Latin America’s wealthy continue to bank abroad despite the growth of opportunities at home, according to Reuters. They prefer the stability and security that offshore financial centers can provide.

"Latin American investors look for a consistent regulatory environment when they invest," Alberto Valenzuela, deputy chief executive of Societe Generale Private Banking, told the Reuters Global Private Banking Summit.

Spain's Santander is one of the top three banks in Latin America. Assets managed by Santander Private Banking on behalf of Latin American clients total €62 billion ($86 billion) worldwide.

Political stability remains a key issue for wealthy Latin Americans. But onshore banking is expected to become more attractive with time.

Brazil is seen the country with most growth potential in the region and banks such as Credit Suisse are eyeing developing onshore private banking operations there.

"We want to build a domestic Brazilian private bank, which we are in the process of doing. ... I think the Brazilian government welcomes bringing in the sort of expertise Credit Suisse can bring," said Anthony DeChellis, chief executive of Credit Suisse Private Bank Americas.

Mexico is also seen as having growth potential but the more politically and physically risky environment there has the rich looking for alternatives abroad.

"In Mexico, with the current environment, I think people probably tend to look more outside now than they were a couple of years ago. They were starting to look internally, but the tide has changed now, and people with more put money outside of Mexico," deChellis said.