A personal offshore bank account is a bank account opened on a physical person. In most cases, the client is the account holder and beneficial owner of the funds in the account.
A Personal Offshore Bank Account is protected by the banking secrecy of the offshore jurisdiction. Different jurisdictions have different laws in regards to the financial privacy of your personal bank account. The personal offshore bank account is the least protected asset protection tool.
An offshore personal bank account, when combined with a company incorporated offshore, can provide asset protection from legal settlements, bankruptcy proceedings and tax authorities. Offshore personal bank accounts offer a variety of benefits and banking services, depending on the jurisdiction. Some of these benefits and services include no minimum deposits, online banking, minimal personal information needed for the application process, credit and debit cards, investment accounts and multiple currency transactions.