Switzerland is the preferred offshore choice for wealthy individuals who want guaranteed assurances about the safe keeping and prosperity of their assets. Swiss bank accounts are widely regarded as the most secure and prosperous bank accounts in the world. Switzerland, Luxembourg and some of the other traditional offshore centres are likely to continue to grow but at relatively low rates. Switzerland also has another temptation to entice the very the rich. It operates what is known as a “forfait” system, and tax-exiles worth millions of dollars can agree with a local canton (political district) a set amount of tax to pay each year without completing annual tax returns.

Opening an account with an offshore bank is very simple. Most offshore banks never have to see the account holder in person. Opening a Swiss bank account by mail involves some administration and paperwork. You first need to have a copy of your passport noarized.

Offshore Banking is one of the few industries, along with tourism, in which geographically remote island nations can competitively engage. Offshore jurisdictions are often remote, so physical access and access to information can be difficult.