Answer
Yes, opening an offshore bank account is legal in most jurisdictions, provided it’s declared and tax compliant. International agreements like FATCA (for U.S. citizens) and CRS (for other countries) require individuals to report offshore assets to tax authorities. The misconception that offshore banking is illegal stems from its association with secrecy in the past. Today, most reputable offshore banks require stringent KYC/AML documentation and financial disclosures. Working with legal and tax advisors ensures full compliance with your country’s tax laws.
