The world's top places for offshoring

How to choose which bank, or even which jurisdiction, to trust with your savings? To some privacy is of the utmost necessity. To others who might be looking for income-earning opportunities overseas, favorable tax laws may be the most important factor.

Below are what are considered to be some of the best overall offshore banking jurisdictions:

Panama
Panama has long been a key player in the international banking industry, and the country’s recent economic growth has further solidified its place as a financial leader. With over 80 international banks, it has one of the world’s largest banking sectors. The country has a good balance of stringent privacy guidelines combined with adequate controls to prevent money laundering.

Seychelles
Seychelles scores big points for its high level of bank secrecy. Its long-standing privacy policy protects the identity of the beneficial owners of companies and corporations. As a result, it’s one of the world’s best places to set up a closely-held offshore corporation. The country has been rapidly building its banking sector and has one of the fastest improving economies in the world.

Hong Kong
A number of key factors are working together to make Hong Kong one of the fastest growing offshore havens in the world today. It’s located near a rapidly-growing China and a perk to banking in Hong Kong is the ability to hold funds in a wide range of currencies and even change currency with the flip of a switch. Savings accounts can even be held in gold.

Singapore
Singapore it’s currently one of the world’s fastest growing wealth management industries, expected to rival Switzerland by 2020. It benefits greatly from its location as a hub for Southeast Asia, and has a major advantage over rival Hong Kong whom many view as being too heavily influenced by China. Singapore’s tax rates are among, if not the lowest in Asia. A wide range of currencies, including gold, are available to account holders.

Cayman Islands
The Caymans offer a number of tax-free incentives and little financial regulation and oversight. Today the country is the world’s fifth largest financial services center, taking on business from the world’s biggest banks and corporations. It plays host to over 10,000 mutual funds (only Luxembourg has more), over 200 banks, over 90,000 companies, and 140 trust companies.