Greater discretion and protection in
financial dealings - Access to international investments: Private equity,
hedge funds, real estate, etc. - Asset protection: Shield your wealth from lawsuits or
instability - Cross-border lifestyle: Ideal for expats, international
families, and digital nomads
Where are offshore accounts held?
Some of the most popular and respected jurisdictions include:
- Switzerland: Stability, privacy, and strong private
banks - Singapore: Access to Asian markets, excellent
regulation - Dubai (DIFC): Tax-efficiency, modern laws,
investor-friendly - Luxembourg: Wealth structuring and fund access
- Isle of Man: Long-standing financial reputation
Who is offshore banking for?
Offshore banking is suitable for:
- Expats living or working abroad
- Entrepreneurs with international businesses
- Investors seeking global opportunities
- Families building intergenerational wealth
- High earners who want more control and flexibility
Whether you’re earning in USD, GBP, AED, or another currency, we can help you design a banking structure that
works globally.
Requirements for opening an offshore account.
Opening an offshore account is easier than you might think, but it must be done properly.
- Most banks will ask for:
- Proof of identity and address
- Source of wealth/income
- A clear reason for the account (e.g., investing,
business, relocation) - Supporting documentation (passport, bank
statements, etc.)
With The Michele Carby Practice, we prepare all documents and liaise with the banks for you. We make the process seamless and compliant.
How The Michele Carby Practice can help you with offshore accounts
Think of us as your personal offshore banking concierge.
We help you every step of the way:
- Planning & Jurisdiction Selection: We understand your needs and recommend the best country and bank.
- Documentation & Setup: We prepare everything needed to open the account and handle communication with the bank.
- Ongoing Support & Compliance: We stay with you postopening to ensure you’re always aligned with global tax and reporting obligations.
- Integration with Your Wealth Plan: Offshore banking is just one part of your financial strategy. We help you structure assets, investments, and protection together.
- Privacy with Transparency: We prioritise your privacy, but never compromise on legality or ethics. Trust is our foundation.
Next Steps: Begin your offshore journey
If you’re considering offshore banking, let’s talk. Whether you’re just curious or ready to start, we’ll guide you clearly and professionally.
