Advantages:
* strong privacy (see also anonymous banking)
* less restrictive legal regulation
* low or no taxation
* easy access to deposits (at least in terms of regulation)
* protection against local political or financial instability
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http://en.wikipedia.org/wiki/Offshore_bank
I guess being American (if you are?) would mean you get taxed even more.. I remember reading through the Adsense tax information and it look like you get taxed pretty bad if you live or are based in Amierca..