7 Factors for Offshore Bank Accounts
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- čas přidán 21. 05. 2024
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The single best way to protect your money, grow your wealth, and safeguard your assets against everyone who wants a piece of the pie - is offshore banking.
We are a strong advocate for offshore banking because it allows you to become a true diversified global citizen, which is even more important in today's world when the banking world is a madhouse.
In this video, Andrew shares seven factors for offshore bank accounts.
00:00 Start
0:21 How to Open and Access an Offshore Bank Account
0:49 Banking in Switzerland
1:40 Jurisdiction
2:17 Banking in Singapore
2:36 The Best Countries to Open Offshore Bank Accounts
5:08 Laws
6:30 Travel
7:29 Travelling to Singapore
8:55 The Quality Of Banking Services
12:41 Management
Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".
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Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we've spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
I would never imagine that i would need to open a foreign account, but the political situation changed. It is wise to do it before it is late.
I'm starting this process soon. Did you decide on the country for your foreign account? I live in Europe, and don't like what's happening here.
I know you're still business as usual but... Life's falling apart for many people across the world with global unrest and threats of war. Not just in the USA but in a lot of these places that one would normally get a second citizenship in. People are suffering and becoming angry with their governments. Banks are becoming less secure. Would love to see vídeos address some of these things.
Exactly! Some places that were thought of as safe and secure as recently as last year are no longer so. Maybe they will be again soon but they're not now.
Part of the reason why St Kitts and Dominca seemed like better options. Now with the looming debt defaults by Caribbean nations it does make it more risky.
I fully agree.
This channel is starting to feel autistically irrelevant in the face of all the changes it completely ignores
@@algae_rhythms That may be a bit strong but you're right; I wish Andrew would talk about some of the more pressing current issues.... because they definitely are both current and pressing.
@@fillername458 Are there resources that go over this in more detail? I was honestly considering forking out 200k USD for a St Kitts citizenship as a second passport.
Switzerland isn't neutral anymore.
Correct. Has to be avoided at all cost.
Thank you for your public service!
Luv your Lichtensteinian accent!
Can you comment about the quality and security of banks in Panama?
I love the content, thank you for sharing knowledge and experience!
Excellant video !
Thanks.😀
Andrew you are awesome. You inspired me to do what I have been thinking of doing for 20+ years. I fall slightly below your threshold to be a client (10%) under the $1m but I’m on the way to citizenship to Spain because of you! Thank you
That's fantastic to hear! It's wonderful to know that you're taking steps toward your goals and pursuing citizenship in Spain. Maybe we will meet you at the Nomad Capitalist Live Event someday.
Thanks
Awesome info. Long time viewer
Thank you, John. Glad to have you.
Can you recommend bank in Cambodia
This is a really excellent overview. Canada may be an option for the smaller dollar account. Most countries do not allow foreigners accounts any more. This is largely due to US Treasury reporting requirements, why would a foreign bank want to deal with those guys?? Way too much hassle.
Maybe Andrew could start his own "Non-Fatca" bank?
Yes you are right and especially won't allow you to make any money from your accounts so no point.
Actually Canada has become one of the worst now since the government can freeze your account at any time if they don't like what you are doing.. So not safe and you have to reside there or they won't open it.
What bank is recommended in Albania to start residency?
What resource can I utilize to find out if the country I Bank in, reports to the US government?
No doubts , A good way of growing and saving your money is through investing . You don't need to have much before you can invest. "That little money you have now can make you millions if you invest it wisely". I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made.
Invest in what? You didn’t say what you invested in and did well in
that why cash will be king
Do you have any videos on how to setup and off shore bank account. Specifically Singapore? Thank you!
Open HSBC Premier in your home country first and then they will help you.
Absolutely great free advice.
Any advice for that lucky winner of the euromillions currently standing at £194million. I guess contact you asap? Lol
Is there a step by step process to open a bank account in a Caribbean country as an American?
hi good day I need to open a offshore acc in standard chartered I am from trinidad in the Caribbean what to and how thanks
Hi Andrew. When I set up the FD for MM2H recently, it helped that my wife and I had HSBC accounts here (which in Malaysia HSBC is also present). Yes, the entire process almost felt like we were dealing with two completely different banking institutions but still it was a tad easier and safer paper trail wise since I was able to electronically transfer the needed funds from the US to Malaysia. On the app, I can see my HSBC accounts in both places.
Thank you for another informative video; I'm a longtime, grateful viewer, too.....Btw, Millennium in Portugal has recently announced it will no longer be allowing foreigners to open accounts from abroad; they'll be required to do it in person...
Thanks for the info!
what is a FIN and why do i need one to open a bank in Singapore?
What about Cayman Islands?
can anyone tell me if its easy or hard to open a bank account in iceland and start bussiness
Given the current strength of the USD, it really is a great time to be diversifying your currency into other countries.
Buy low sell high applies.
Can you comment on banks in Panama?
If you are not a resident or national, it's pretty difficult. Even worse if you are a US person.
It's possible but difficult. Overall service is not that bad once you become a client.
Do an if you guys follow undervalued shares newsletter by Swen Lorenz? he just did a write-up on how some of his friends are having trouble with being able to transfer money from places like Cayman Island s etc and his insistence is that the EU is going to crack down and it will benefit the Swiss banks
It’s a bit morose to bring up, but how difficult does a sprawling international banking presence make it for one’s heirs to settle one’s estate upon their passing… the varying laws regulations must be a practical nightmare?
That’s a definite downside as you point out - one way to mitigate this risk would be to make sure you can access the funds online, and give your account/password details to your trusted other, so the funds can be removed at short notice if required.
What country’s banks and economies will be least affected if (or when… in my opinion) the US spirals down into dysfunctional chaos or worse in 2025? It wont do much good to stash money offshore if the country’s economy and banks collapse along side the US.
What countries/banks/brokerages outside of Russia are best to access the Russian stock markets?
Is it difficult, given sanctions, to open an account in Russia?
Not sure, but I imagine Russia and Belarus are currently not adhering to fatca and CRS 😉
@@cineffect The thought never crossed my mind 😇
Some of the worst countries in Europe to try to open a bank account. All Baltic countries, Latvia will ask you a million questions some irrelevant and in the end will say no. Maybe it's for the best since the quality of their services is close to zero. Italy.
Why not u talk about Jersy??? There r almost all top banks r there. You dont count Jersy as safe for offshore bank??
georgia!! a great place.....until russia decides they want that too. i'd visit. i'd never invest in a life there.
I want OUT of EU, can someone help?
Why do you never talk about India?
Likely because it is not friendly to high net worth high income individuals. Lots of extra taxes if you are making millions. That's my guess.
@@Ziegfried82 thx that s got to be it
There are no substance in what you said. Waist of time listening to you. How about cutting the jargon and CLEARLY say which tax haven countries are easiest to open account in for foreigners.
The tax heaven country is the one you don't reside in. Is that clear enough ???
@@Carolinapetroska It's a bit more complicated than that. I had a bank account in a country I was not a resident of, but they closed my account because of increased international financial tyranny. I have for years tried to find a jurisdiction that would allow me to open a new account, so the question is WHICH country will still let you open an account? Knowing where you would LIKE to go is of no help.
Exactly my thoughts. If you found a site that provides information we can use please post it here. My account in a country I am not a resident of was closed years ago, and I still have been unable to find a jurisdiction that will accept me, despite the funds in that account being from a lawful property sale I wanted to protect from the WEF ideology which took over my country of residence. Can't leave my residence before gaining back the proceeds in the closed account.
Bitcoin
I was just thinking the same thing.
Great advice. Crashing down to 18K again this morning. A fantastic "store of wealth" that hemorrhages 70% of it's value in 3 months
@@luisdetomaso867 agreed. Hard pass on using BTC (or any crypto really) as a primary store of wealth. I'd sooner hoard pokemon cards.
@@Ziegfried82 agreed. I'll buy back in once it goes at its lowest. Till then I won't buy the "dips" same with stocks waste of time. Bailed out before the crash awhile back.
I think you should do a segment on the worlds safest “harbors” when the coming storm engulfs the USA in 2025. That would be a true public service for your subscribers. So many economies are closely linked with the USA. I could be wrong about 2025 bringing an authoritarian govt if the Republicans win, and civil war if the Democrats win, followed by default on interest payments of govt bonds, economic collapse, and chaos. I could be wrong, but lm absolutely not.
I love your earnest commentaries, but things are getting scary everywhere. Yikes!
😀l am so happy my financial life has totally changed ever since I ventured into stock investment. Ive been earning over $18,000 dollars every single week.
Whats the advantage if your worth 10 million and an American to put your money in Switzerland or Singapore,,you have this huge hassle to set all that up constant travel,language barriers,issues on the telephone..why would you take 5 million out of a UBS branch in American and move it to Switzerland what are you trying to achieve? you certainly are not hiding money anymore from taxes those days are over...