Many people have fears about using an offshore bank account as they feel that they are not allowed to open one by law in their home jurisdiction.  That train of thought is partially true.  Some countries require their citizens or residents to notify the government or tax office and that they report the total amount held on the account or file taxes on the interest earned by those funds during the fiscal year.  For those individuals who live in countries with such a regulation then it is advisable to use an offshore company as the account holder.  As the offshore company will be the owner of the account and the beneficiary will be the account signatory.  For those not familiar with what a signatory is, it can be defined as the individual or individuals authorized to sign on behalf of an individual or company on a bank account.  The signatory holds the power to make requests as well as movements on the account.  In a legal sense, the signatory is not the owner of the account; therefor if the jurisdiction in which one resides does not allow an individual to hold an offshore account then the individual can in turn establish an offshore company and open the account under the company.   This will allow the individual to remove him or herself as the “direct owner” of the account.  In cases in which a jurisdiction does not allow a person to be the beneficial owner of a corporate account a signatory service can be provided.  With all of the available services as well as the legalities in favor of the beneficial owner, the myth that offshore bank accounts are something to be feared have been put to rest.