Offshore banking refers to the practice of opening a bank account in a country other than one’s own, often in a jurisdiction with favorable financial regulations. These banks typically offer services such as asset protection, tax benefits, and privacy for account holders. Many individuals and businesses use offshore accounts to manage their finances more efficiently. Countries like Switzerland, Cayman Islands, and Singapore are popular choices for offshore banking due to their strong banking secrecy laws and stable economies. Offshore accounts can be used for various purposes, including investment, savings, and international transactions, making them appealing to both individuals and corporations.