The report doesn't go in to too many specifics, but it does make an excellent starting point for those considering opening a second bank account on foreign soil.
Here's an excerpt:
The Most Important Benefits of an Offshore Account
WG Hill, the author of the underground classic PT, is quoted as saying: Get your money out of country, before your country gets the money out of you! And this strikes at the core of what offshore banking is about.
When you bank in your own country, your funds are at risk. You must know this. Even worse, your funds are not secure. Say you owe a tax bill which you are contesting. Now, in most of the modern Western democracies, it's a simple matter for the government to seize the funds from your domestic account. One day you have $10,000 in there - and the next day you don't.
Secondly, most Western nations now get the banks to do their tax collecting for them. This is done by the practice of automatic withholding of tax on any interest earned. In this way your domestic banks are tax agents and put the government's interests above your own - the client.
Opening an offshore bank account puts your funds out of harm's way. If you had $10,000 in an offshore account, your own government could not siphon it off. And if you are banking in a place where there is no tax charged on interest, then your funds are growing quicker - without any withholding taxes being applied.
Thirdly, an offshore bank account gives you more financial privacy and flexibility - something in great demand in this increasingly regulated world.