International banks that allow United States citizens to open accounts include HSBC in Hong Kong and Scotiabank in the Turks and Caicos. Belize's Caye Bank is also willing to establish accounts for United States citizens, as well as Peter Schiff's Euro Pacific Bank in St. Vincent and the Grenadines.
Many countries offer the opportunity for United States citizens to open offshore accounts. Places like the Bahamas, Chile, and Andorra, a small mountain country between France and Spain, are open to dealing with Americans. Mongolia is also willing to open offshore accounts, and they offer the added benefit of up to 13 percent interest.
There are a multitude of advantages to offshore banking for United States citizens. It removes the risk of the government or Internal Revenue Service placing claims on their savings. Assets are protected, and in the event of a lawsuit, accounts cannot be frozen. Offshore banks have a lower history of debt, and, in general, they offer higher interest rates. They also give account holders the option of transferring money quickly in the event of an emergency.
Offshore bank accounts give account holders personal freedom that other banks cannot offer. These banks are not obligated to share information about accounts with balances under 10,000 dollars. If medical care is needed when the account holder is abroad, international banks make it easier to transfer money to other accounts. They also provide peace of mind for the account holder, as they know their money is safe and cannot be accessed by anyone else.