Domestic individuals are not allowed to open offshore accounts.

In the financial field, an offshore account is a bank account opened by a depositor outside the country of residence. In contrast, a bank account in the saver's country is called an onshore bank account or a domestic bank account.

It is understood that all non-Chinese residents, including overseas-registered companies, enterprises, factories, organizations, banks, depository companies, fund organizations and individuals, can open overseas accounts at banks that support overseas accounts.

It can be seen that because only non-Chinese residents and overseas companies can open offshore accounts, domestic individuals cannot open offshore accounts.

Extended information:

The role of offshore accounts:

1. Banks are located in countries or regions with lower tax rates, so they can be used as tax havens.

2. The countries where offshore banks are located have stricter requirements on protecting the privacy of depositors.

3. Avoid the supervision and management of account activities in the country where the depositor is located, such as prohibiting the opening of anonymous accounts, etc.

4. Protect deposits when the country where the depositor is located is politically or economically unstable.