UBS, FBAR & FATCA have changed the landscape of offshore banking for US citizens and residents.
More and more traditional offshore banks refuse to accept US persons or offshore corporations controlled by US persons to avoid an entanglement with the US Government. More and more US citizens are looking at 2nd citizenship programs as promoted by Sovereign Man and the Sovereign Society as a solution for FBAR & FATCA, however, if you still reside in the US even if you have a passport from Panama or the Dominican Republic, the banks will reject you or report the account. Secondly, even if you live outside the US all normally issued passport will list your country of birth -- if you where born in the US and cannot confirm you have renounced your US citizenship, offshore banking jurisdictions are likely to reject you or report you.
If your goal is offshore banking as a US citizen, getting a second passport may NOT be the answer.
The OECD agenda to eliminate banking secrecy is in full swing and by 2016 we expect all offshore banking jurisdictions we know today will be required to share tax information without agreements and many will do so automatically. We believe that the offshore banking for those who desire secrecy and privacy is a right and we continue and will continue in the future to offer our bank services to US citizens secretely and privately.