My lessons learned concerning due diligence for offshore accounts

Opening offshore accounts used to be relatively straightforward, but my experience over the last few years has hammered home the need for truly exhaustive due diligence on the bank itself as well as the jurisdiction. I had a situation where a relatively unknown offshore bank, which I'd chosen for its slightly lower fees, suddenly faced regulatory scrutiny in its home country, leading to a freeze on withdrawals for several months. It was a stark reminder that chasing the lowest cost without fully vetting the stability and regulatory environment of the institution can lead to significant liquidity issues, regardless of how legally sound your own setup is. The 'know your bank' principle is just as critical as 'know your customer,' especially in less transparent jurisdictions.