Where are the most secure Countries for Private Banking
Where are the most secure Countries for Private Banking
Since the automatic exchange of information, the rules for international private banking have changed. The truth is: bank account opening for non-residents has become very difficult. There is excessive fear among bankers. Offshore is a dirty word. It has become a synonym for money laundering. I will show you the most secure countries for private banking. I give you some tips about how to deal with banks. I will show you how you can open a bank account in one day, hassle-free. Stay tuned.
Offshore means a red flag
Every company that is not registered or everyone which is not a resident in the given country is considered offshore. For some bankers, offshore means criminal. Offshore is a red flag.
Most banks in the UK are not opening accounts for domestic UK companies if the beneficial owner is not a UK resident. Compliance officers have the last say in most questions. Most often, there is a compliance committee ruling over the business division. If something goes wrong with combating money laundering, the mistake was made by the committee and not the single compliance officer.
That’s a typical job protection strategy inside banks. Bankers have warranted excessive fear of almost everything. Banks are reluctant to take risks. If possible, the bank shouldn’t even have clients. They just cause problems. The increased risk avoidance attitude will destroy the business.
Let’s have a closer look at some countries a non-resident can still open an offshore bank account.
Cyprus is a typical private banking and offshore banking jurisdiction for mainly Russian clients.
Cyprus is the prime offshore banking jurisdiction for Russian clients. Cyprus has an extended double taxation treaty network, first of all with the Russian Federation. Everyone remembers the banking crisis in Cyprus in March 2013. Cyprus is doing a lot to attract new investors. They launched a very attractive Citizenship by Investment program without effective and physical residence requirements.
This is the instrument to avoid the Automatic Exchange of Information. If you open a bank account with the new Cyprus passport with residence in Cyprus as a Russian, the Swiss bank will send bank information to the Cyprus tax authorities and not to Russia. The Citizenship by Investment program was very attractive. Among the army of wealthy globalists or nomad capitalists buying a second passport, also criminal capitalists were attracted to the program to legalize the assets.
The EU attacked Cyprus for having collected money of criminal origin. Today, the due diligence level for participating to the program is substantially higher. You may remember that deposits with Laiki Bank exceeding 100’000 EUR were all completely lost. 47,5% of the deposits with the Bank of Cyprus were converted into shares of the bank. The EU put new technology to the test. In the name of saving the bank, the EU legalized the confiscation of deposits in order to avoid bankruptcy. Since 2017, the EU has the Bail-In legislation ready to be implemented for a future banking crisis.
What does it mean to you? In case of a future crisis, the EU will legally confiscate your savings and help the bank out of the financial disaster – with your money. That means high alert for depositors. Avoid international private banking activities with all banks in the EU. All countries in the EU are dangerous for your money. You should protect and save your money but not the EU banks.
Cyprus has become attractive again. I will tell you why.
Despite the Cyprus crisis, it’s very strange that substantial amounts of money are still flowing into Cyprus and new accounts are opened every day. You know why? Here is the truth. The reason is there is nowhere else to go but Cyprus. If you have been rejected by multiple private banking jurisdictions, if you have no other option for opening a bank account, try Cyprus. Or, you give us a call and we will find a solution. If you like this video, show it to us and push the like button now. If you like information just like this, make sure to not miss the new videos and subscribe to my YouTube Channel. Click on the subscribe button and ring the bell.
Account opening in Hong Kong was very easy for international private banking clients. Since the automatic exchange of information, it’s a nightmare. You can try with opening a corporate account for your Hong Kong company but you need the involvement of Chinese partners with business connections to China. You need a plausible justification based on economic arguments. Physical presence is imperative.
Otherwise? No chance, if you do it alone. Alone, it’s mission impossible. If you need an international private banking account in Hong Kong, give us a call. We will help you to compose and document the right story for the bank account application with the bank in Hong Kong. Based on your support and cooperation we will compose a credible story for you. You will open your account in 1 day if it’s prepared by us. We are creative and efficient. We have successfully opened thousands of offshore bank accounts. We know exactly what a compliance officer needs to see to be happy.
Singapore is a good jurisdiction if you do business in Asia. Account opening for non-residents will not be easy. Banks in Singapore are very selective. You need a substantial amount of money. 500’000 USD should be the minimum deposit. You must be very transparent with the bank. Their English skills are not always perfect. The risk of a misunderstanding will accompany you during the entire account opening process. There is no free lunch in Singapore. Singapore is adapting the OECD, AEOI and CRS rules. If you can produce strong evidence documenting the origin of your funds, you may qualify for an offshore bank account there.
Account opening in Dubai can be very expensive and time-consuming for a foreign company. There is a lot of administration work to be executed personally. The United Arab Emirates have not signed the Hague Convention of 1961. That means that all documents can’t be super-legalized with Apostille. You need a local facilitator to be successful with account opening. Many clients made the application for permanent residence in Dubai.
They formed a local company. The company is a condition for the permanent residence permit. You may receive the permanent residence permit without living permanently in Dubai. You can maintain your residence permit by traveling two times per year to Dubai. As a fictitious Dubai resident, it’s much easier to open an offshore bank account there.
In Austria, it has become very difficult to establish an international private banking relationship as a non-resident. They are closing old accounts of customers. Austria is famous for the gentle behavior of its inhabitants. That’s not valid for bankers. Most of my clients have been immediately rejected.
Liechtenstein is an excellent jurisdiction for international private banking. Bankers are educated and are happy to serve non-resident clients. The service level and investment skills are not comparable with the high level offered by Swiss banks but they come close to it. I was surprised by how easy it was to open a commercial banking relationship. There are some banks offering trade finance for commercial and international activities. If you like this video, click on the subscribe button and ring the bell.
In the USA it’s very easy for account opening. The USA is not disclosing bank information with the OECD countries. Trump is creating his own offshore paradise in the USA. Everything is focussed on the USA and on the US Dollar. There are no global investment skills. For some specific clients of South America banking in Miami may be a viable solution. Personally, I am very skeptical.
Switzerland is top for asset protection
Switzerland is definitely the most advanced country for international private banking activities for more than 200 years, especially in times of crisis as Switzerland is the best safe-haven. Today, Switzerland is in the crossfire of international attacks. Despite the white money policy, Swiss banks have serious court cases pending. They are based on mistakes made in the past. The EU and the USA are extorting billions out of Swiss banks based on allegations in connection with tax evasion and corruption money. Accounts for offshore companies are available if combined with a personal private banking account with at least a few millions.
Still today, I receive requests for account opening with tax evasion and corruption money. It’s impossible to open an account with Swiss banks if the funds are not taxed compliant. It’s still possible to open bank accounts for politically exposed persons but the background information must be impeccable. Each money movement must be analyzed. Banks will ask for documentary evidence. You must prove that the origin of funds is not connected to corruption.
We know all the banks in Switzerland. We will find the right bank for you. We will introduce you to a bank which is familiar with your business. 30% of all money on earth owned by non-resident account holders is invested with Swiss banks. Switzerland is the best jurisdiction for asset protection, for more than 200 years. Swiss banks are the best-capitalized banks in the world.
30% of all non-resident investors on earth cannot be wrong. Don’t go alone to the interview with the bank. The risk of being rejected is much higher if you are alone. We strongly advise you to hire an expert or a former compliance officer helping yours with account opening. You will reduce stress and save time and money. Give us a call now on +41 44 212 44 04. Your Swiss bank account is the entry ticket to the international business community.
Caribbean banks can defraud your bank account
Banks in the Caribbean Islands are complicated. They are not well capitalized. Account opening is very frustrating and time-consuming. They accept big amounts of money coming in but it will be very difficult to transfer big amounts of money out of the Caribbean Islands. Banking in the Caribbean can be very risky. Your money can remain locked forever. There are many cheap offshore company providers and fraud in the Caribbean.
I had clients who lost millions with banks in the Caribbean. They invented fraudulent stories and blocked the assets. Many clients cannot move their money out of the Caribbean. Watch out. Be very careful with offshore company providers and banks in the Caribbean. The Cayman Islands offer excellent jurisdiction for setting up hedge funds. The bank accounts of the hedge funds are opened in Switzerland only. The Cayman Islands is a good place for your next holidays on the beach but definitely not for international private banking.
Living with no bank account is a nightmare
Banks are needed. I had clients living without a bank account. They made mistakes in the past. A life without a bank account is terrible. I saw it with my own eyes. The banks have the upper hand. We can’t impose our instructions to the bank if the bank is not willing to cooperate. If you have an offshore bank account, don’t close it even if it cost something to maintain it. There is no guarantee that you will be in a position to open a new one.
Don’t keep all your eggs in one basket
Don’t keep all your eggs in one basket. Diversify your risk by opening accounts in more than one bank. Invest vulnerable amounts exceeding 100’000 EUR in bonds and shares. In Cyprus, only cash was confiscated. In Switzerland, all investments in bonds and shares are protected from bankruptcy by law. Swiss bankruptcy law protects investors if the bank goes bankrupt. Your investments will not be a part of the bankruptcy inventory. The Zurcher Kantonalbank, for example, guarantees all the cash even in case of bankruptcy.
How to communicate with the compliance officers
I will give you some tips on how to deal with the compliance officer.
If the compliance officer will pose to you a question, you should answer immediately. Delay creates suspicion. Make sure you have invoices and contracts ready to show to the compliance officer. Don’t try to provide false information. Fabricated information can trigger a Suspicious Activity Report to the Money Laundering Reporting Office. Your assets can be frozen for months if not years. I was combating for more than 2 years with the prosecutor for having funds back.
Avoid transactions in USD. USD transactions may cause stupid questions and investigations. Where it’s possible you should make CHF or EUR transactions. Cash withdrawals with big amounts are a problem. If you plan a sensitive transaction, please contact me first. Give me a call. Let’s discuss the best way to structure a secure transaction. Give me a call now. If you are engaged with sensitive transactions such as internet trading, adult entertainment or forex you may consider changing the bank before your funds are frozen. We know exactly which bank is able to deal with sensitive activities.
The international private banking world has become more complicated. The rules are always changing. Every single case is different and needs specific attention. If you have an issue call me now and let’s discuss your options. Consider subscribing to the YouTube Channel.
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