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 - 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 - 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 - 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 - 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.