The on/off shore relationship

Today’s competitive wealth and private banking landscape sees offshore havens fighting one another for wallet share of the wealthy, while onshore private banks struggle to prove their worth. The appeal of offshore private banks to high-net worth (HNW) individuals is no mystery; for a fee one can bank in a location where regulation is typically more relaxed and there are tax advantages. In Asia, the dynamics around the offshore market focus largely on competition between banks in Singapore and Hong Kong.