Off-shore bank account?

For the benefit of the forum members; there are a number of offshore banks that can be used. 

The benefits are:

Tax benefits to keeping money offshore
Money accessible from anywhere you relocate to in the world
No physical interaction required with the branch - the banks are set up to facilitate expats after all!
Protected up to a certain limit by the depositor compensation scheme of the relevant country the bank is incorporated in.  So totally safe
And for people working in the GCC, a way to prevent Shariah law from applying in the event of your untimely death, causing complexity in inheritance and potentially leaving your family penniless while the case goes through the courts
Easy to set up minus one element (listed in cons)

The cons:

It is meant for wealthy expats with minimum deposit requirements.  Especially the big top tier banks.  There used to be affordable accounts a few years ago but with all of the interest, that is no longer the case.  You can open accounts with low balances but these come with flat fees per month
Keeping idle cash is a sin especially with low interest rates (and especially with the minimum deposit requirement)
In some cases, with the recent increase in anti money laundering requirements, setting them up can be a chore from documentation standpoint - to prove source of funds and source of income

The big tier banks are:

Lloyds International - Can open an account with as little as USD 3K but carries a monthly fee or a free premier account with average balance of $100K
HSBC Expat - Only Premier account available for international customers.  Minimum GBP 60K or USD 100K
Barclays - Minimum $50K USD or premier service for $100K
Citi Private - Minimum $100K balance

There are many others like Satander and so on but I just listed the massive banks with history behind them - from perspective of risk.

Well , as you are looking for off-shore banking , how about a country where you can deposit funds into an account , fixed or even savings and even get the advantage of being a citizen of that country

Getting a second passport !


There are various countries with such programs , and they go in millions of funds to be deposited to gain citizenship like Cyprus and few more countries !


But there is one South American country that can let you gain citizenship , residency rights after opening a bank account for just 10,000 $ !!!!

So , two targets , one shot

PM me !

Thank you gunner757 & XTang for your valuable inputs like always!  you guys rock!!

@gunner757 - I agree and add some European countries also to that, where they have started to give residency permit against money invested in their economy !!

@logicalindian  It's my pleasure

@saimans  The thing about European countries and countries like St kitts and Nevis and Panama and some more American countries , are expensive , costly , and you would need above $ 100,000 - $ 500,000 !

Then again there are countries in South America , which let you gain "Permanent Residency" and then citizenship "Passport" after 3 years ! For a minimal deposit of $ 10,000 only !!

So if someone is looking out to change their passport color , there are lot's of "Second Residency & Passport " options out there !!

Bahrain is quite easy in gaining citizenship , if you "know" someone from the inside to help you out 

It depends on how much money you have.

$250 - $400K : St Kitts, Antigua, Grenada and so on. Note these are citizenships i.e. passports not just residency
$400K+ - Lots of options for permanent residency in Europe like Bulgaria, Czech republic etc
$1 mn plus - Set yourself up as an investor in UK, US or wherever. Also other residencies in Europe e.g. Malta at Euro 1.1 mn etc 
$5-20 mn - Straight off buy outs of citizenship by Government donations or non encashable bonds e.g. Austria for around 10 million Euros

Then you have the second tier programs in south american countries like Venezuela, Peru etc.  These are comparatively low cost but now require an initial visit and have onerous documentation requirements.  Once you get the residency, there is a wait period of a few years before you get the passport.  Some are already adding language requirements i.e. language tests before you are allowed citizenship.

Hello,

I open new Off shore company in Hong Kong and want open off shore bank account.

I don't want to open in HK because of crs tax reporting.

In fact my business is between France and China. I have passport in France and Tunisia.
I open my off shore company in Hong Kong with my Tunisian passport.

And now, i'm looking for to open friendly and safe off shore bank account in Bahrain as they don't exchange information to others countries.

PLEASE HELP AND ADVICE.

best regards
AD

gunner757 wrote:

Well , as you are looking for off-shore banking , how about a country where you can deposit funds into an account , fixed or even savings and even get the advantage of being a citizen of that country

Getting a second passport !


There are various countries with such programs , and they go in millions of funds to be deposited to gain citizenship like Cyprus and few more countries !


But there is one South American country that can let you gain citizenship , residency rights after opening a bank account for just 10,000 $ !!!!

So , two targets , one shot

PM me !

which south american country are you talking about Tariq?

South American Countries :

Paraguay :- Just deposit $ 5,000 and get permanent residency straight away and citizenship after 3 years .

Ecuador , Uruguay , Panama too ( Panama restricted to certain nationalities )

Panama too risky for french citizen.

Bahrain not in CRS exchange information

Open a company and get a business account .
Pretty simple these days .

I opened Hong Kong company 1 month ago. Very difficult to open bank account their. I want now open bank account in Bahrain as they don't give any informations to my country.

Hi! I'm interested in banking in Bahrain (possibly offshore account). At present I have a 5 year multiple entry visa (no CPR). I work in KSA (no iqama). I'm finding it difficult to keep receiving my salary in cash and don't want to put anything into UK (tax)
Any advice appreciated!

I think you need to distinguish between offshore and onshore banks in this part of the world.  Globally, offshore banks allow you full banking services without you being domiciled in the jurisdiction and facilitate that through online and phone channels.  In this part of the world, even if they call a bank offshore, it still wants to see your residence permit and wants you to be here

It is really about your needs i.e. you want a bank account to put salary into.

Bahrain, to the best of my knowledge, only has onshore banking.  To open a bank account in Bahrain, you need CPR.  Some banks may offer savings accounts to non-residents without that - but you need to check with different banks.

UAE banks do give savings accounts to people but you would need a letter from your current bank as a reference.  You get a debit card and online banking access but no cheque book.

Worst case, there is always the channel islands offshore banks but they have CRS reporting.

Hi,

Can you please give examples of UAE banks that open accounts to non residents?

Pretty much every bank e.g. Mashreq.  But all of these would be savings accounts not current.

Would you send me details please for this country that give second passport with 10k USD deposit

No country gives passport with just 10K.  Gunner is referring to some permanent residency programs.  Once you get permanent residency, you have to live there for 3-5 years and learn the language.

Hi guys. I would appreciate if you have any worthy updates on this topic as of today. Are there banks/countries (new or aforementioned) has facilitated opening such bank account and/or lessen the balance requirements especially UAE? What were your considerations in choosing a certain jurisdiction? I'll be glad to read your experience and lessons learnt in this. Thank you.

Offshore bank accounts, if you want fee free, are generally for the wealthy ie if you have in excess of $100k to deposit. UAE is not a true offshore destination.

I have offshore accounts in the channel islands, Singapore and carribean.  Let me know what are your requirements and I can refer you accordingly.

Thank you XTang. Yes I'm thinking of depositing the said amount but might go above or below it (not for long) since I'm planning to study for some time with lots of travels and want to secure the funds.

1. Does holding a Caribbean passport be of help in the process if i chose the Caribbean?
2. If I went below the said amount, Is the fee fix? roughly how much?
3. I may use the account for visa application purposes

1) Yes

2) Depends. Some banks won't even open below $100k,regardless of fee

3) that is up to you

Thanks XTang. These are noted. Can you please inform me of the banks to go for if I chose to place the funds in the Caribbean and their main features ie minimum funds, investment rate, protection of funds etc? Thanks.

I'm also looking into this.

Lloyds international offers competitive rates for fixed term savings account. For example 2.65 for 6 months . Multiple currency. Min deposit 10,000USD or equivalent currency. Based in the Isle of Man.

Would appreciate information for banks in the Caribbean and Singapore.

With Lloyds application can be made online.

Is it the same for Caribbean and Singapore?

Some

Is it the same for banks in the Caribbean and Singapore? I understand some banks require visit in person to open account or even proof of residence in destination.

Carribean is not online. You have to go there. I opened an account there in 2018 when I visited.

Singapore you can open online with standard chartered. $100k to open but $200k for leverage.

Channel islands options are Lloyds and Hsbc Expat. Lloyds min deposit option comes with a monthly fee. If you don't want to pay monthly fees then minimum option is $100k. Same for Hsbc Expat. Also Hsbc Expat gives a better fixed deposit rate vs Lloyds plus has other investment options online in funds etc. If you have Hsbc in Bahrain you can link both accounts via global view and do instant transfers. There is also barclays in channel island but I didn't like their services and closed my account.

@XTang thank you for the comprehensive reply. I'm able to travel to the Caribbean. May I know which bank you liked their services? Thank you again.

Depends on your needs. Basically, outside of the Cayman Islands, the banking services in the Caribbean are very basic. Dated online systems and lack of investment opportunities. Plus most banks will only open accounts in Caribbean dollars.  Also there is no such thing as depositor compensation schemes.   Getting money in and out also takes time due to their reliance on SWIFT and the US habitually stopping payments.

I bank with Caribbean union bank. It takes a while to open an account as a non-resident. You will need bank references from existing bank, employer letters etc etc.

I only opened an account to establish a footprint there. Practically, I handle all of my banking needs out of the channel islands and Singapore. Bigger banking set ups, investment opportunities and depositor compensation schemes.

@XTang thank you so much. That's a great comparison as I'm seeking facilitation in banking operations more than just establishing a new venue. Thanks again.

Good luck. Alternatively, if you want a presence elsewhere e.g. Swiss banks, you can open with UBS but you need to have a relationship size of $2 mn plus. 

Also, I am not sure what your nationality is, but some banks will give problems from security / sanction perspective to people from Sudan, Libya, Somalia etc.  In this situation, a Caribbean passport won't help UNLESS your residence in Bahrain is also on it.   Because banks verify proof of residence so if, for example, you show your Caribbean passport as a nationality but the residence proof is on your other passport, they will pick that up.