The most obvious one and that which most people will consider is the fact that you are able to hide your money from certain tax liabilities if you have an offshore account. Now this will depend completely on where your money is, but there are certain popular tax havens that allow non residents to place their money and therefore avoid high tax rates in their home countries. This is, in fact, a common reason why these accounts are often associated with the rich because their will be the ones who qualify for the highest rates of tax and so will want to protect themselves from this.

Now another benefit is the fact that if you conduct international business you will be able to get far easier access to your money if you have accounts in certain countries.

Moreover you are also able to have a higher level of privacy when you have such accounts. People often believe that having offshore accounts might make your money less safe but the opposite is actually true.

In fact it is this level of security with their assets and finances that often draws people to place their funds in foreign accounts.

All in all, however, the benefits of having offshore accounts are very high. However, they will only really need apply to certain people within society and are not necessary for most.