When referring to offshore bank accounts we should refer to Warren Buffett, the world’s second richest person who once said, “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.” In these precarious financial times, perhaps one of the best vessels is offshore banking and offshore company incorporation.  With economic meltdown scenarios abundant in the news, offshore banking gives you much flexibility and privacy.  You can maintain funds in a stronger or more stable currency and benefit from lower tax rates on your surplus funds. Another benefit in our litigious drenched world is security in protecting your money from divorce, lawsuits and other legal imbroglios. This “new vessel”, if you will is no longer exclusive to the super wealthy and the number of people embarking in offshore banking is on the rise. Many average people who are no longer satisfied with just patching the leaks are putting their money in to private financial accounts and reaping the benefits. When venturing in to this vast ocean it is important to have a trusted advisor who can guide you to the best jurisdictions that have strict confidentiality rules and regulations in place to avoid prying eyes and institutions that judiciously protect and safeguard depositor information. There are also numerous benefits of offshore company incorporation. You receive the same benefits as offshore banking, plus being able to grow your business on an international scale. Furthermore, conducting business and banking transactions in the name of a legal entity provides greater privacy benefits. In many instances, the name of the underlying officers, directors and shareholders can be omitted from the offshore company registrar and be placed as the owner of offshore bank accounts.