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 and securely. Countries known for offshore banking include Switzerland, Cayman Islands, and Singapore, which provide a stable environment and strong confidentiality laws. While offshore banking can be legal and beneficial, it is essential to comply with tax regulations in one’s home country to avoid legal issues.