Offshore banking means you conduct banking services with a financial institution outside your country. To open an account with an offshore bank, you will need to provide proof of your identity and other documents. Banks also may require information on the source of your deposits.An offshore account in banking refers to a financial account held by individuals or businesses in a foreign country or jurisdiction that offers certain financial and legal advantages. These accounts are typically established in offshore financial centers or tax havens, which are countries or territories known for their favorable regulatory environments, low taxation, and strong privacy protections. Offshore accounts are often sought after by individuals and corporations for various reasons, including tax optimization, asset protection, and international business operations.One of the key advantages of offshore accounts is the potential for tax benefits. Many offshore jurisdictions offer favorable tax regimes, such as low or zero taxes on income, capital gains, and inheritance. This can lead to significant tax savings for account holders who may have substantial financial holdings or international business interests. Additionally, offshore accounts can provide increased privacy and confidentiality, as many jurisdictions have stringent laws that safeguard the identities of account holders. This level of privacy can be especially attractive to individuals seeking to keep their financial affairs discreet or protect their assets from potential legal claims.