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TOP 5 Countries for Offshore Banking

TOP 5 Countries for Offshore Banking

People will offer a lot of different advices when it comes to the best offshore bank accounts. The perfect banking country for one person or company might not be the best fit for another. Our list is based on some countries that offshore investors keep talking about:
CAYMAN ISLANDS

CAYMAN ISLANDS - Best Country for Tax benefits

With their high reputation as an ideal country for offshore banking, the islands are considered and known as Tax haven, this term defines a country when it offers to businesses and foreign individuals a minimal tax liability. With a political and economic stable environment, with no taxes on capital gains, corporations, withholding, property, payroll, or income. No exchange control, allowing free fund transfers into and out of the Islands in any currency and their strong regulatory framework for their offshore banking services.

SINGAPORE

SINGAPORE - Best Country for the Wealthy

Singapore has it’s reputation as a stable, safe place to store assets, with their strict regulations in their banking sector and their cutting edge technology allowing for safety and as well an easy access to your assets. Accounts available from a range of trading platforms in many currencies reducing high exchange rates and offering a variety of wealth management services, funds, brokerage houses and accounts to manage your money as well.

SWITZERLAND - Best Country for Asset Protection

Switzerland due its country’s strict privacy laws, forbidding bankers by the Swiss law any disclosure of any information related to your account without your consent, bankers breaking this law can face up to 6 months in prison and followed by a fine of 50,000 swiss francs, gained its high reputation for offshore Banking and trusted asset protection. Switzerland’s has stable political and economic climates . The Swiss Bankers Association (SBA) as of 2004 revised the Depositor’s Protection Agreement, which guarantees that in the event of bank failure depositors will still receive their legally privileged claims.

GERMANY

GERMANY - Best Country for Safety

Germany being another country in the list with a stable economic environment brings its popularity from offering payments, also being a known source for savings, checking and custody accounts. In most cases, you don’t need to be present to open an account in Germany, offering to account holders access to advanced online and ATM services, 24/7. Additionally some banks also give the option of getting a Visa or Master Card as well with fairly low maintenance costs while opening an account.

BELIZE

BELIZE - Best Country for High Interest Rates

Belize might not have a 20% interest like some other countries, but it has a real interest of about 2,54% and an inflation rate of close to 0% (2019 as per Trading Economics). Offering a variety of currencies to choose from and the exchange rate between Belize and US is 2:1. Plus, known for upholding the privacy of their clients, with the benefits for their International client accounts not being subject to local taxes or exchange control restrictions.

Some additional information to keep in mind when opening an Offshore account, are that you will be asked the Basic Requirement similar to opening an account to your home country. Even with the strongest privacy laws you will be asked for your personal information: your name, date of birth, address, citizenship and occupation. Because it’s essential when setting up your account for the bank to be able to verify your identity. Most of the Banks and Institutions following their anti-money laundering regulations will ask you about the nature of transactions passed through accounts, some financial reference documents from your current bank, a copy of your driver’s license and/or passport and proof of address. All the countries mentioned have their own distinguish benefits with many options to choose from. Find out which country fits best for your needs.