Places to AVOID for Offshore Banking
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- čas přidán 2. 06. 2024
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There are certainly many places that offer offshore banking, some of them are very well known.
Some of them are marketed very aggressively and even promoted by lawyers and consultants.
However, be extremely careful. Not everything that shines is gold, and there are certainly some places where you SHOULD NEVER bank, no matter who recommends it.
Here is our list of places where you should never open an offshore bank account. At least not if you want your money to be safe and available to you.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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Man I’m from Iran and I’m in the process of researching where to form an offshore company and videos like these help so much for better decision making. Thank you for all the good content you are sharing 🙏🏻🙏🏻
Super glad to hear it's helpful for you. What other content would help you?
@@MichaelRosmer Well here there are lots of wealthy people who would be more than happy to move or start to operate in other countries rather than Iran. If you could do a video on “Best jurisdictions for individual investors or traders” that would be so great.
@@farzad_tahamtani yeah iran is tricky, many places won't accept Iranians so often we need to help them get at least another residency but often another citizenship first
@@MichaelRosmer Good to know. I will contact you and your team in future months. And thanks again for the great content 🙏🏻
Watch as many as you can to get a real understanding
One of your best videos - thanks!!
You’re welcome, glad you liked it.
Your advice helps. Thank you
Glad you liked it. Anything else you're interested in that I could make videos on?
@@MichaelRosmer Would be interested if there are countries & specifc cities inside the EU where real estate prices and growth make investments sensible now. We all hold images of France, Spain, Italy in our heads, and property sites are showing estates / mansions (outside of the capitals of course) for similar prices per sq. meter as some eastern European and even developing countries. Is 2000-3000 euro/sq. meter within the EU getting you decent value & growth prospects over time, or is growth in RE prices to be expected elsewhere and entirely out of the EU? Thank-you in advance.
@@ferayster great questions, definitely something I can make a video about. There's some good deals on certain areas but if you want ones that don't have local drawbacks you need to shop around.
I'll see what I can create for you
as soon as we are making money I will give you a call Michael and you can help us back out of what mistakes we have set up already - due to no choice.
Hi. How would you compare offshore banking in the Channel Islands vs. Switzerland vs. Singapore, and which banks would you recommend?
This video is one of my favourites. I used to place clients in some off these places until I watched this.
Most brutal I have seen you Michael
Thank you, always happy to be of service!
Anything you'd like to see next?
Thank you.....
Always a pleasure!
Anything you'd like to see next?
Agree on Caribbean. Its poor for most things stemming from a bad attitude/service. Do you have a video on specific countries on banking is generally ok?
You can check out these two czcams.com/video/OYIkzcIF5tI/video.html czcams.com/video/Te5cg2h7aX0/video.html
You should just list it, it makes it more interesting
Just discovered your channel and this is a very informative video. What are your thoughts on banking in Puerto Rico? Heard lots of good thinks about banking there, they accept international companies from just about everywhere and also easy to set up?
Not great quality banking not totally terrible. It's never our first choice but we use them when we need to
Hi Michael i just discovered your channel and this is a good informative video. What are your thoughts on banking in Costa Rica? Heard lots of good thinks about banking there, they accept international companies from just about everywhere and also easy to set up? I am thinking to open a Trust.
Generally not easy if you aren't a resident. Banking is mediocre, ok for smaller amounts, wouldn't generally use it for large amounts
Great content, I've subscribed. Question, why not bank in Serbia?
Thanks for subscribing!
Serbia is terrible for banking. Very bureaucratic, they've got exchange controls, banks are sophisticated offering great infrastructure and service. Not a good place to bank compared to alternatives.
@@MichaelRosmer so practically what does it mean? They'll block wires and ask for lots of info?
@@fritzmetzger22 so your first problems are just opening accounts. Second is yes being able to do transactions.
Just to be clear...are we talking significant business accounts or any level of personal household banking?
Lets say you just need a temporary off ramp from crypto? Then after renouncing (US) finding a better bank?
Love your Bluntness haha good vid
Haha thanks!
Anything else you'd like to see?
@@OffshoreCitizen I like your direct no waffle approach , for me at the moment until the global Scamdemic comes to an end I dont know what to do , maybe do a vid on least draconian vax requirements or countries that in your experienced opinion offer the least controlling governments , ie most freedom for regular people.. Thanks again for your content very good channel glad I subscribed
Hey Michael. Thanks for a very informative lesson in countries with crap banking, that list was quite long. haha. What are your thoughts on company formation and banking in Isle of Man vs. Bulgaria where you live?
Very different places to form and operate.
Isle of Man is really hard to operate in without local directors so if you're paying fiduciaries and dealing with how that affects your operations that could be ok.
Granted, taxes there are zero vs 10% in Bulgaria, which can add up but then again because Bulgaria is in the EU as well as tax treaties etc it can get around some of the blacklists etc in ways you usually won't in isle of man.
Both can be fine it depends on your situation, there's no one size fits all.
@@MichaelRosmer Yes, with Isle of Many you will need to pay for a virtual office, power of attorney to "manager" etc. The annual fee works out to just under 1000 euro per year. For a small operation (startup), what sort of accounting fees would be involved in a Bulgarian company setup? I know the initial setup fee is very affordable, but what about all the hidden fees (accountant etc)
@@stephenwaters5815 most of the time you need more than just a POA manager, that can sometimes be the case but often something much more extensive in particular if you want to bank there and if not then where will you bank?
For BG accounting costs depend on the number of transactions annually typically it starts around 50 EUR/mo.
But honestly if you're concerned about the costs of accounting most of the rest probably isn't worth worrying about as that should be the least of your worries. A few thousand dollars a year one way or another is nothing in the grand scheme of things.
@@MichaelRosmer Thanks for that. That puts things more into perspective.
I was quite keen on moving to Bulgaria. Burgas looks amazing, but my wife is not so enthusiastic about that idea. So Poland is the compromise, for now.
It's so easy to be chasing the 0% tax location for a business and not realise that there are many tradeoffs for it (banking, extra hidden costs, bad service etc.).
I like how your videos give a well-balanced view of everything. Thanks
@@stephenwaters5815 thanks I really appreciate the compliments
What about Albania banking? How does it stand comparing to Macedonia and Serbia? I guess probably the similar thing?
I've personally opened the account in Hungrary since it's in EU. Not sure how stable it is, but seems like not a bad place to bank.
Hi Micheal, great video and eye opening.
Im asking for a friend.
Where can i open an offshore campany and bank accounts.
And do you have any reliable recommendations to help open up campany and accounts.
Thank you
Would be happy to help you open both.
Feel free to book a call calendly.com/michael-rosmer.
We'll discuss your specific situation and I'll guide you on the best solution and any next steps
I’d really like to hear explanation re: St Kitts and Nevis. Is it reliability, corruption, stability, lack of service, other reasons? I was considering it as a small component of my plan.
I've spoken about this in various videos. Caribbean banks tend to have poor infrastructure, poor service, risk losing their correspondent banks, lack back stops and are expensive.
Last resort
What about Uruguay or Mexico (Vs Panama)
What about these European countries- Luxembourg, Austria, Holland, Croatia, Poland, Hungary, Romania, Ireland, Andorra, and Czechia.
Also what about "special regions" like d'D'italia Campione, Sark, Marshall Islands, or Macau..
Dominican Republic…? I opened an account for my personal use as I have a second home there. It was a bit of a hassle but not really a big deal. Nothing stopped me, but lots of slow steps. Interested in your opinion.
For smaller amounts of money it's ok though I'd rarely make it a first choice
Which of the none AEOI-CRS Countries is fine for smaller amount on about 200K?
Serbia, Phillippines, North Macedonia, Guatemala, Dominican republic, Paraguay, El Salvador, Vietnam, Cambodia ?
(Georgia and Armenia and Thailand will join the CRS)
Hi there I like what you said about panama as not very good place to open bank account or start a company but what else I can do to find a trustful bank in panama??? I am sure it should be something??
Great content.
I have heard maximum amount of credit you pull out of your Estonian digital nomadic company is 30,000 EUR per day. is this true? I mean pull out of the country.
There is no statutory limit but banks place limits.
@@MichaelRosmer good point.
USA, UAE, Bahamas, Ireland.
How can a US person be an Offshore Agent? How much is the salary? Salary plus commission? Or work as an Independent Contractor finding new clients for these offshore companies? Good offshore companies to work for?
Business opening balance $5M and above. Not a lot of transactions less than 10 keeping a large balance consistently. Private banking options.
Switzerland, Singapore, etc would be some of the safer high quality banking service options but it does depend a bit on how you want to manage your money.
@@MichaelRosmer That is what we thought as well, when we get to structuring the solutions will be clear. Do you think Cyprus CBI will come back on the table?
@@MichaelRosmer Is there a Singapore bank that would open personal bank accounts for an American these days?
@@ferayster probably yes. It depends somewhat on the connections though and who you're dealing with at the bank as well as factors like minimum deposit.
@@VERTICALWisdom good question. Hard to say because I think there are divided pressures within the EU right now.
My guess would be not for a while and if it does it will be in a different form. But I do believe without EU bail outs a lot of countries will turn to desperate measures.
We might see something unofficial.
Very useful ...
Thanks!
I just want somewhere to stick some crypto profits then use their card to spend in australia to avoid some tax. Any suggestions?
You threw the carribeans out. How about if you have their passport let's say you obtain St Kitts or Barbuda and Antigua's citizenship and passport? Do you still not recommend opening up an offshore account there? Thanks.
Great question. Absolutely don't recommend them for banking even in those cases. The banks certainly aren't good.
Or Switzerland using carribean passport ; in other words , not dealing with FATCA .
Thank you Michael, what about banking in Portugal or Romania?
Both are decent
Hey Michael thanks for your content. I appreciate it a lot. Would you be able to point me into a direction for a bank account for a Seychelles Company?
Very limited options especially good options. We almost entirely stopped using companies from places like that a few years ago for this reason. Best is to contact us and we can discuss what options are available to you
Helo sir i want to know about offshore bank online banking i have invested in turkey company but my paymeny was declined by imf know my company says they sand money throw offshore bank account i want to know about how much charges and texes for this
It would be helpful to know which banks you recommend
Have you seen this one czcams.com/video/Te5cg2h7aX0/video.html ?🙂
So basically everywhere is “trash” LOL
your sould is always a bit on the low side. can you get the mic closer? thanks
If Deltec Bank requires one mil USD for personal account (to cash out crypto), this seems to be risky choice given that it’s Bahamas. I know that they host USDT, but I avoid USDT as well. How reliable do you think Deltec is? And how mainstream banks would react if they get incoming transfer from Deltec?
There's always a spectrum but the risk focus is more on jurisdiction than a particular bank
@@MichaelRosmer How is Bahamas rated in risk spectrum?
@@libertarianspirit generally fairly high risk.
Hey @Libertarian Spirit,
I was wondering if you figured out where to open an account six months later? :)
I am building a DeFi app and wondering where to register a company.
@@SrikarReddy1993 I didn’t try to open account (because crypto market got stuck). But as far as I understand the best option is to open account in Switzerland. Despite high barrier to entry, banks there seem to be willing to talk with you as long as you are willing to provide detailed source of wealth.
I appreciate your opinions about the different banks but it would be more useful to me if you'd support your thoughts on a bank instead of just telling us to forget about it for each one
Check out our other videos I've got a number where I recommend specific banks and jurisdictions.
Basically:
Nevis
Belize
Dominica
St. Vincent
British Virgin Island
Bahamas
Cayman Islands
Montenegro
Malta
Panama
Vanuatu
Serbia
North Macedonia
Cyprus
"Generally speaking, just stay away from all that crap. It's... no good."
😄
Lol exactly
@@OffshoreCitizen Can you be more vague?
And what about Paraguay ?
I have to ask , what about a crypto debit card that is linked with a bank account in laos ??? Have you heard about this
So we're do u suggest??????
Actually can we set up a offshore non-resident company but create a bank account onshore to facilitate the payment ?
Usually not but depends what country you're in
South Africa wants to impose an added 12% on top of our current tax. Is there anywhere that you would recommend someone open a company/bank account where one could invoice the South African company for "Consulting" purposes
is it even worth leaving the US? I'm trying to move my physical product online retail business to save tax.
you joking right ? There are countries with massively less taxation, Bulgaria is one of them.
Add CIBC in the Bahamas to your list! Absolutely do not use !
Why no Bahamas???
im a bvi corporation, so where is a GOOD option to open a bank account in USD.
BVI is a terrible place to have a company today because of banking. You might get lucky with a bank somewhere like Singapore or the US but otherwise there are no good banking options for BVI companies
@@OffshoreCitizen should i open a new business then? What tax haven country should i open it in then you recommend now? I just want somewhere with decently low corporate tax and that id be able to open a bank as well. Appreciate any advice
@@thecontainerthecontents6889 it's really case by case. The problem is that taxes aren't so simple as being based on the rate of the country you're registering in you've got to look at your local rules where you are as well or you might be doing something illegal.
The best is to book a call and we can go over it
calendly.com/michael-rosmer/offshore-citizen-30-min?back=1&month=2020-11
Dear mr Rosmer, I would like to know more about financial services in Puerto Rico. What banks in Puerto Rich have FDIC-insurance? Thank you.
Banco Popular is one but there are numerous.
If you'd like to go through specifics re Puerto Rico you can reach out to us www.clarity.fm/michaelrosmer
What about Nevis only for forming a Trust? Would you consider that safe??
Depends on other circumstances involved. Probably best to reach out so we can discuss
Great video, great advice. Laissez-faire capitalism speaks!😃
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This is fantastic thanks Jose! Definitely going to make use of this
What about cook island security Capital bank?
How about banking in BVI using HSBC in Hong Kong..?
BVI basically doesn't have banks & none are worth considering
HK banks will rarely accept BVI companies these days
What about UAE? Have used ENBD a while back, pretty robust, I thought...
UAE is fine I definitely wouldn't say it's a place to avoid
ENBD not bad except awful customer service.
@@pak74x hsbc or citic then
What about the Cook Islands?
Mediocre, tolerable in certain cases
How about Saint Kitts and Nevis islands?
Terrible for banking, good for a couple other things
@@OffshoreCitizen, I'm a member of a private company (BOS) headquartered in Nevis and will be hosting three days convention. And one the main reasons for the meeting is assist clients sign up and create LLC and opening Bank accounts. I'm hearing tax laws have changed over there and foreign corporations have to start paying taxes. Blue Ocean Society is headquartered there and one would assume they're aware of the new tax laws. I was about to spend 6k for a three day trip and I'm glad have not booked for the event yet.
why does no one talk about Jersey or isle of man ?
Dubai, Cyprus, Vinatau? Are you joking, right?
What are good banks out side of the U.S. to bank with that provide debit cards etc
Most banks provide debit cards, which are best depend on personal or business, how much you can deposit, where you're based, your citizenship, how you want to use the account etc
@@OffshoreCitizen I want to open a foreign trust account but a lot of banks in the United States only do domestic. Which banks would you suggest where I can bank with debit card and all. You said Saint Nevis is no good.
@@muursnorthwestamexem8581 foreign trust account is very tough and of course you'll need a local trustee in most cases. Usually Isle of Man or Jersey are options
@@MichaelRosmer what do you mean Isle of Man and jersey are good choices I’m lost on that one
@@OffshoreCitizen I don’t want a U.S. corporation domestic trust account hellll no
Where would you bank, Michael?
It's always changing based on who let's you in but if possible my first choice is almost always Singapore.
What about Luxembourg?
Luxembourg banks are good quality just difficult to open up in for most companies.
@@MichaelRosmer And Bulgaria you've talked about? I've heard both good and bad.
@@geoffreycharles6330 Bulgaria isn't bad depending on the bank. I keep some money there and have clients who keep as much as seven figures there though I wouldn't keep any more than that personally. If you've got a million dollars in the bank in Bulgaria you're a, large depositor.
Banking quality I find is decent but not great. There are some things that are a little annoying but overall they aren't bad.
Hungary I'd probably rate slightly better though they are comparable and one of the largest banks DSK is from there so...
Would like to have a meeting sometime soon.
Feel free to book a call, looking forward to it 👍
What about Cook Islands?
Bank there is expensive and not high quality
How about offshore bank in beirut - lebanon Sir?
Have you followed the situation in Lebanon? Lebanon used to be good years ago but they've imploded
@@OffshoreCitizen yes i heard about tht ... well, Thank you Sir
Any comments about banking in Armenia?
What I've heard from a few places is it's pretty decent. I haven't personally experienced it so I don't want to comment.
Armenia is one place that though I'd love to visit one avoided because I really like Azerbaijan and they don't give you a visa if you've visited Armenia so I'm reluctant to go.
Have you been?
I have an Armenian account. Opened totally remotely. I had issues sending from the account to a US brokerage account. The US bank rejected the wire because they won't do business with Armenian banks. No issues to the EU though. Decent APP, security and online platform. Not pretty but functional. English language support was slowish - I had to wait more than 24 hours, but they dealt with the issues. I am not a US person for tax purposes. If you are, it may impact your chances of getting and account due to FATCA and the burden it brings.
What about Jeb ecuador?
Haven't banked there so can't say
I guess that you target mostly American clientele. In case of US-persons FATCA is applicable. And therefore many banks refuse to open accounts for US-persons because of the hassle involved. For Europeans the country of Surinam might be interesting. However, I do not think that some kind of guarantee like FDIC is in place in Surinam. Also, there might be restrictions on transferring hard currency out of the country.
Actually no we have clients from 51 different countries. What makes you interested in Surinam?
@@MichaelRosmer Surinam is an ex-colony of The Netherlands. At present Surinam is NOT a signatory to the CRS MCAA.
@@m.b.5839 my general attitude is that trying to avoid CRS means your money ends up in low quality banks. Like personally I wouldn't geek comfortable leaving much money in a Suriname bank would you?
BELIZE IS LAST RESORT 4 BANKING and NO Online Trading or Investing available!
Yeah we don't even consider it as an option
what is the best for trading
It makes me laugh that Gibraltar didn’t even make it to the shit list! Lol. Probably the most dangerous place to bank in the world.
Isle of Man no way Jtc group
Just stick with NYCB. 😂
Summary of the video: anywhere you want to bank is difficult, don't do it.
That's a terrible summary. There's plenty of places that are quite decent, but you should work in reverse to build a structure that you'll be able to bank with
What about Egypt and it's high interest rate?
I'd probably avoid it. I'd look at other asset classes as alternatives to cash to get high yield
Vanuatu?
Try to do the video properly and prepare what you gonna say ahead of time
Laos
Mauritius or Georgia ?
Georgia has great banking but it's become super hard to use.
Mauritius isn't nearly as good.
@@MichaelRosmer Thank you Michael, much appreciated.
I've heard other channels describe banking in Belize w/o them making disparaging remarks like Belize is tr@sh. Even if that's not your intended purpose, the remarks were unnecessary.
Here is the best place to bank: buy gold and hide it inside of your mattress...
My back is hurting a bit..
People get offshore account to avoid taxes. Not to be able to afford or hold on to money.
Just keep ur money under ur pillow
Sadly becoming less and less of an option
no value here just na na na.
So, from what you are saying, do not bank offshore 🤣🤣🤣🤣
Check this one out czcams.com/video/Te5cg2h7aX0/video.html and let us know how you liked it😄