The other good reason is none of these tax haven countries tax the capital gains of companies and banks domiciled there.
Bank confidentiality seems to play an important role offshore.
It remains good in the Bahamas, and in the other tax havens. The IRS and other revenue agents cannot seize, lien on, freeze or investigate bank accounts in the Bahamas, Caymans and in other tax havens. In the ten years I've lived on this island, I've never seen it happen. IRS letter ruling 9332006 and Revenue Ruling 69-70 are two important puzzle pieces to a smashing loophole for the American taxpayer. Check them out for yourself - below.