Thorough preparation is what it takes to open a safe bank account abroad in 2023. First off, you should find out what countries offer the safest bank accounts in the world and decide what jurisdiction to choose to pick the most secured bank and set up an offshore account therewith. Picking the safest country for banking in the world is a wise decision that will help you keep your assets safe and avoid the effects of world economic crises.
Best world countries to open an offshore bank account
It pays to be thorough when choosing the jurisdiction with a stable banking system to set up an offshore bank account therein. Let’s look at the countries boasting the most reliable banking systems and the most secure banks in the world.
Every year, Global Finance (GF) comes up with a research-based list of 50 most reliable banks in the world. The International Wealth experts studied the above list to identify the world leaders. If interested in a safe offshore bank account, go ahead and study some additional information or message the International Wealth consultants with your request at info@offshore-pro.info.
Below, you will find the top 10 jurisdictions with the safest banking in the world.
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Germany
The above GF list includes 6 banking institutions from Germany that rank No. 1, 4, 6, and 8 therein. The German economy is among the most robust ones in Europe, hence the top level of the country’s financial and banking systems.
If you are about to open a bank account in Germany, keep in mind that the local laws do not provide for the same bank secrecy level as, say, in Switzerland. Yet, they still secure controls on capital movements. In Germany, offshore bank accounts for foreign citizens are likely to have lower interest rates. Nevertheless, they provide for some currency diversification.
Switzerland
Swiss banks have long been known as the most stable and trustworthy financial institutions in the world. It is hardly surprising that a couple of them are on the GF list. Say, Zuercher Kantonalbank has for years ranked No. 2 therein.
The Swiss Confederation is among the world’s richest and most developed countries. It is also among European jurisdictions with the most stable political systems in the world. Swiss laws regulating banking activities and bank secrecy are pretty favorable. The country’s financial institutions offer top confidentiality, asset protection, high-quality service, and favorable service terms to bank customers. FYI: don’t forget that as a non-resident you shall meet a number of stringent requirements for document submission and minimum deposit amounts to open a bank account with a Swiss bank.
Netherlands
According to Global Finance, 3 banks from the Netherlands have made it to the top-50, with 2 of them ranking No. 3 and No. 5. The financial system of the Netherlands is stable and highly developed. The country’s banks come with confidentiality protection, deposit guarantees, profitable interest rates, and favorable terms that both local and international bank customers enjoy.
NB: the Netherlands are an EU-member state. Here’s why local laws regulating banking operations and securing financial transparency are in line with the EU regulations.
Here are the aspects of bank operations that the country’s banks are very particular about:
- bank account setup for non-residents
- submitting all the necessary documents
- confirming non-criminal origin of your funds, etc.
Norway
With its highly developed economy and financial system, Norway is among the leading European economies. Two banks from Norway have made it into the Global Finance rating, and Norwegian banks are famous for their stability and reliability. If you wish to set up a bank account in Norway with the safest bank in the world, please, remember, that non-residents may only open savings bank accounts there. Moreover, banks in Norway have rather high requirements as far as deposit and contribution amounts are concerned.
Sweden
Just like other North European countries, Sweden is touted as a stable and robust jurisdiction boasting a strong banking system. If you think about setting up a safe bank account in Sweden, take a look at the offers Swedish banks like SEB, Swedish Export Credit Corporation, etc. normally come up with:
- profitable interest rates
- high quality services and asset insurance
- top privacy.
Each bank in Sweden sets its own requirements as to the minimum deposit amounts that may start from USD 150,000.
France
The French Republic is a country with a stable banking system. This is why some of its banks are on the GF list. For non-residents, however, opening a bank account in France is an extremely challenging task.
Canada
As a non-resident, you are free to set up an offshore bank account in Canada provided you meet all the requirements that the International Wealth expert will tell you about during the consultation. Canadian banks are eager to open bank accounts for non-residents from all over the world and offer competitive rates to them. Yet, most banks require that a would-be bank account holder visit the bank personally to set up a bank account therewith.
Singapore
It is not only in Asia but in the rest of the world as well that the Republic of Singapore is duly considered to be a major financial center. Its banking system that is foreign capital-friendly is undergoing rapid development. Provided they submit all required documents, non-residents can set up offshore bank accounts in Singapore pretty quickly. The Global Finance rating mentions 3 banks from Singapore. The latter is a proof that Singapore banks are highly reliable and secure.
South Korea
Although South Korea holds top positions in the rating of countries boasting the most secure banks, you shouldn’t consider it as a jurisdiction to set up an offshore bank account in. It is extremely challenging for both foreigners and non-residents to open a bank account in the country.
Luxembourg
A tiny European country, Luxembourg is among the most reliable and highly developed financial centers in Europe. Its banking industry is secure and stable. Besides, it guarantees top asset protection. The banks of Luxembourg mostly offer profitable rates and tariffs to non-resident customers. Due to this, the country has recently raised relatively large amounts of foreign capital. For many, an offshore bank account in Luxembourg is a viable alternative to a bank account in Switzerland.
Below, you will find the other jurisdictions on the GF list:
- Australia
- Finland
- UAE
- USA
- Hong Kong
- Taiwan.
Offshore accounts countries in 2023: what jurisdiction is the best?
Choosing an offshore jurisdiction to set up a bank account in is an important step to set up a bank account abroad. Although some world countries boast highly reliable banking systems, their laws contain excessively stringent requirements as far as setting up bank accounts for foreigners and non-residents is concerned. At the same time, other offshore jurisdictions may come up with more flexible requirements. To pick up the best option with due regard to your personal history and situation, you are welcome to message the International Wealth experts who will take care of all your needs. Please feel free to message us at info@offshore-pro.info to learn more or book your free initial consultation on the subject.
