There are several benefits of an offshore Labuan bank account. For starters, the requirements to open an account are not that strenuous. The exact criteria you’ll need to meet does depends on various factors such as where you live and your nationality. Another benefit are the rates, as many banks in Labuan banks offer competitive rates compared to domestic accounts. In fact, you might be surprised at the debit/credit card rates at the average Labuan bank.
Another benefit are the investment opportunities you may have access to. This is because it’s not linked to government legislation, which means account holders have access to various alternative investments. You might have access to investments that you wouldn’t have with a domestic or regular bank account.
Finally, there may be a handful of tax benefits. This does depend on where you live and what bank you open an account with.