Are you scouting the internet for the list of the best countries where you should open offshore bank accounts this year? You are not the only one. The global economic turmoil, political instability, and travel bans in many parts of the world have escalated the overall demand for personal and corporate services of foreign banks. Which is the best place for investing or parking your free assets legally and securely this year?
Shortlisting the top destinations for opening offshore accounts and non-resident banking abroad
There are a lot of reasons why investors go offshore. Some decide to open a non-resident bank account to protect their private or corporate assets, others are after higher interests on deposits and a wider range of services, while a guarantee of banking privacy is often also a priority.
If you have already specified your needs and objectives, you can weigh the pros and cons of some destinations and choose the most suitable country by your parameters. In your search for the most relevant and beneficial offshore banking jurisdictions you just cannot do without the study of their legal and banking landscapes, taxation rules, and practices of several local banks.
Having selected the jurisdiction and a shortlist of financial institutions, you need to estimate the merits and demerits of banking with each of them. While comparing different offers, you will take into consideration the looming costs of opening an offshore account with the banks of your choice. Apart from the payable fees, you will consider other criteria – the terms and requirements, the ease of application, the processing time, the possible limitations, and the available solutions.
There are over 60 offshore jurisdictions across the world. If one of them is a perfect fit for some investors, it will not necessarily suit others.
of personal bank accounts abroad for
persons depositing €5000+. Expert services
based on 7+ years of experience in banking.
of personal bank accounts abroad for persons depositing €5000+. Expert services based on 7+ years of experience in banking.
If you are new to offshore matters, you will soon discover that you need professional assistance to help you cope with all the objectives of such profound research. In short, there cannot be a straightforward answer to the question about the best country or bank where you could recklessly, without reservations, open a non-resident bank account once and for good. That is why the choice of any offshore bank account meeting the expectations of its owner is a fruit of scrutiny and professional insight.
Does the above-said mean that you should ignore the ready-to-use lists of top-rated jurisdictions and banks compiled by experts? Of course not. Moreover, such lists are a great tool in your search for the right decision. For example, the hereby recommendations have been designed with consideration of the offshore banking experience of our clients and the current state of affairs in different jurisdictions. That is why this article is worth paying attention to.
Please find at the bottom of this article some examples of our current services of opening offshore bank accounts in the 6 recommended jurisdictions.
The best TAX HAVEN — the CAYMAN Islands
The Cayman Islands is a country with a great reputation in the international banking market. Any individual or legal person can be granted very favorable terms, including the incredibly small tax liabilities in the Caymans. That’s where investors are very relaxed and confident about the safety of their assets, due to the steady local political and economic environment. The Cayman Islands do not tax wages, capital gains, personal income, and corporate profits (or, rather, maintain very little tax rates). There are no currency controls in the country. The local banking privacy provisions are recognized as the best in the world. The regulatory and legal framework allows for protection and rapid diversification of owners’ funds. Many experts agree that the Caymans is the number 1 destination for keeping one’s financial integrity intact.
The SAFEST country for DEPOSITS — GERMANY
Germany has always been considered one of the safest countries for deposits. Given the reasonably low costs and fairly easy procedures of opening bank accounts, the overall financial stability, and security protocols of German banks, their services excel similar offers of financial institutions in other countries. The German banking system with its cutting-edge technologies is one of the most advanced in the world, guaranteeing 24/7 access to online services and ATMs. Besides, applicants are not required to visit the bank in person to open a non-resident offshore account.
The most convenient country for COMPANY FORMATION — NEVIS
If you’re looking for a country to start a classic offshore company, you should consider Nevis. The favorable profile of its financial system, the low cost of registration, and the high-quality asset protection services – are the reasons why international companies are attracted to this country. A non-resident bank account set up in Nevis will enable your business to migrate to any jurisdiction, merge with other large companies, and grow internationally. The Nevis legislative framework exempts companies from any burdening chores and procedures. So if a shareholder chooses to quit the company, they can do so at fair value. The country maintains the most business-friendly environment, including the easy-to-navigate legal system and justice pathways, the sound democracy, and a rather sustainable economy.
Nevis can be a quite favorable option for the registration of some startups and personal asset protection.
We strongly recommend Nevis for banking services.
The MOST SECURE country for ASSET PROTECTION — SWITZERLAND
At the Swiss legislative level, it is established that banking services are a special field of economic activity, so confidentiality is given a high priority by Switzerland’s financial institutions. Bankers are prohibited from disclosing any information about their clients to any requesting parties. Any financial institution will be fined up to 50 thousand Swiss francs for disclosure of the client’s banking secrecy. A non-resident bank account in Switzerland is considered the safest investment in terms of asset protection and independence. This is guaranteed by the financial stability of the national economic system and special provisions. As of 2004, the SBA revised the Depositor’s Protection Agreement. From then on, the current financial regulations in Switzerland require all banks to maintain a minimum level of capital that will guarantee coverage of customers’ losses in the event of a bank failure.
ELITE BANKING services — MAURITIUS
The banking sector of Mauritius is well-positioned domestically and regionally. Local banks offer a variety of excellent personal and corporate services. Our VIP clients opening private or corporate accounts with strong financial institutions in Mauritius are offered most favourable terms and such incentives as elite bank cards in several currencies, excellent lending and investment opportunities, online banking services, expanding geography of transactions, and diversified assets. Your deposits on offshore accounts in Mauritius will be securely protected by this jurisdiction’s offshore banking system. In 2020, the country has successfully addressed the strategic AML/CFT deficiencies identified earlier by the FATF and ESAAMLG.
The most STEADY country — PANAMA
Panama’s banking secrecy laws are effectively incorporated into the Panamanian legal constitution. Unlike Switzerland, Panama has a minimal network of tax treaties. The US dollar (along with Panamanian balboa) is Panama’s national currency, but customers may also have their accounts in euros or British pounds. The only tax paid by non-resident offshore corporations in Panama is the ‘tasa unica’ – the flat annual corporate franchise tax of USD 300.
Any capital income deposited on bank accounts in Panama is free of taxes. We do recommend Panama as a jurisdiction with excellent tax residency perks. There is a scope of opportunities for diversification of assets through investment in bonds, stocks, currencies, futures, etc. Banking privacy is guaranteed by the strict rules of confidentiality and the legal traditions in Panama. Besides, Panama is a wonderful place to move into. Most expats say that the quality of life is very high in this jurisdiction.
How to choose an offshore bank account?
When it comes to selecting the best jurisdiction for setting up an offshore bank account, you will find out that the range of options is impressive. For this very reason, there is no one-size-fits-all solution!
When consulting clients, our experts always explore the specifics of the customer’s business and recommend the PRE-APPROVAL service. You can rely on our Offshore Pro Group team offering efficient assistance in shortlisting the best preliminary options matching your situation and plans.
EXAMPLES OF OFFSHORE BANK ACCOUNT SERVICES
All countries described above clearly feature specific advantages and are rightly qualified from many points of view as the best and the most beneficial offshore jurisdictions. However, it is important not to rush into making hasty decisions. That is why we advise you to open a non-resident bank account after thorough research together with a seasoned consultant. Your financial security, asset protection, and asset diversification will depend on the right choice of jurisdiction and the right foreign bank.
As they say, money loves silence. Without further ado, let us sum up: only a professional and competent approach will ensure your future profits and will shield you from the risks of stressful mistakes or panic. You can book a free consultation right now by writing to our e-mail address given at the top of this page. You are also welcome to fill in the clickable online form to help our experts understand your aspirations better and prepare for the online session with you.
Of course, in addition to the top 6 countries listed above, we have other interesting options for you. They include opportunities for opening bank accounts in Serbia, Canada, Puerto Rico, etc. You can discuss them with our experts during the free private consultation and then make a well-informed far-reaching winning decision.