Increasingly, legitimate businesses and individuals are finding it more advantageous than ever to utilize offshore banks for the privacy, flexibility and accessibility that they offer.
The main benefit mentioned is the shielding of assets from frivolous lawsuits:
A recent BusinessWeek story reveals that while Swiss banks cooperate with investigations of tax fraud (a criminal matter), they will not turn over documents or the identities of account holders for civil matters (private lawsuits.) It’s tough to beat that kind of privacy when it comes to shielding assets from frivolous lawyers and lawsuits.
I don't have any experience with offshore banks. It should be noted that there have been scams (i.e. Millennium Bank in the Caribbean
). If you have experince with offshore banks, please leave a comment.