Offshore Banking, the safest countries for my money?

[Houdini]

Can you mention the best offshore banks in your opinion located in some safe countries which are save to deposit 400,000 euro ? I can place them in US$

I'm not interested in other suggestions, just banks and their countries, if there are any

 

[AlicaFunk]

DBS or OCBC Bank in Singapore, both open accounts for foreigners, I don't know if they do remote account opening.

Switzerland with UBS and PostFinans could possibly work for you, requires good setup in Switzerland.

 

[janissary]

DBS or OCBC Bank in Singapore, both open accounts for foreigners, I don't know if they do remote account opening.

Switzerland with UBS and PostFinans could possibly work for you, requires good setup in Switzerland.

The Singaporean banks generally don’t do EU residents unless you are a client of their private banking division ($3 – 5m).

UBS unless you have Swiss residency would need to be CHF 2m.

 

[JohnnyDoe]

Can you mention the best offshore banks in your opinion located in some safe countries which are save to deposit 400,000 euro ? I can place them in US$

You have been a member since 2016. You should by now have learned that by definition fiat, banks and countries are your enemies.

I'm not interested in other suggestions, just banks and their countries, if there are any

Seeking validation is dangerous.

 

[AlicaFunk]

You have been a member since 2016. You should by now have learned that by definition fiat, banks and countries are your enemies.

Sometimes you need them anyway

 

[JohnnyDoe]

Sometimes you need them anyway

Yes, not for “safely deposit” any money though.

 

[yngmind]

I would keep the money in the brokerage accounts in the different countries.

But SG seems like a solid option.

 

[Martin Everson]

Can you mention the best offshore banks in your opinion located in some safe countries which are save to deposit 400,000 euro ? I can place them in US$

Where are you based? If in EU or UK you can use a service like Raisin to split among 4 banks of your choice (from list) outside your country to stay under state deposit protection.

Otherwise any EU bank with a custody account and park cash in short term treasury and keep rolling. Custody accounts are ring fenced in case banks collapses and wont form part of BRRD.

P.S No such thing as safe country any more i.e US was considered safe then Trump took office.

 

[ilke]

Banks and safest is an oxymoron, unfortunately.

Why not just holds bonds/MMFs if you want something fiat-linked?

Otherwise maybe US below insurance limits or SG/HK but those usually ask unreasonable starting deposits.

Or just some EU/UK EMIs with smaller amounts in each – there is tens available easily, at the least. In general, they are quite safe (in the grand scheme of things), thanks to safeguarding systems. The bigger risk there is compliance monkeys, but you cannot avoid those wherever you go on the continent of regulation.

 

[Martin Everson]

Otherwise maybe US below insurance limits

Relying on US FDIC is like Zelensky relying on US support right now. FDIC almost went bankrupt during 2009 crisis as I discussed below.

Post in thread 'Can USD kept outside the U.S.A be devalued?'

Mar 12, 2022

MF Global was not a regular broker but a Futures broker:
"Unlike bank deposits or brokerage accounts, futures accounts carry no backstop akin to FDIC insurance or SIPC coverage. For this reason, account segregation is deemed sacrosanct."

That's why the SPIC insurance was not applicable. Otherwise the clients would have been insured up to $500k for equities + $100k cash

I wouldn't rely on FDIC. The FDIC is not as safe as you think it it. I discussed FDIC in another thread in 2020. During 2009 financial crisis the FDIC was days away from going...

• Martin Everson

Hopefully Musk does not make FDIC go the way of USAID. I would not stake any money I care about on taking unnecessary geopolitical risks even if slim.

 

[yngmind]

Relying on US FDIC is like Zelensky relying on US support right now. FDIC almost went bankrupt during 2009 crisis as I discussed below.

Post in thread 'Can USD kept outside the U.S.A be devalued?'

Mar 12, 2022

MF Global was not a regular broker but a Futures broker:
"Unlike bank deposits or brokerage accounts, futures accounts carry no backstop akin to FDIC insurance or SIPC coverage. For this reason, account segregation is deemed sacrosanct."

That's why the SPIC insurance was not applicable. Otherwise the clients would have been insured up to $500k for equities + $100k cash

I wouldn't rely on FDIC. The FDIC is not as safe as you think it it. I discussed FDIC in another thread in 2020. During 2009 financial crisis the FDIC was days away from going...

• Martin Everson

Hopefully Musk does not make FDIC go the way of USAID. I would not stake any money I care about on taking unnecessary geopolitical risks even if slim.

You made me think.

Most of my net worth is in U.S. stocks, held in U.S. brokerage accounts.

 

[daniels27]

Just use a Kantonal Bank in Switzerland which has state guarantee. Or PostFinance as mentioned above. Just don't cry if fees are too high. You can get a residence permit as any EEA citizen and then just keep the address and the account.

Singapore, HK, etc. works too.
HSBC Premier

Not sure what still goes under off-shore by your definition. Beware that if all goes down, this will go down too. (But rest assured that in that case liquidity would go down too, meaning stocks, real estate and crypto also goes down).

 

[Forester]

Just use a Kantonal Bank in Switzerland which has state guarantee. Or PostFinance as mentioned above. Just don't cry if fees are too high. You can get a residence permit as any EEA citizen and then just keep the address and the account.

I second this. UBS mentioned above is IMO far from being good.

You probably also want to check some banks in British Crown Dependencies, Barclays Isle of Man would be my first choice.

Singapore, HK, etc. works too.

Yes. But IMO HK is definitely less safe than CH or British Crown Dependencies, SG probably. (Of course, CH is far from being a rock solid haven as it was in the past.)

HSBC Premier

I'm not a fan of HSBC, definitely not. Yet I admit that the onboarding there is one of the easiest.

Not sure what still goes under off-shore by your definition. Beware that if all goes down, this will go down too. (But rest assured that in that case liquidity would go down too, meaning stocks, real estate and crypto also goes down).

Again, I second this.

 

[Clank]

DBS or OCBC Bank in Singapore, both open accounts for foreigners, I don't know if they do remote account opening.

Switzerland with UBS and PostFinans could possibly work for you, requires good setup in Switzerland.

All Singapore banks now do remote account opening.

 

[daniels27]

All Singapore banks now do remote account opening.

Yes, but they also require EP (Employment Pass) for normal accounts?

 

[cionide]

There's a few banks in luxembourg that have 500k minimums only. HSBC in Jersey requires only I think 100k GBP minimum nowadays and will open for most EU citizens - and while Jersey is a small country HSBC is one of the biggest banks in the world and wouldn't be allowed to fail.

 

[Clank]

Yes, but they also require EP (Employment Pass) for normal accounts?

They only open premier accounts for non-residents online.

 

[Martin Everson]

Switzerland with UBS

Don't waste your time with UBS. That is a bank that was bailed out by Swiss government during 2008 financial crisis. Swiss banks and conservatism and the Swiss financial centre is not what it used to be.

https://www.swissinfo.ch/eng/busine...ubs-the-biggest-swiss-bank-was-saved/44474630