4 Best Countries You Need To Have an Offshore Bank Account In
The US tax reforms are forcing businessmen to look for investment opportunities abroad. The unstable political and economic situations have also got people worried about their income and future prospects. In the current economic condition, it’s best to avoid risky investments and secure future by reducing expenses and taxes.
An excellent way to reduce tax and gain access to the foreign market is offshore banking. Your saving or funds are taken out of the US jurisdiction, which lets you avoid a certain type of taxes. However, you need to explore your options. Different countries have different tax policies and tax agreement. Find a country that offers maximum tax-saving opportunity. To make things easier, here is a list of best offshore banking countries.
Cayman Island
This country has a good reputation in the international market for its banking services. It hosts many international clients and provides a wide range of banking and financial services. In addition to this, this island is literally a safe retreat for foreign businesses and individuals because of its lower tax liability.
Cayman Island doesn’t tax capital gain, payroll, corporation gain, or personal income. It provides ideal conditions for expats. There are no reserve requirements and company/individuals can transfer funds in or out of the Island, in any currency, without any fees.
Cayman Island is recognized as one of the best international financial centers in the world because of its offshore regulatory framework.
Singapore
If you have a lot of assets and want to save it from the government, then Singapore is the place for you. The setup process is really simple and you don’t even have to travel to Singapore for the registration process.
Your assets are well-protected and concealed by the Singaporean offshore banking system. They offer a variety of wealth management services to make your assets profitable. It also gives you access to Hong Kong, China and European financial markets.
Switzerland
For privacy and anonymity, Switzerland offshore banking services are the best. Without the account holder’s consent, banks can’t share information about your income or wealth. Breaking this law means 6-months of prison time, plus a fine of 50,000 Swiss Francs. Therefore, head over to Switzerland, if you want superior asset protection.
Nevis
If you’re looking for a country to set up an offshore company in, then don’t forget Nevis. Excellent financial framework, low setup cost and facilitating asset protection services is what lures companies to this country.
Nevis doesn’t require companies to follow long statuary requirements and shareholders have the liberty to exit the company at fair value.
Belize (Bonus Country)
This year I have started working extremely closely with Caye International Bank based out of Belize. They have a capitalization ratio of 24%, which is considerably higher than any onshore account you are going to find in North America. Belize is a safe, democratic country that speaks English as a first language and their banking practices are very conservative compared to many countries you will find in the world.
Related Articles & Podcasts
Here is a fantastic podcast with Joel Nagel, from Nagel & Associates Law about the Best Countries for Citizenship by Investment and Residency by Investment.
Luigi Wewege, from Caye International Bank in Belize wrote this fantastic article about offshore banking. Enjoy!
Escape Artist, along with Mikkel Thorup, graced us with this article about offshore banking. I know you’ll love this.
Conclusion
Over at EscapeArtist.com we have written The Ultimate Guide to Going Offshore. It’s an amazing article that I know you will want to download the PDF for your personal library.
There are many other opportunities out there for you. Devise a comprehensive plan to protect your income and assets in the best way possible. Mikkel Thorup can help you with finding offshore banking opportunities, just tune into his weekly podcast, The Expat Money Show.
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About The Host, Mikkel Thorup
Mikkel Thorup; the host of The Expat Money Show, has 20+ years in continual travel around the world, visiting more than 100 countries including Colombia, North Korea, Zimbabwe and Iran.
His goal now is to help Expats just like you to generate additional streams of income, eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again.
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Hi. I live in the UK. I’m about to inherit about £100k before personal taxes from a distant family member who left no will. My family member also lived in the UK. Taxes and costs will total about £250k which leaves about £600k to be shared equally between 6 direct living family members.
The solicitor will complete probate soon which consists of 3 time-dependent parts for the 6 family members, including myself, in equal inheritance shares.
I am to receive – 1/6th from the sale of the house (total value about £250k), 1/6th from various banks and investments, and 1\6th from the sale of memorabilia and collectables.
In this scenario could I benefit from a reduction of UK taxes by asking the solicitor to pay the funds, as they occur, directly into an overseas, or Isle of Man or Channel Islands bank account, in my name?
I’ve asked around and googled for further information but this just creates more questions and confusion. A friend suggested I try an off-shore bank (?) to possibly reduce taxes.
Can you help and advise please? If not my apologies for contacting you.
Many thanks. Denis Bosomworth
Hi Denis, I will email you about this privately
Mikkel
What happened between you two?
Sorry Jackson, between me and whom?
Hi we have a client in eastambal, who want to buy my wife’s , property ,for million Euro in Bangkok. He wants to pay in euros , he can pay this to my account, now he wants this to stay private, no paperwork , a one forward payment of one million , is this possible with a off shore account, and can it be forwarded to my Thailand bank account
Please contact us at support@MikkelThorup.com to talk. I will say straight off the bat we do not partake in any illegal behaviour and will not advise anything that does not follow the laws of the country we do business in.
Your article is very informative and useful to me. I am exploring the possibilities of creating offshore companies in the world’s early countries, the best countries for doing business. Thanks for sharing!