Offshore banking can appeal to businesses and individuals seeking financial privacy, asset protection and tax efficiency. "There are various benefits, mostly protections associated with privacy and guaranteeing anonymity, that incorporating offshore will bring," says Bill Maurer, professor of anthropology and law [and dean of social sciences] at the University of California, Irvine. … If you're considering offshore banking, Maurer recommends talking to a wealth manager or an estate planner first to determine your goals.

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