There are many benefits of having an offshore bank account.
1. Government can’t seize your assets
If you have 50k savings plus, your government will come after your money any way they can. With offshore bank account you dilute this risk. Open bank account in right jurisdiction away from prying eyes of your government. Even if you have to report such account, as it might be illegal in some countries if you don’t, your government still can’t just confiscate your hard earned money.
2. Better banks
Many western banks are practically insolvent, with keeping only minimum cash on hands for withdrawals. When new finance crisis come or some major bank goes bust, it might be, that you will have hard time withdrawing your money. Banks in stable jurisdictions are more solvent, keep more cash and run better than their western counterparts.
3. Asset Protection
In case you get divorced or with any other lawsuit, your assets are safe in stable jurisdiction. No lawyer or agency can’t access it, freeze it or confiscate it.
4. Portfolio diversification
With offshore bank account you don’t carry all eggs in one basket. You can hold foreign currencies in your multi currency offshore account and if you also store gold in deposit box, you greatly diversify risk.
5. Better interest rates
Especially in the West, rates are sometimes so low as to inflation eats away whatever money comes from interest rates. Banks in offshore jurisdictions often offer much better interest rates than domestic banks.