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Off-shore bank account?

Hi. Any one with experience on off-shore bank accounts?  I'm interested to put my savings in some where out of my original country Egypt and as well Bahrain .. I travel a lot and as well have no other nationality except egyptian.   Also open to ideas if u think this is not the best way for keeping the savings

It is a great idea.  Come to my office tomorrow (we work in the same company LOL) and I will take you through the whole process :)

But 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!  :top: 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
  :dumbom:

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 :

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.

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