Everything You Should Know About Getting an Offshore Bank Account Across the World
There are so many misconceptions about having an offshore bank account that you barely know what to believe. If you are new to this industry, chances are you associate offshore activities with the numerous scandals involving celebrities over the past years. Some may see offshore accounts for savvy businesses, while others find them more suitable for shady accountants.
The truth is you do not have to be a millionaire to open an offshore bank account. You do not need to run a particular business or operate in a specific field. A bit of research, finding the right bank and the right documents can give you access to private banking in another country within days – or even hours. Sure, different jurisdictions come with different rules.
Get ready to understand more about what it takes to have an offshore account, how you need to run it and what kind of advantages it comes with. Discover the myths and misconceptions, but also learn more about the reality behind offshore banking. Whether it comes to personal education, the necessity to work or perhaps living abroad, here is everything you need to know.
Offshore means abroad. An offshore bank account is basically a regular bank account in a different country. It could be a business bank account or a personal one. As long as you run it in a different country – different from the one you reside in, it is an offshore account. The same rule applies to businesses – accounts opened in other countries than the ones where they operate.
If you think about it, offshore banks may sound a bit exotic. They are often associated with hot and beautiful countries. It is not as distant as it may seem though. Opening an account abroad is not difficult, especially if you use one of your banks that do not even require you to go there in person. Believe it or not, about 1% of the population in the USA has an offshore account – a popular idea, but not common yet.
To most people, offshore bank accounts are seen as backup plans. This is plan B if anything goes wrong in your country. It is not the most viable solution out there, but it is something. Imagine, for instance, a system that collapses. What would you do then? Take Venezuela, for example. Maybe your assets got frozen in Cyprus or perhaps you end up facing a lawsuit – pretty common in the USA.
Having a bank account abroad is not what the media wants you to believe it is. This is not the first option for tax evasion, stack secret amounts of money or shady income. Instead, this option is about storing money in a country that has a sound economy and feels politically stable. You want to deal with a country with a fully functional banking system, which is likely to provide numerous benefits as well.
At the same time, you do not necessarily need to bank in a tax haven. You do not have to find an exotic place like Vanuatu or Bahamas. There are lots of other opportunities in modern countries as well, such as Liechtenstein, Georgia, Hong Kong or the UAE. Furthermore, many of these options are also suitable if your main concern is to reduce the income tax.
You do not have to be a genius to realize it. There are many economies out there with safe banks. They have an excellent fiscal operation and they provide a safer and more durable outlook from an economical point of view. While most people believe the west is more stable than the east, the truth is banks in the west are close to failure.
Take the system in the USA, for example. It is run by the federal government and currently features the highest debt in history – around 20 trillion dollars. This is the type of debt that will never get paid in full. The Federal Reserve is not solvent. Moreover, it supports a sketchy system that lets banks conduct all sorts of unsafe practices. The result? An overexposed system, just like in 2007.
Imagine a scenario where people start withdrawing their money – not everyone, but roughly abound 5% of the clients. Banks would not be able to cover such demand due to the lack of capital. People withdrawing money will create an incredible storm. This thought alone is more than enough to convince you about the necessity of trying to find a more solvent solution.
An offshore bank account works like any other bank account. The only difference is you run it in a different country. Other than that, banks accepting foreigners may also provide some extra specific benefits. The staff can speak English and phone or online banking represents the most common way to deal with your account.
Now, it also depends on what type of account you actually get. Just like in your own country, you can opt for different types of accounts and each of them comes with some particular specifications. Savings accounts are the most common options out there. They can come with boxed variables and fixed rates – different banks, different options.
Accounts with variable rates will normally provide simple and quick access to your money. On the other hand, those with fixed rates will come with extra requirements. For example, you might need to keep the money in the account for a particular amount of time without touching it. Such periods usually range between a year and five years.
On a different note, it is worth noting that saving money in a different country is not everything. You can also have an offshore bank account to actually use for day-by-day activities, investments and so on. For example, high street banks can provide current offshore accounts with debit or credit cards – you can use them anytime, anywhere in the world.
Features are not too different from what your current onshore bank offers. Since you are more likely to be far from the country, you will usually get easy access to online banking and phone banking. International transfers may come with lower fees – after all, you are running an international account. Additional services may also be included – various types of insurances or perhaps loans.
Business people can also benefit from private banking in a different jurisdiction. There are more opportunities there, though. You might be able to use such an account if the business is also registered in the respective country – not always a general rule. What is important to know is that you can always open a business bank account abroad.
Now, how does any of these accounts work? Is there anything you need to know? Not particularly. Think about how your onshore bank works and you will most likely get the exact same type of service, with small differences. The fee system will be different and perhaps some requirements too. Other than that, the experience will be the same.
Different people come with different reasons when it comes to opening an offshore bank account. Sure, if you go for a business bank account, the purpose is pretty obvious – you want to run a business or you already have one. But then, why do regular individuals move some of their money abroad and store it in different jurisdictions? Here are some interesting scenarios.
The possibility to operate in more currencies is definitely a plus. You can get an account in more currencies, yet such things are rare. Instead, you can have accounts in different countries, based on different currencies too. You can make payments in different currencies – or you can receive money, which is just as important when running a business.
On the same note, different currencies come with a high degree of uncertainty. To avoid losing money, you would have to keep an eye on the economical profile of the country and move money around for the best possible deals. If you have the option to fix currency prices in advance, you are a winner – a serious plus for those who deal internationally.
How about the extra convenience of handling all your financial transactions through one bank? Even if you actually deal with more currencies… This opportunity is excellent for companies that operate in more countries. Dealing with different institutions could be a bit of a hassle – too much paperwork and wasted time.
Offshore banking is also about security. No matter where you live, you can probably think of a few other countries that feel more stable from a political point of view. No matter what happens in your country, the money held in a different currency in an offshore account will not be affected by domestic issues – be it a revolution, protests or an internal war.
The necessity of an offshore bank account is also obvious for those who travel a lot with business, work abroad or even plan relocating to different countries. It makes no difference if you plan to retire or you simply want to conduct business in another country – you have found a niche and the perfect idea, so you are ready for the move.
Now that you understand what an offshore bank account is and how it operates, it is time to move on and become familiar with some of the safest and most stable jurisdictions out there. You cannot dive in blindly, but learn a little about each country in the process and figure out which one is more suitable for your needs.
Each jurisdiction comes with specific regulations. For one reason or another, some of them seem to be more popular than others among foreigners. Obviously, just like for anything else in life, you need to know precisely what to expect before opening a bank account in a different country – here are some of the best-rated options out there.
Antigua and Barbuda
Antigua and Barbuda provides classic services, whether you want to open a company there or you want to diversify your assets a little. The local banking sector is the second most significant one in the eastern part of the Caribbean area. About 40% of all the assets, deposits and loans go through Antigua and Barbuda. There are also a few different commercial banks to choose from.
The banking sector is well established and gives clients a diverse selection of financial services – whatever your needs are, chances are you will find something useful there. When it comes to banks, three options stand out – North International Bank, DBank and Global Bank of Commerce. You can choose from more currencies and you will need a minimum deposit of $5,000.
Available Offshore Banks in Antigua and Barbuda
- Antigua Commercial Bank
- DBank
- Caribbean Union Bank Ltd
- Royal Bank of Canada
- Eastern Caribbean Amalgamated Bank Limited
Armenia
Armenia may not have the most advanced banking system in the world, but it is growing in both performance and popularity. The country is ideal for those conducting business in CIS countries – not to mention companies dealing with Russian rubles. Both locals and nonresidents are welcome in the local banking system – including those who run businesses registered in tax-neutral countries.
There are more currencies you can opt for, while the interest rates are higher than average. OJSC Unibank is by far the most reputable institution for an offshore bank account. You will, however, need to come up with a decent deposit to open an account – $50,000. In terms of eligibility, there are no strict rules regarding offshore and nonresident companies.
Available Offshore Banks in Armenia
Bahamas
Bahamas provides access to an elite banking system, as well as a good taxing environment. There are numerous financial services you can choose from, as well as proven stability, resilience in front of international crises, the top-notch tax regime and privacy. Large and small companies, wealthy or regular individuals choose Bahamas for the private banking opportunities.
There are more banks to choose from, with names like CIBC FirstCaribbean International Bank, Equity Bank, Ansbacher Bank, Deltec Bank & Trust or Capital Union Bank dominating the local industry. The first option offers both debit and credit cards, full service and both personal and business accounts.
Available Offshore Banks In the Bahamas
- Royal Bank of Canada
- Bank of the Bahamas
- CIBC First Caribbean Bank
- UBS (Bahamas) Ltd
- Fidelity Bank of Bahamas
Belize
The banking system in Belize copies the systems in the UK and USA, but it is safer and not that fragile. The tight connections with these systems also add to their stability. There are a few major options out there. It makes no difference if you are after a current offshore account or you need a business bank account for your company.
Caye Bank is probably the top-rated name in the local banking system. The initial deposit is tiny for business accounts – just $1,000. You gain access to Internet banking, local and foreign currencies, more currencies, and even personal bank accounts with the same specifications. Another reputable bank to consider in Belize is Belize Bank International, which has similar requirements.
Available Offshore Banks in Belize
- Belize Bank International
- Heritage Bank Limited
- Atlantic Bank
- Scotiabank Belize
- Caye International Bank Belize
Cayman Islands
The Cayman Islands belong to the UK. It is a British territory located close to Jamaica. The territory is an active member of the CARICOM market. When it comes to deposits, the size of a country is irrelevant – believe it or not, the Cayman Islands are among the five largest financial centers out there in terms of deposits. At the same time, the territory is the largest financial center in the world for investment funds.
There are not too many taxes in the Cayman Islands – nothing on income, profits and so on. CIBC FirstCaribbean International Bank is one of the main options for an offshore bank account. The initial deposit goes up to $25,000 and you can join as a local or foreign entity – more currencies available too, not to mention debit and credit cards. Other important banks include NCB Cayman Limited, Cayman National Bank, Butterfield Bank and Royal Bank of Canada.
Available Offshore Banks in Cayman Islands
- Scotiabank
- Royal Bank of Canada
- CIBC First Caribbean International Bank
- Fidelity Bank Cayman
- Alhambra Bank & Trust
Curaçao
Belonging to the Netherlands, Curaçao is also part of the Caribbean – quite close to Venezuela. Tourism is one of the most developed industries in there, but financial services are not to be overlooked either. Despite the small size of the island, there are around 50 different banks operating in there. A solid financial system and political stability have drawn the attention of numerous entrepreneurs.
Looking for an offshore bank account in Curaçao? With so many options, it might be difficult. Banco Di Caribe is one of the best-rated options though. The account is mostly aimed at international individuals and not businesses. The minimum initial deposit varies from one case to another. The good news is you will get access to more currencies, a full service, debit cards and brokerage services as well.
Available Offshore Banks in Curacao
Cook Islands
The Cook Islands cover 15 small islands – somewhere between New Zealand and Hawaii. The small archipelago is part of the Commonwealth, but also associated with New Zealand. Locals are known as New Zealand citizens. The offshore industry is better developed than tourism, meaning people can come up with international companies, banks, insurance businesses, asset protection trusts and so on.
Capital Security Bank is the main option in the country – suitable for both businesses and personal private banking. The minimum deposit is quite high and may vary based on the account type, but you gain access to web banking, more major currencies, prepaid debit cards, time deposits, trading accounts and other similar services. Similar requirements apply to both business and personal bank accounts.
Available Offshore Banks in Cook Islands
- BCI Bank
- ANZ Cook Islands
- Bank of South Pacific
- Capital Security Bank Ltd.
- Ora Partners Cook Islands Limited
Cyprus
Cyprus is probably the most popular gateway to the European Union for businesses incorporated outside of it. Both tourism and the offshore industry are well developed in the country. You can gain access to any type of banking service. Moreover, the country is part of the SEPA and can offer IBAN accounts as well – low fees for transactions within the union. On another note, Cyprus does not have any withholding taxes on interests paid to those living outside the country.
There are numerous banks to choose from, with Alpha Bank being one of the front runners. You can get corporate accounts, multi-currency accounts, full services, trade finance services, term deposits and so on. There are no minimum deposits. Similar rules apply to personal savings accounts or priority personal accounts. Priority accounts come with deposit requirements.
Other reputable banks from Cyprus include Hellenic Bank and Astro Bank, among others.
Offshore Banks in Cyprus
Czech Republic
The Czech Republic is rarely described as a tax haven, but it is definitely a welcoming environment for EU companies owned by foreigners – trust structured, foundations and so on. You can open an offshore bank account or a business bank account in more currencies. At the same time, ongoing balance requirements are nonexistent, not to mention minimum initial deposits.
The Czech Republic is part of the SEPA and can provide IBAN accounts for low fees within the European Union. There are more banks to rely on, with ExpoBank being the most popular choice among foreigners. While there are not too many requirements, there are some rules regarding the annual turnover. Other than that, you can get more types of cards, payroll services, investment products and trade finance options, among others.
Available Offshore Banks in Czech Republic
Gibraltar
The British Overseas Territory is a small banking hub for foreigners. Local banks are suitable for an offshore account for individuals, as well as a business bank account. Management services and brokerage accounts are also part of the game and the list can go on with portfolio management, term deposits, call deposits and others.
Turicum is one of the most popular banks for foreigners. There is a minimum deposit of €200,000 for business accounts and Internet banking available. Personal bank accounts come with even more requirements and are aimed at those who need wealth management. For example, the minimum deposit is €500,000. There are a few different currencies to choose from.
Available Offshore Banks in Gibraltar
Hong Kong
Hong Kong is a top-choice option for those looking for private banking in Asia – it is probably among the safest locations on the continent, but also convenient. Accounts can be used in more currencies and there are no exchange controls at all. Plus, local banks are among the most solvent ones in the world. Furthermore, Hong Kong is a modern gate to one of the fastest-growing economies in the world – China.
Whether you are after-tax neutral jurisdictions, asset diversification or access to different markets, Hong Kong will not disappoint. The hub is not suitable for small businesses though. You need low-risk activities for your business, as well as a solid background.
DBS Bank is a leading name on the local market and has a minimum deposit of HKD 200,000 for foreign businesses – local businesses must put out HKD 20,000 only, while a personal wealth management account requires a deposit of HKD 1M. You will get a full service though, as well as more currencies and types of cards. Other banks worth some attention include OCBC Wing Hang and Bank of China.
Available Offshore Banks in Hong Kong
- HSBC Private Bank (Suisse) SA
- Bank of Taiwan Hong Kong Branch
- CIMB Bank Berhad, Hong Kong Branch
- Cathay Bank
- DBS Bank - TsimShaTsui Branch
Latvia
Latvia is not necessarily aimed at offshore businesses and entrepreneurs, but it provides access to a fast-growing economy and a welcoming environment. You can open an offshore bank account in Latvia with no issues at all – part of the European Union too. Compared to tax havens, Latvia does require seeing you in person. Most of the banking sector comprises of Nordic banks – well digitized and properly interconnected.
Baltic International Bank will let you open a business account with a minimum deposit of €10,000. The account is aimed at EU companies. You will get a corporate multi-currency account, access to Internet banking, debit cards and different types of services. BlueOrange Bank has similar requirements, but the minimum deposit varies from one case to another – also suitable for a personal offshore account. Rietumu Banka is also worth some consideration.
Available Offshore Banks in Latvia
Liechtenstein
Despite its small size, Liechtenstein is a solid banking center in Europe. Close to Switzerland, the two banking systems have come together in a union. Local banks are specialized in all sorts of services – wealth management, private banking, and international banking and so on. Furthermore, there are both local and international banks in Liechtenstein.
Bank Frick is aimed at foreign companies and the minimum deposit varies from one case to another. You will get credit cards, Internet banking and services like financing solutions or wealth management – more currencies too. Private banking accounts have minimum deposit requirements of CHF 250,000 and provide similar services. Alpinum is another reputable bank in Liechtenstein to consider as a foreigner.
Available Offshore Banking in Liechtenstein
- VP Bank AG
- EFG Bank von Ernst AG
- BENDURA BANK AG
- Bank Frick & Co. AG
- Liechtensteinische Landesbank | Vaduz
Lithuania
Lithuania has opened its financial system to companies incorporated around Europe – not necessarily in the European Union though, as well as top-rated countries. For instance, companies incorporated in Singapore can easily get a business bank account in Lithuania. The country is part of the SEPA and provides IBAN accounts – great for anyone with a business connection to Europe.
Medicinos Bank as is among the best banking options for business accounts – great for local and international companies. There are no minimum deposit requirements, but the bank will have some expectations in terms of outgoing payments. Trade finance and term deposits are available too. However, keep in mind that a visit in person is required to complete your banking application.
Offshore Banking in Lithuania
- Lithuanian bank
- European Merchant Bank UAB
- Swedbank
- Šiaulių bankas, Centrinės būstinės padalinys Kaune
- Citadele Bank Kaunas branch
Mongolia
Mongolia may not be advertised as a tax haven, but the large Asian country is definitely worth some attention. The impressive reserves of raw materials and minerals have contributed to significant growth over the past years. These days, it has one of the fastest-growing economies in the area and its banking system is just as attractive.
You can open a bank account without turning up in person, yet you can also do it with your passport if you ever get there. There are no minimum deposit requirements – more currencies are also provided. Banks like TDB Bank will provide access to both personal and business private banking. Local banks are also suitable for crypto investments. Other alternatives include Golomt Bank, XacBank or Khan Bank.
Available Offshore Banking in Mongolia
- NIBank - Үндэсний хөрөнгө оруулалтын банк / National investment bank of Mongolia
- Khan Bank
- BogD Bank
- Голомт Банк - 120 мянгат салбар
- TDB Trade and Development Bank
Malta
Everyone can open an account in Malta. Everyone can open both a current offshore bank account and a business bank account. In fact, lots of banks are actually specialized in providing offshore services. Banks also have the right to reject customers – such as politically exposed people, those who may ruin the reputation of a bank or those whose income comes from doubtful sources.
HSBC Bank Malta asks for a minimum deposit of €10,000 for a business bank account. While you do not necessarily have to be there in person, your company must be incorporated in Malta to be eligible. Offshore companies cannot register an account in Malta. Other than that, HSBC Bank Malta offers more currencies and crypto advantages. Bank of Valetta is another reliable option.
Malta Offshore Banking
- Lombard Bank Malta p.l.c.
- NBG Bank Malta
- Sparkasse Bank Malta plc
- Bank of Valletta p.l.c.
- HSBC Bank Malta
Malaysia
Malaysia is not too restrictive when it comes to opening a bank account, but there are some rules. Offshore companies are not really welcomed because they require a tax ID number. You can, however, incorporate your company in Malaysia (an offshore company if you live in another country) and open a local business bank account with no issues at all.
MayBank International Labuan Branch is great for such activities. The minimum deposit requirement is low – just $25,000. You do not have to get there in person either. Other than that, you gain access to more currencies and easy access to the Asian market. Term deposits are also offered. Bank Islam provides similar services, with a lower initial deposit though – $10,000.
Offshore Banking available in Malaysia
- Bank Negara Malaysia, Johor Bahru
- Alliance Islamic Bank Malaysia Berhad
- Deutsche Bank (M) Bhd
- Bank Of China (Malaysia) Berhad Kuala Lumpur
- DBS Kuala Lumpur Branch
Labuan
Labuan is part of Malaysia. It is a local federal territory and consists of seven islands, with Labuan being the biggest one. The place became a solid banking center for international users after 1990. At that point, the government created the Labuan IBFC – International Business and Financial Center. It was extremely successful and turned Labuan into jurisdiction of its own – at least from a banking point of view.
MayBank International Labuan Branch offers a business bank account with an initial deposit of $25,000, term deposits, Internet banking and plenty of different currencies. Local and foreign companies – offshore businesses – are also accepted. Bank Islam is also a good choice. For most of your banking needs, you will most likely need to be there in person to complete the application.
Available Offshore Banks in Labuan
- Bank Al Habib Limited, Labuan Branch
- CIMB Bank Labuan
- bnp paribas labuan
- Alliance Bank
- Public Bank Labuan
Luxembourg
The tiny Luxembourg is part of the European Union and features an incredibly solid banking system. Surrounded by Belgium, Germany and France, the country has implemented ideas and systems from nearby countries, but especially from Germany. Opening an offshore bank account is fairly simple and does not require being there in person if you use a specialized service.
East-West United Bank offers access to both business and private accounts. Business accounts are suitable to both resident and foreign companies – there are no minimum deposit requirements. Users can get debit and credit cards, trade finance, corporate lending, money market and investment products, among others. When it comes to private accounts, East-West United Bank demands a minimum deposit of €500.000.
Offshore Banking available in Luxembourg
- Intesa Sanpaolo Bank Luxembourg
- UniCredit Luxembourg S.A.
- Banque J. Safra Sarasin (Luxembourg) SA
- Spuerkeess Agence Cloche d'Or
- DNB Luxembourg S.A.
Mauritius
Mauritius has gained notoriety with its beautiful landscapes and solid tourism industry. Over the past years, it has also become one of the most prolific financial hubs around Africa. Banks operating in the politically stable jurisdiction provide global services to both individuals and businesses. Moreover, you gain access to various currencies, IBAN accounts, wealth management and offshore services.
Investec Bank offers both business and personal accounts. Business accounts require a minimum deposit of $50,000, as well as the same monthly average balance. Personal accounts follow similar rules – other financial products are also available to offshore individuals or businesses and locals. Bank One is also a good option. Account opening procedures are straightforward and come with an incredibly quick turnaround time.
Available offshore banking in Mauritius
Panama
Panama has often been associated with a few scandals regarding offshore companies, but at the end of the day, it depends on what you use such an offshore bank account for. The country has a welcoming environment for banks and offers access to a wide plethora of services – careful though, as it only deals with resident companies. Therefore, your company should also be incorporated in Panama.
Caja de Ahorros is among the most reputable banks out there. You will need a deposit of $20,000. You can open accounts in more currencies though – both business and personal accounts. On the same note, Panama is one of those countries that will normally require you to get there to complete the application. Other reputable banks in Panama include Citibank Panama, Banesco and Scotiabank.
Offshore Banking available in Panama
- Mercantil Bank
- Capital Bank | San Francisco
- Edificio St. Georges Bank
- Global Bank | Coronado
- Banco Delta
Puerto Rico
The Commonwealth of Puerto Rico borrows some of the good parts of the American banking system and leaves the problematic ones behind. The territory benefits from a close economic relationship with the USA, but it has also managed to retain a bit of autonomy regarding its fiscal policies. This is what has turned it into one of the most attractive offshore environments in the world.
Strategic Bank allows you to have a business bank account or a current offshore account. Business accounts come with a minimum deposit requirement of $100,000, while personal accounts require $25,000 only. Loans and custody services are among the top offers. Other banks worth some attention include Medici Bank, Euro Pacific Bank, First Finance Bank, GK Bank and FV Bank.
Available offshore banks in Puerto Rico
Saint Kitts and Nevis
The financial system in Saint Kitts and Nevis does not necessarily require you to be there in person. The independent member of the Commonwealth of Nations gained notoriety as a posh tourist destination, but local banks have also become extremely attractive to those interested in money. Eligibility criteria are low – offshore companies and foundations are all accepted to get an account in a peaceful country.
Bank of Nevis International Limited will most likely be your primary choice for an offshore bank account – be it for personal private banking or business purposes. No matter what account you need, the minimum initial deposit should exceed $10,000. You can choose between more currencies and benefits from credit cards, Internet banking, term deposits and wealth management. Local and foreign companies are both accepted.
Available Offshore Banking in Saint Kitts and Nevis
- ScortiaBank
- RBC Royal Bank of Canada
- Development Bank of St.Kitts and Nevis
- First Federal Credit Union
- Hamilton Reserve Bank
Saint Lucia
The small island has become a top choice for entrepreneurs because its banking system has fully opened up to offshore companies – regardless of where they are incorporated. The small island state is part of the Commonwealth, as well as the CARICOM. Saint Lucia has started gaining notoriety among business people in 1999, when its financial services diversified into mutual funds, offshore banking and offshore trusts.
Boslil Bank will only ask for $5,000 as a deposit for your business bank account, which you can open in more currencies. Both local and foreign companies can apply and benefit from Internet banking, credit cards, international payroll services, wealth management or financial escrow services. Personal accounts follow the exact same requirements. Hermes Bank is also a good choice when not sure about the perfect bank.
Available Offshore Banking in Saint Lucia
Seychelles
Clear waters might be the primary reason to visit Seychelles for some, but the offshore paradise is what draws people with money to this country. It is one of the largest offshore markets in the world and a leading name on the African market. Local banks use the IBAN format and provide access to numerous currencies. Moreover, banking systems are straightforward and do not require visiting the country.
Al Salam Bank welcomes local companies, offshore companies and individuals from any part of the world. The minimum deposit for a business bank account is $25,000, while those who need a personal offshore account will only need $10,000. Cards carry the Visa quality standards and Internet banking is offered regardless of the account.
Available Seychelles offshore banking
- Central Bank of Seychelles
- Bank of Ceylon Seychelles Branch
- Al Salam Bank Seychelles Limited
- MCB
- Nouvobanq Eden Island
Singapore
Singapore has become one of the most advanced countries in the world. It is among the largest financial centers in the world and not just in Asia. It has a stable economy, as well as a top-notch political system. Corporate banking facilities leave no room for mistakes. Local banks are more than happy to onboard offshore companies. But then, the system is quite strict and banks will need to see a legitimate business. The documentation may seem overwhelming, but it is actually straightforward.
Most banks require at least SGD 10,000 as a minimum deposit. Some others ask for more. HSBC Bank will require SGD 30,000 for a local currency account, as well as an extra $30,000 for a multi-currency account. The same requirements apply to both business accounts and personal accounts. For this kind of money, you get full service and trade finance, cheque books, loans, term deposits and cards.
Other banks worth a bit of attention include OCBC Bank, DBS Bank, UOB Bank, RHB Bank, Standard Chartered Bank and Citibank. You will usually need to go there in person to complete the application.
Available Offshore Banking in Singapore
Switzerland
Part of the EFTA and always neutral, peaceful, stable and solid, Switzerland has always been associated with money. It is one of the most reputable financial centers in the whole world and supports both people and corporations – both local and foreign. Credit card processing, SEPA, crypto acceptance, trade finance and brokerage are just some of the reasons wherefore Switzerland is such a common choice.
You do not always need to travel there in order to open a private banking account, but it depends on the bank. CIM Banque offers both corporate and personal accounts. Corporate accounts ask for a deposit of CHF 10,000, but you can also bring in $10,000 or €10,000. Personal accounts ask for half of that. You can get more currencies and access to debit and credit cards, online trading platforms and term deposits.
Other reputable banks in Switzerland include Mbaer, Maerki Baumann, Credit Suisse, SEBA Bank and Sygnum Bank.
Available Swiss Offshore Banking
- Credit Suisse AG
- Luzerner Kantonalbank AG
- Arab Bank (Switzerland) Ltd.
- One Swiss Bank
- FAB Private Bank (Suisse) Sa
Turkey
Located between Asia and Europe – practically, on two continents, Turkey is a great choice for those who want access to Europe, the Middle East, North Africa and Central Asia. The banking system is among the biggest in the world, with multiple ramifications and internationally distributed banks. You may not always need to visit the country to open an account – another great aspect.
Ziraat Bank is among the largest banks in Turkey and a great choice for foreigners too. Basically, it makes no difference if you want a personal account or a business bank account. If you want a business one, it makes no difference if your company is incorporated locally or abroad. You can open an account in more currencies too.
Most banks will require a $250 deposit, which is nothing compared to other jurisdictions. Apart from Ziraat Bank, it is also worth checking out Garanti Bank, Isbank, AKBank or Yapi Kredi Bank.
Available Offshore Banking in Turkey
United Arab Emirates
UAE has become a tax haven for plenty of entrepreneurs and business people. When the government boosts richness and wealth, there is no need to overcome people with taxes and fees. As long as you bring money into the country, everyone is happy. You can open business accounts for offshore companies, as well as companies incorporated in the UAE.
Trade finance, transactional banking or corporate credit cards are just some of the services you can get there. Most banks will require an initial deposit of AED 20,000. You will also need to go there in person. Noor Bank is among the most popular choices for foreigners due to its international presence – regular trading, accumulation, investment or asset holding, among others.
Other banks to consider include Emirates Islamic Bank, Emirated NBD, Commercial Bank International and RAK Bank.
Available UAE Offshore Banking
- MIRABAUD Bank
- HSBC Bur Dubai Branch
- South Indian Bank Ltd Banking Representative Office
- Ajman Bank - Al Ain Branch
- Dubai Islamic Bank
United States of America
The financial system in the USA is not really healthy, but often too aggressive for foreigners. With all these, it makes a good choice for foreigners and offshore businesses. Whether you operate with local companies or you simply want to save in USD, it is important to choose the right bank. You will most commonly need to make a minimum deposit of at least $1,000.
Now, choosing the right bank is a bit sketchy. Citibank is among the best-rated banks for foreigners. It will take resident, nonresident and offshore companies. It will also provide transactional banking, crypto operations or trade finance, not to mention brokerage accounts. Other useful banks include HSBC and Capital One.
When it comes to choosing an institution for your business bank account, make sure you choose the right state – this is the catch. Tennessee, California and New York are among the best options.
Available Offshore Banks in the Unites States of America
Vanuatu
Vanuatu consists of 83 different islands and does not really have an economy. It is, however, a stable environment in the South Pacific Ocean. In order to sustain its own economy, it has developed one of the most appreciated banking systems in the world. It caters to offshore businesses and international users, but it also provides access to a few different currencies and no minimum deposit requirements – different banks may have different rules though.
Pacific Private Bank offers access to both personal and business accounts. You will need a deposit of €1,000 and a minimum monthly balance of €250. You get Internet banking, wealth management and term deposit options. Most of these accounts are based on EUR, whether you opt for the private offshore account or the business bank account.
Available Offshore Banking in Vanuatu
- ANZ BANK Vanuatu
- National Bank Of Vanuatu (NBV)
- Reserve Bank Of Vanuatu
- Pacific Private Bank
- Wanfuteng Bank
Guernsey
Guernsey is an island. While not necessarily part of the UK, its defense system is handled by the UK. Also, the little nation relies on the GBP as its main currency. In order to sustain itself, it has created an appealing banking system. Despite its size, it hosts a bunch of solid banks that cater to offshore entrepreneurs as well.
Most banks come with a minimum deposit requirement of £20,000. Royal Bank of Canada is among the main options. It caters to resident companies, offshore businesses and foundations. The presence in Guernsey is not required to open an account either. Other than that, you may also want to consider Credit Suisse AG or Schroders CI Ltd.
Available Offshore Banking in Guernsey
- Lloyds Bank
- Bank Julius Baer & Co. Ltd. - Guernsey Branch
- Investec Bank (Channel Islands) Limited
- Butterfield Bank (Guernsey) Limited
- J. Safra Sarasin
Ireland
Ireland is part of a divided island and offers access to accounts in both GBP and EUR. It is not a good choice for offshore businesses, as the financial system only deals with local companies and those established in the UK. Therefore, if you truly want this option, it pays off incorporating your business in one of these two countries.
Ulster Bank Ireland is a good choice for foreigners. There are no minimum requirements and you will gain access to SEPA – low fees around Europe, as well as transactional banking and credit card processing. Your presence may not be required. Furthermore, Ireland also hosts some challenger banks.
Available Offshore Banks in Ireland
- Ulster Bank (O'Connell Street)
- Bank of Ireland
- KBC Bank
- Allied Irish Banks, PLC
- Julius Baer Europe S.A.
- BNP Paribas
Georgia
Often overlooked, Georgia is a stunning holiday destination that may often remind you of Switzerland. When it comes to money, it has developed an appealing system to offshore companies and international users with no minimum deposit requirements, multiple currencies for an account and no presence required.
However, Georgia only caters to resident companies, so you would need to incorporate your business there – great for low taxes as well. TBC Bank is one of the biggest and most reputable options. You will get a business account in no time, but personal accounts are also accepted.
Available Offshore Banking in Georgia
Conclusion
Bottom line, there are lots of options when it comes to getting an offshore bank account – be it a private banking account or a business bank account. At the end of the day, the jurisdiction you choose depends solely on your needs, circumstances and long-term plans.
There are many more options out there – as well as other countries that could provide low taxes and great diversification, but the above-mentioned solutions come with a major advantage that every entrepreneur looks for. They are politically and financially stable.
Last edited by a moderator:
