Political and economic stability is being shaken across the globe with more and more conflicts appearing on the world map, while offshore jurisdictions remain safe havens that attract wealthy people. We all understand that the global situation will become stable one day, but we have to keep our capital in a safe place until that time. And offshore banking provides this opportunity! Deposit your family assets here or use offshore banks for seamless uninterrupted financial operations to ensure your business is running under any circumstances. As the popularity of offshore banks is on the increase, the process of opening an account is becoming more challenging. However, we know all the ins and outs and we will help you!
If you want to get more detailed information on the best ways to use offshore banks, we will be happy to see you on our portal. Discover the best countries for non-resident banking and explore other sections that may be of interest to you. We focus on company establishment in different pro-business jurisdictions, top banking destinations, asset protection opportunities, tax optimization schemes, investment (in real estate/economic citizenship and more), and so on. You will find all you need for Plan B in your life! Do not hesitate to book a free individual session with our experts to discuss your needs and get professional advice. We will help you solve all the administrative issues at a reasonable fee!
Countries Whose Banks Are Open to Non-Residents
The first thing to take into account before you choose a suitable jurisdiction is your priorities. The reasons why you may resort to offshore banking include asset protection, a higher return on investment, or confidentiality.
Most countries welcome non-residents wishing to open a bank account, but they offer different conditions. Look at how stable the country’s political, economic, and social system is before you opt for it as your financial haven. Traditional destinations where affluent people flock to deposit their assets include Singapore, Belize, Switzerland, Panama, the USA, and so on.
You can shortlist several countries and compare their tax, legislative, and banking systems, as well as the internal policies of their banking institutions. When you choose a particular bank, look at the access to tax incentives, level of asset protection, and the bank’s reputation.
If all that sounds difficult, feel free to click on the above link and talk to our expert!
Best Offshore Banks for Non-Residents
Your country of legal and/or tax residence is just as important when you choose a reliable bank for your purposes! Here are some valuable considerations:
- Look at the taxes payable by residents, trusts, and legal entities
- Consider the reporting requirements for offshore account holders in your home country
- Look at the existence of DTTs (double taxation treaties) concluded with your country
Here are some general rules imposed by foreign banks:
- Offshore banks do not open accounts for individuals or legal entities from sanctioned countries
- You will need to provide a proof of residence address and proof of tax residency before an offshore bank opens an account for you
- An offshore bank will not open an account for your legal entity if it is engaged in any kind of unlawful or unregulated activity. This sometimes concerns high-risk activities as well: for example, some countries and banks accept gambling companies, while others do not.
The Easiest Countries to Open an Account In
There is no list of countries that offer the most beneficial conditions as the choice largely depends on the country where you reside.
If you live in Europe, the easiest way to get a bank account is to set it up in your home country or in a neighboring country. However, it does not mean that you will get the security and conditions you want, so you’d better look towards the Cayman Islands, Belize, Mauritius, St. Lucia, and so on. All you need is to consider the risk profile of each business field and country.
If you live in the US, there are some limitations to your banking:
- FATCA obliges all banks to report on the accounts opened by US residents to the Internal Revenue Service (IRS).
- All US residents have to pay taxes to the motherland on their worldwide income no matter where they generate it.
As a result, banks prefer to turn down US citizens rather than make costly mistakes. However, there is a way out: a bank account in Puerto Rico as FATCA provisions do not apply there.
Top Offshores for Your Banking
Let’s look at the options that seem to be suitable for the majority of customers.
Cayman Islands. The country has an excellent reputation in the world of offshore banking, and it offers ultimate political and economic stability, reliable asset protection, and low tax rates. Remember, however, that it is dependent on the decisions of the British government.
Nevis. The territory is known for its top-notch asset protection, excellent financial services, and low costs of registration. Banking in the country is limited, so the trusts formed here often choose the banks in Belize, St. Lucia, or Switzerland.
BVI. This is a top destination for investment, banking/insurance business, corporate offshore funds, and holding companies. Like the Cayman Islands, it is influenced by the decisions of the British government, which may be an advantage or a disadvantage depending on your country of origin.
Seychelles. The country is a great option if you want to manage your business without much effort as it offers excellent banking and advantageous conditions for entrepreneurs from across the globe. It may be less attractive due to recent changes, though, as you will now have to regularly submit bank statements and financial reports.
Marshall Islands. If you aim to access the world market, complete an IPO, or take advantage of tax incentives, this is a place for you. The jurisdiction is whitelisted by major countries and offers an efficient corporate registry.
Belize. This is one of the best recommendable jurisdictions if you want to start a business or open a bank account. Take advantage of strong asset protection, the power of Belize LLCs, and remote account opening with a low minimum balance.
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