While the political and economic stability in the world leaves much to be desired, offshore banking is still there for you to enjoy all its benefits! The demand for foreign banking is growing as investors are looking for better asset protection, a wider range of services, or more confidentiality. There are a lot of offshore banks, so the amount of information you have to analyze may be overwhelming.
It may take you a lot of time and effort to make a shortlist of banks that seem to fit as you will have to look at possible limitations, range of services, cost of opening and fees, processing time, and ease of submitting an application. We have made a general shortlist that we are going to present in this post, and you may as well refer to our detailed description of the best countries to open an offshore bank account.
Here are the three elements of the puzzle that help you satisfy your banking needs in the best possible way:
- You know very well what you want right now and what you may need (in the near future at least)
- You find a bank that can give you the desired range of services on acceptable terms
- You check whether the jurisdiction where the bank is based meets your expectations
Practice shows, however, that all these items may require an expert’s attention. The first element seems easy until you understand that this is a banking strategy that can involve the interests of your family and business. As for the bank, the information on its website may differ from what you get in practice. Moreover, you need to know the laws of the jurisdiction to make sure it is suitable for you as a non-resident.
With all that in mind, we have developed a really helpful free online consultation that helps people to successfully open an offshore bank account online. We will analyze your situation, ask additional questions to clarify your needs and expectations, and provide you with a personal shortlist of the banks and jurisdictions that match your needs best of all.
Meanwhile, we will present you our list of top destinations based on one particular priority that an average prospective bank client may have:
The Cayman Islands. In a nutshell, you will not find a better tax haven than the Cayman Islands! Both individuals and legal entities are welcome to benefit from a high level of asset protection (thanks to political and economic stability), the absence of currency controls, and the quick diversification of funds. The country has been keeping its good reputation on the world’s financial market for many years, and it is really popular with people who wish to open an offshore bank account and value banking privacy.
Germany. We recommend it to clients whose priority is to make a safe deposit with a reliable bank. Germany is a stable country that provides some of the world’s best state-of-the-industry banking technologies. With permanent access to online banking and ATMs, reasonable fees, and really tight security standards, the German financial sector seems to have something for everyone. Besides, the procedure of opening a bank account is fairly simple and does not require your personal presence.
Nevis. If you are looking for a good place to start your business and open a corporate account, we strongly recommend that you look at Nevis. The country has a truly remarkable asset protection framework, and you will not find anything better in the world. It is a real stronghold, and your creditors will have a hard time attacking it. Business owners flock here to establish a company and take advantage of good corporate banking, a stable economy, and low cost of set-up.
Switzerland. Swiss banking is a high-class world brand, and clients choose it to benefit from strict confidentiality requirements that the banks meet. Any violation of the client’s banking secrecy is subject to a considerable fine as this is a top priority on the legislative level. A bank account in Switzerland opened by a non-resident is really safe in terms of asset protection and independence. Moreover, all banks are required to keep a fund to guarantee coverage of losses in case of bankruptcy.
Mauritius. If you want to have elite banking services, try Mauritius. The country’s financial sector has a good reputation locally and internationally, with the banks offering high-class personal and corporate services. VIP clients can get multi-currency elite bank cards and benefit from easy diversification of assets, taking loans on favorable terms, and participating in appealing investment projects. Non-resident deposits are covered by the banking laws adopted in Mauritius.
Panama. This is a banking destination for those who are looking for stability. Panama has an effective legal framework in place that ensures compliance with banking secrecy requirements. You can open accounts in US dollars, euros, and pound sterling. You are welcome to diversify your assets by investing in futures, stocks, or bonds. We also recommend Panama as a jurisdiction that offers tax residency perks not to miss.
These are the top six banking destinations we wanted to introduce you to. We still recommend booking a session with an expert because it is impossible to recommend 100% of banks in any jurisdiction. Some institutions will inevitably be better, some specialize in a particular niche, and yet some others prefer working locally rather than onboarding international customers. We monitor the situation on a constant basis to give you the latest updates.
A win-win solution rarely occurs by chance or results from a hasty decision: in most cases, it requires analyzing both parties with their needs, requirements, and resources. Anyway, we rely on statistics and will not recommend something that we have not tried in practice. Remember, we are just one click away.
We wish you the very best offshore banking experience!