When you think about the best countries to open offshore bank account, you are likely to be bombarded with many choices. Indeed, this is one of the world’s toughest questions to be answered. But, if you choose to raise the right concerns, you will land up in a destination that fits you the most. If you are new to the world of offshore banking, you need to gain a comprehensive picture of what this is all about. To understanding offshore banking, from a simpler perspective:
- By definition, offshore banking is the process of protecting your investments and assets is a foreign nation. You make use of foreign financial bodies to protect your money. The primary aim of opening an offshore bank account is to safeguard your funds from an abrupt incident in your home country.
- Offshore banks are financial bodies located in the foreign country.
- Offshore banking accounts are identified as accounts opened in the foreign country. There are many legal and financial benefits in opening an offshore account. And, when you pick the best countries to open offshore bank account, you will be able to protect your money from many hassles and tussles.
There are numerous places to open an offshore bank account. However, some places prove to be more reliable, and safer than the rest. Common advantages in opening these accounts would be round the clock services, better levels of privacy, reduced tax burden and diversification of currencies. These are few basic benefits to begin with!
Top Four Countries for Offshore Banking
Switzerland: The land of mountains, and offshore banks!
For generations Switzerland has been a perfect destination for offshore banking. As a banking spot, this country is recognized for its high levels of privacy. The entire system is built with safety and security in mind. Most corporations and wealthy professionals prefer Switzerland to protect their money. Every year, thousands of celebrities and rich men flock to this nation for an offshore account. But, the process is strict, and the laws are tight. It is not very easy to open an offshore bank account in Switzerland. You need to ensure that the documents are in place.
Bankers consider Switzerland as an ideal home to banking networks. The entire place has around 300 financial bodies. And, these banks are direct members of the Swiss Bankers Association (SBA). According to a study that was performed in the year 2018, the banks under SBA have a net worth of 7 trillion USD. More than 50% of this money belongs to offshore investors.
Moving on, Switzerland is recognized as one of the finest jurisdictions in the world. If you are worried about asset protection, this is a great country to focus on. The privacy laws are extremely strict. This prevents people from breaking into the accounts of customers. Without proper consent, no one can learn more about your financial details. Any bank that doesn’t stick to these rules of privacy will be forced to pay big penalties.
Next in line would be Belize. When opening an account in Switzerland is very complicated, the process of opening an offshore account in Belize is quite easy. This is also a hub for offshore banking opportunities. A primary reason behind Belize’s stable financial environment would be its offshore banks. Liquidity rates in this part of the world is highly reputed. All the banks will help you with the peace of mind that your savings will be maintained at a stunning rate. On an average, you have liquidity ratio of 24%. This is a standard all banks in Belize are expected to maintain. When compared with the liquidity ratio of 3 to 5 percent in the United States, this is too good to be true.
Few other reasons to invest in Belize would be no language trouble, quick setup routines, easy registration from remote locations and minimal maintenance charges.
Two famous names in the world of offshore banking in Belize would be Heritage Bank and the Caye International Bank Ltd.
Singapore: The Best Offshore Banking Environment in Asia
When you search for best countries to open offshore bank account, you will not miss Singapore. For decades, Singapore has been ranked as a hub for financial movements. In the year 2019, this country was recognized for “Ease of Doing Business”. Most corporates have an account in Singapore. With more than 150 banks with offshore possibilities, you will have access to top-notch facilities and world-class services.
Unlike many other offshore destinations, Singapore maintains a perfect line between corporate and individual offshore banking needs. Common services offered by these banks would be wealth management, currency diversification, ability to monitor accounts remotely, internet banking, anonymous credit cards and unique savings accounts with special deposit plans. Most banks have special services that will let you register your bank account from anywhere. This means, you are not expected to set foot in Singapore for completing the procedure. Common banks with stunning services would be UOB, DBS, Citibank and OCBC.
Hong Kong: A Perfect Financial Center
Are you aware of the fact that 6 of the top 10 financial centers in the world are found in Hong Kong? This is the world’s 3rd best financial center. Some of the world’s finest banking institutions are based in Hong Kong. Three major reasons to choose Hong Kong for offshore banking would be: splendid infrastructure, sound telecommunication facilities and customer friendly tax systems. Indeed, this is a premier destination for satisfying your offshore requirements. Remember, 75 of the world’s biggest 100 banks have a branch in this country. Hence, you will never run short of options for offshore banking in Hong Kong.
The list of best countries to open offshore bank account doesn’t end here. You have many more names like UAE, Cayman Islands, Puerto Rico, the British Virgin Island and Mauritius. Each of these countries have a unique benefit for offshore investors. Thus, ensure that the country you choose for your offshore banking needs, can meet with your primary financial requirements.