With the national security law China has passed in Hong Kong, banks including HSBC, Standard Chartered and Citigroup have seen a spike in enquiries from Hong Kong residents about opening offshore accounts.
"It's clear that wealthy families across the city are opening offshore accounts in an effort to protect their assets against any uncertainty. Whilst Hong Kong has long been recognised as an offshore banking centre, affluent individuals have long been banking offshore in an effort to protect their wealth," said James Turner, director at company formation specialists, Turner Little.
While there are both financial and legal advantages to banking offshore, one clear benefit is having access to a multi-currency account.
If you have international financial obligations, the ability to transfer money between currencies is a relatively fast and painless experience. And depending on the bank and offshore jurisdiction you choose; offshore banks can act as a private banking facility. A good offshore bank will be able to provide you with a wide array of funds and investments that are appropriate for you.
"Offshore banking provides a way in which you can protect your assets against financial instability. It works if you use it correctly and if all the documentation is correct - this is where we come in."
"At Turner Little, we familiarise ourselves with the regulations necessary for compliance in a multitude of offshore jurisdictions. When the rules are followed, offshore banking gives you the means to better protect your assets, providing you with both financial strength and freedom," added Turner.