Where Do the Rich Hide Their Money? Inside the Secret World of Offshore Accounts

The provided text explores the secretive world of offshore accounts, explaining that they are bank accounts in foreign countries offering minimal oversight and favorable tax regulations, often used by wealthy individuals and businesses. It outlines various reasons for using these accounts, ranging from tax evasion and hiding illicit funds to safeguarding assets from legal issues. The piece highlights the legality of many offshore practices due to systemic loopholes and references major scandals like the Panama, Paradise, and Pandora Papers to illustrate the scale of hidden wealth. The text also discusses the negative impact on ordinary people due to reduced government revenue and names several common locations for offshore banking. Ultimately, the source suggests that while efforts to curb offshore banking exist, its complete elimination remains unlikely without unified global action.