Opening an offshore bank account is no longer a whim or an extra precaution but a must-have. The situation in the world is much less stable than it was before, and diversification is still the key to the safety of your money and the convenience of its use. This is a very unpleasant situation when you find out that your account in your home country is frozen or restricted and you have no alternative. However, the whole thing is much less dramatic if you have a foreign bank account to switch to.
One of the primary keys to success is to choose the right jurisdiction and the right bank. There is no one best destination that fits all as the needs are different. We invite you to our portal to read an article on exploring the top offshore banking options as this post is focused on fundamentals.
Opening an offshore bank account may be tricky if you venture on your own. If you want some guarantees that your efforts will bear fruit, click on the above link and get in touch with a qualified expert on our portal who will help you open an account abroad with minimal required effort on your part.
Which Jurisdiction is Best?
The top destination in your situation is the one that shows the best overall balance of characteristics in your particular case. You will need to look at some parameters that will help you make an informed decision:
- Look at typical non-resident customers of the offshore bank. Do you fit or not? The banking institution has the right to request additional documents to make sure the client satisfies its demands.
- Consider the local and international laws regulating the bank’s activities. These will influence the ultimate safety of your money and the confidentiality of your information.
- Pinpoint the main purpose of opening a foreign bank account. You may need quick and seamless bank transfers, and there are banks that will suit you best of all in this case. However, if the main objective is asset protection (as you have creditors or relatives on your feet), there are jurisdictions that will serve as real strongholds for your money (and we can recommend them to you).
- Look at the offshore bank’s reputation. Collect feedback from customers and banking experts, explore the bank’s background and history, and pay attention to its owners and management structure.
- Calculate the costs. Opening a bank account costs something, but you will also have to maintain it. Some offshore banks may charge more for opening an account and offer lower commissions later on, while others use quite the opposite scheme. Add the lump sums and the regular payments (and don’t forget the required minimum balance if any) to see the resulting cost of the offshore bank account in the selected bank.
If that sounds complicated and you don’t want to spend your time analyzing tens of banks in this way, please contact our experts. You will answer their questions and they will shortlist a few options that you will consider as the best ones in your situation.
Offshore Banking with Best Tax Benefits
If tax burden reduction is your main priority, you should know that possibilities vary depending on your tax residency.
Offshore banks usually exempt you from most taxes – however, you may be liable in your country of residence: some jurisdictions oblige you to declare the fact of possessing a bank account abroad. If you do, you will have to pay certain taxes on this capital.
Can you do anything about it? There are two legal ways: you can change your tax residency or move your assets to a trust.
Offshore Banking That Offers Highest Safety and Confidentiality
Here are the three leading jurisdictions for those that put safety and confidentiality first:
- The USA: the advantages may be different depending on the location and account type, but the overall characteristics are very high. Consider Puerto Rico which offers really good conditions.
- Switzerland. Swiss banks are a brand that everyone knows, and their banking secrecy laws are very stringent.
- Singapore. The destination is perfect for large companies and wealthy individuals.
These are general recommendations, and you can book a one-on-one session with our experts where your case will be considered on an individual basis.
Offshore Banking in Highly-Reputed Institutions
Some of you want to trust your money to an institution that has the highest international recognition. In this case, midshore and onshore destinations will suit you best of all. You will enjoy their stability, customer-friendly treatment, and advanced banking services.
Pay attention to Lithuania, Malta, Montenegro, Hong Kong, and the United Kingdom, to name just a few.
Offshore Banking for Asset Protection
Are you looking for a place where you can hide your money from creditors or difficult relatives? The choice is not as wide as it used to be, but you can still enjoy the protection of real strongholds:
Nevis is number one in the asset protection world. Your creditors or relatives will have only one way of getting to your money: they will have to file a lawsuit with a local court and win it. It costs a lot of money and takes great effort, with the court rarely taking the plaintiff’s side. So your capital will be safe in 99.9% of cases.
Belize adopts nearly the same policy of protecting its customers’ interests. Your information will not be disclosed to third parties unless they receive a serious request from a law enforcement authority.
The Cook Islands is one more stronghold that does not recognize the decisions of foreign courts, so your creditors or relatives will have a hard time trying to get your money.
You cannot expect absolutely any bank to open an account for you: banking institutions have their own reasons and follow their logical schemes. However, it would be annoying to collect a package of documents, translate and legalize them, send them by courier, and finally have an interview with a bank employee – just to find out you haven’t been approved.
We offer a pre-approval service to avoid this situation: you fill out a short application that we send to the bank and wait for their answer. If it is positive, you can start the whole procedure as it means that you will be approved.
Follow the above link to contact us and get a hassle-free account opening experience!