How to Open an Offshore Bank Account
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- เผยแพร่เมื่อ 16 พ.ค. 2024
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In this video, Andrew shares his wealth of experience in opening over 50 offshore bank accounts across the globe. Discover why offshore banking can offer you financial stability, diversification, and unparalleled benefits compared to traditional accounts in your home country.
Unlock the potential of offshore banking, maximize your financial opportunities, and protect your assets wisely!
00:00 Start
1:00 Is Offshore Banking Legal?
1:35 Benefits of Offshore Banking
2:33 Types of Offshore Bank Accounts
5:00 Where to Open an Account
8:00 Private Banking
10:01 Portfolio Banks
12:03 Opening Accounts Remotely?
17:03 Start Small and Go Larger
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Very informative. Maybe a Q & A session from your subscribers in the near future? Appreciate your content. Keep well.
We do have a Q&A session and deeper dive on this at Nomad Capitalist Live. www.nomadcapitalist.com/live/
I don't think that makes any sense opening an offshore bank account, they can be easily shut down, freeze etc. The currency diversification argument is also very sluggish, All currencies suck! And sorry to put this bluntly but they are all the same!
@KoDeMondo it's a nice way to say tax benefits
@@kazuko6388 well not in a today world where you need to declare everything or they can double check on their own but this option is more painful for you!
This link doesn't seem to be working.@@nomadcapitalist
Thank you Andrew and Nomad Capitalist Team. Your hard work & research are appreciated.
This. This is it. Your best video, by far. So far. Thank you.
Wow, thank you!
Thank you so much Andrew!!
I use HSBC in 3 continents (US, Europe, and Asia) including HSBC Expat in Jersey, UK. I also use interactive brokers. I’m happy with this setup and as long as you don’t have to deal with HSBC staff (as for most non-local banks) and do everything yourself it’s perfect.
Can you get a Unionpay credit card with HSBC?
can i use expat hsbc as for an offshore corporate account, i have a UK company but managed from cyprus
@@user-ni8xu6ov2w i believe they only serve individuals and not corporates, but best to check on their website there is an easy eligibility test.
HSBC, the drug money laundering bank?
Can you explain how did you do that ?
Thanks for the valuable info across your videos.
I'm still far from being wealthy enough to be a customer of yours, that said, let me share this knowledge with your other subscribers:
" Not your keys, not your crypto". Time to "diversify" in other ways. Just my 2 satoshis.
I love videos like this! Super functional.
Glad to hear that!
I worry about these risks with accounts in foreign countries. I'm not saying they don't happen here (U.S.), but many problems are harder to resolve if you are not there.
1. Identity theft: It will take longer to discover and the delay might make it impossible to reverse a fraudulent transaction.
2. Corruption: The bank or the government might just take your money.
3. Inactive accounts: Many banks close accounts that haven't been used in a while.
The United States could "just take your money", and some banks are more investment-focused and require you to move money manually so nobody would just login or use a debit card to spend it.
No-one is saying that banks in every country are great, but there are places which are more secure than the U.S. The key is to become literate in the various banking laws and regulations (or pay someone who is literate to advise) and then only open the ones that are beneficial to your goals.
What kind of Card is Good for Exchangeing Foreign Currency? And where can I get it? Thanks ❤
@@DdDd-pk4pu Wise and Revolut are both good for currency exchange at low rates, but you need to do your homework. There are others like them but not all of them support all currencies. I frequently exchange Saudi Riyals into Sri Lankan Rupees and Australian Dollars, so I use both. Sometimes I need to take 4 - 5 steps to get the most favourable exchange rates.
European banks are far superior than the US banks and much more regulated and safe.
The problem with opening a foreign bank account is that US is extending its claws to foreign banks. Yes, you can open but the application will you ask you questions that it is impossible to hide that you don't live there (even if you have dual citizen) and then there is a disclosure that your information may be sent to the US government especially if you are a US citizen. If you agree, that is fine. It used to be that Swiss banks and Cayman banks have very strict secrecy laws but not anymore. Only a very banks does not bow to US pressure like banks in Singapore, the only problem is that US banks (mandated perhaps) do not have banking relations or will not have bank transfer from Singapore. Also, if you keep receiving money from a foreign bank, the US bank will flag you for a very vague reason and just get surprised that you get a notice that they will close your account at the end of the month.
Exactly what I’m worried about. I just want to have like 5k in an offshore account that nobody knows about just in case. I’m fine with flying to Cayman to open an account and deposit so that there is no wire transfer. I just don’t want to declare it in the US as this jeopardizes the reason for having an offshore account. Also it’s none of their business.
If you open an offshore banking account, can you get a tax number for that country?...if you die who wraps up your financial matters?..must you put down the names of a next of kin?..if a child is under age, does the bank act on behalf of the child, or must you appoint a person to do so?...would your money automatically go into a trust account?
Great pound for pounds discussion. Easy to listen to and information dense
May I suggest you also address the issue of closing a foreign bank account. If you die, your estate must present a death certificate. A bank in Malta told me their backlog for closing such accounts was anywhere from one to two years. If you are still alive and want to close the account, you may have to front up in person in order to do it. This is the case in Hongkong and, I believe, China.
yeah, from what I've seen in banks around the world, if you a have bill or contract stating, that you'll have recurring expense in a country, on you, you can usually open a bank account in retail banks.
In Italy it’s pretty easy to open a retail account - all you need is a codice fiscale which you get for free from the website of your closest Italian embassy or consulte’s website.
Untrue. Google "expat forum italy" and you'll see posts upon posts of people denied bank accounts because they can't prove residency - and these are people who actually live there
Thank you for this
Thanks for watching!
Love it!!!!!!!!!!
Hi Andrew- how about a video on setting up an offshore account in El Salvador?
What's the list of the 50 strongest bank accounts?
Yeah , where is the list??
You can google that.
You could type this same question on Google and know it already.
trust google?
Strong in which way everyone looking for different criteria in their bank account
I opened as EU-citizen an international account at Charles Schwab in the US, just to have a certain security haven from the measures of the EU and my home country.
i was thinking of doing the same but they ask for a minimum of 25k$ to open the account, did they ask you this aswell? how does the process work?
@@micas290 yes, you need 25k to activate the account, you can open it and then transfer 25k in money or shares.
Loved the vid! 🧠👌🏼
Thank you!
How do you handle the online banking aspect? Keeping multiple phone sim cards for sms security can be a hassle.
What about accounts like Wise or Payoneer?
If you open a bank account in a country that requires you to have a residency permit do you get to keep it if your permit expires and you no longer live there?
If you live in the UK have an isa I would extremely strongly take notice about what the government is talking about taxing them.
Great video. Thanks.
Thank you!
sir is the beneficiary need to pay the opening of offshore bank account? and how much the cost do you think.
Americans can easily open a bank account in Philippine National Bank. PNB has branches in Manhattan and California. They offer both dollar denominated and peso denominated accounts. Opening an account is easier overseas than it is in the Philippines for foreigners. PNB has branches worldwide and has a 60% cash reserve and has been open for a very long time.
They will ask you what is the source of the funds. The bank does withhold 20% of the interest for income tax and you have to file a tax return for a refund. You are still a US citizen so you are only liable for US taxes unless you have Filipino sourced income. Keep in mind that the PDIC only insures depsits to 500,000 pesos ($10,000) if the bank fails. @@omumbeejumbee
In Azerbaijan I heard since last year open bank account without residency permit is not possible
Hi! If I have an llc in a foreign country, do I have to pay us tax on it
Can we live in KL & get the salary into a US Wise account from our own company in Ireland? For cash withdraws from ATMs would it be better to do it from Singapore?
FATCA could be a thorn in the side of opening bank accounts in giving jurisdictions
Andrew, hi.
What is the cost for bank account opening service in georgia through PoA? I am a resident of Dubai currently, thank you!
Hey, this video might be helpful for you: th-cam.com/video/j7r8wMgnCUs/w-d-xo.html
I always like when you spoof those Lichtensteinian private bankers! Ps Why does Canada restrict Americans who are non-residents from opening retail accounts?
What about credit unions in other countries outside of the USA?
I'm direct to a wealth enhancement program where returns are phenomenal
I have looked into opening a USD account in Equador remotely to obtain higher USD interest and lay the foundation for a reaidence permit or citizenship. I have been successful finding such an account. Anybody else have success at this?
Andrew, Thanks for this incredible information. Where can I find the Top 15 Banks in the World?
You can see this video here: th-cam.com/video/HTKNXelF8Sk/w-d-xo.html
Right at the top.
I was surprised you mentioned Andorra. I currently find myself trying to set up a bank account in Andbank and it is a very slow process. I am from Spain.
I heard that they don't like to deal with Spanish or French citizens.
@@JazenValencia all the opposite
Can I Help You? My Friend is a senior executive from andbank🙌
He is spanish living in spain.. I charge for this😇
@JazenValencia
What countries has good banks with high apy om euro? Tjat you could open from another euro country? I found german banks but they only allow german citizents
I was going to open an offshore bank account... Until I saw the bureaucracy involved... I threw the paperwork in the bin.
Thank you so much! ❤...i have a question?... I live in USA if i go to Bahamas which is a Common Wealth Country they have Common Wealth Banks Can i Exchange a Common wealth currency if that country is a Common Wealth Member?? Example Zimbabwe or Venezuela? How much money can i travel with legally? And is it Legal to do that? Would they put the exchange in USd dollars if i ask? THANKS ❤
Since when did Venezuela manage to get into Commonwealth?
What would you suggest for just keeping dollar from 10k to 100k and maybe the option to buy S&P500 if I'm a Hungarian resident? I'm afraid my government will crush our currency and might force the population to exchange all foreign currencies back to Forints similar like in Argentina.
"Your government" is EU and "your boss" is Christine Lagarde and they will crush "your currency" (euro) very soon.
And Argentina has always been a communist sh*t show and forever failure.
yes, preferably with an overseas broker
Andrew please cover the new book, The Great Taking
I think its an important distinction to make between off-shore and overseas accounts... and overseas accounts should be called as such as off-shore implies illict activity to many people as it is only in criminal news we hear of off-shore accounts...
@josephdiscovers offshore implies its on a boat... overseas lends legitimacy by implying its actually somewhere... not just in the aether... I'm just saying it sounds better...
@nocomment4848 well from a banking perspective here in Canada the term for legal overseas accounts is... overseas accounts... so if you don't want to be tracked by fintrac the best term to use is overseas... overseas banking involves legitimate record keeping... even if there is no jurisdictional communication between financial institutions... not that I really trust any bank... but not many shops take gold...
I'm under pressure to grow my reserve that currently holds about $500k. I'm down by 20% already following the crash and I fear I could lose more.
It's all hype! best to ignore the trend at the moment whether bullish or bearish, and stick to a proper trading plan
It is very easy to buy in on trending stocks but the problem is knowing when to sell or hold, which is why a coach is important. I've been in touch with one for about a year now and although I was initially skeptical about it, I will say l've made more progress within a year generating 6figure profit.
That's truly remarkable. I hope you don't mind pointing me towards their direction.
She's 'Olivia Maria Lucas' The best I've seen so far. Simply do your diligence.
Out of curiosity I looked up Olivia on the web and I have to say her Credentials are really Amazing.
Ty
I always love you and your content. And Bravo for being your expressive self rather than subscribing to the imbecilic hand clutch that swept all forms of media. 😊 // Where /which bank would you recommend in Eq for surety?
What is the fee to open a Georgia bank account remotely going through Nomad Capitalist? I was planning to go in June/July, but if it's cheaper to go through this process via DN, then that's interesting.
Sure, you can reach out to our team through this link: nomadcapitalist.com/apply/ They will be able to provide you with detailed information about the fees involved in opening a Georgia bank account remotely and guide you through the process.
Hey Andrew, I'll be visiting Georgia next month and wondering which bank would be good for non resident retail banking?
Hi, you can read our blog about it: nomadcapitalist.com/finance/offshore/banking-in-georgia/. Enjoy your trip!
@@nomadcapitalist thank you so much! I'll look into it tonight!
I've only got one in Thailand. There were difficulties opening it with my wife.
It was easier opening an account with bangkok bank in the 90s. The good thing with places like Thailand is that you don't need a bank mostly. Cash and gold.. .
Once my investments take off I'll cash some in and take money out of Australia. I'm getting tried of the bullshit here.
In australia ? What is wrong with their banks ?
@@user-Marketing1 control
@@nocomment4848 it wouldn't surprise me but I have and still move around in the 'freedom' groups. I can't say that I've heard of anyone's back account being closed. There's no doubt that with some pressure the banks would do the same as in canada.
I'm also politically active, more in a mainstream way and I do know that what's coming and been happening is purely the fault of the Australian people. I know a lot don't like that reasoning but it's completely reasonable to say that.
I burn the Sun so kindly suggest which Banks and Countries would mine my Bank balance
Can you recommend a good tax accountant for an expat
www.nomadcapitalist.com/apply/
Can't wait for VDLE technology to replace money !
I like your overtop. brand name ?
Can u give me one i can open to get payments from Turkey?
Sure you can open all those bank accounts, and deposit in them.
The REAL question is: will you *always* be able to withdraw from them?
Thanks for the video brother
Swiss quote bank ltd Is more than possible to get with almost no capital
I got it with less than 1000 bucks
It's a trading platform but also a bank
Just had to send a small international payment from my Brittish bank account to activate it.
With obviously my ID documents etc done online
Also they offer virtual debit cards etc so can pay with nfc and free local sepa payments
Can store numerous currencies aswell
So it is possible to get a swiss bank account with literally no money
Yes, I had an account there, too, I closed it, because the security features were so bad that I did not dare to put there more money. Having a small table with combinations is not enough for security in my eyes, my german banks have a tan-generator and are a lot cheaper than Swiss quote.
what banks in UAE allow me to open bank account without resident visa?
It’s not allowed
As soon as the share market bounces back ill be cashing out. Good to know I can trust banks with my money 😂
It's already hard enough to keep 2 or 3 and pay those expensive maintenance fees...So really no need for 50 or more...
I am in Asia for at the moment but I can't find a bank in Singapore that will open an account for an American. Suggestions? I prefer Singapore.
The problem is not really Singapore or such and such country, it's the US that doesn't want it's citizens to have bank accounts abroad because the US government cannot control them so they put some hefty fines on the foreign banks that don't follow the US regulation of so foreign countries don't want to bother with Americans.....
I think you're right. The issue is what to do? I am horrified with what is taking place in the US today. I am a resident of Portugal but I don't want to spend five years there to get a passport. I like Asia better. @@Carolinapetroska
Why not just use Bitcoin?
I'm at work but I'm saving this for later. I've been needing to do this because funding my illegal gambling account is a pain in the ass. Plus I might be able to escape paying taxes to Uncle Sam hehe
Who is your attorney?
Anybody can mention bank in Singapore where they will let you open an account with US$ 50K?
They still report it to the US yearly though
All real wealth is produced from energy and time. You can never go wrong with this guideline.
The tool we use to measure and represent it should not differ in properties
I AM where I'm treated best
Who can I contact directly in Singapore to open an account?
You can contact us through this link: nomadcapitalist.com/apply/.
Yes, I have already connected there.@@nomadcapitalist
how difficult is it to open a bank account in Singapore with say $10k-$30k deposit as a non-resident?
You can learn all about it from this video: th-cam.com/video/VmWiAlUfV3s/w-d-xo.html
I'm a US citizen. I went through hell to open a UK bank account.
was it due to FATCA ?
@@FJF119 I don't know. Just their laws I guess.
I'm not surprised with Switzerland's arrogance with bank management. They're arrogant even with us citizens.
They're arrogant with many, but "even with US citizens"... US citizens are the last people most banks want to deal with. A Singaporean bank would far rather deal with a wealthy Indonesian free from regulatory baggage and with a clear regional interest in Singapore than an American who lives far away. The idea that Americans are the creme de la creme to international firms is a figment only of Americans' imaginations.
@@nomadcapitalist By "us citizens", I meant "we Swiss citizens" but yes, I agree with your reply.
Bitcoin cold wallet/s sound far simpler than bank accounts.
Can you name some good Singaporean 's bank where it's possible to open a retail checking account without being a resident, and avoiding to go there to open it up
Citibank
HSBC
are there ANY banks that can be trusted ???
No
when you compare these bank accounts you mentioned with creating a self custody Etherium wallet feels like you are talking about dinosaurs.
aren't all banks worldwide failing?
Good luck if you're a US citizen.
All very well and good. But the fundamental question for me (and it is as much a political as a financial issue) is this...
Are there any loosie-goosey jurisdictions left, in particular who follow only their national laws and corporate policies and by ignoring foreign influence give the world's financial policeman (USA) 'the finger'? I am not talking about those countries who cater to international gangsters, but instead small-time Joe Schmoe businessman or travellers. I had multiple such accounts in the 1980s. But that list has shrunk. Are there even three such countries left? Even one?
For all that you don’t have to open an account just trade the currency instead of watching everything deflate
Why do you need 50 bank accounts?
Extra bank account means extra costs 😂😅
In Singapore, DBS bank has terrible service this year...they suffering from shutdowns for hours or even 1 day
I have a friend in Mexico that wants to put his US dollars into an Argentine bank because he's going to make millions of pesos. I'm trying to find out how to say psychotherapy in Spanish.
😊
Jajajajajajaja LOL
Saquen la camilla qué no aguanto más risa 😂😅😊🎉🎉🎉😂😮🎉
Hello, I have a question, and I hope you can help me. I live in Brazil, and I recently received a large amount of money, over 5 million dollars, and I want to move to Dubai. Can I transfer all this amount from my Brazil bank account to my Dubai bank account?
Thank you very much.
Nigeria has no bank.
Do you really must declare offshore account? Obviously the reason I want it so no one knows I have it. It just would give me a peace of mind having some money in case my future marriage goes south.
You will still need to wire money from somewhere
Why does the government need to know that I have a foreign bank account?
FATCA is a law that mandates foreign banks to disclose your bank account(s) enacted 2010 .
@@SpectralAI
Long story short… Taxes
Because the government has become our jailer.
@Aldeel Ollah sorry for deleting my initial comment on how banks can act as brokers on your savings if you are under 35. My response to your response that ‘Nigeria has no banks ‘ is In Europe and America where most people use credit union accounts aren’t real bank accounts actually they’re only loan extensions powered by one credit union or the other and in Nigeria Gold standard banking is mostly what is practiced which in which case any person will achieve full inclusion at ~age 35 which is when an individual can achieve frozen interest rates peculiar to a person age 35 and over which is why a person’s 20’s are most important as financial destiny is counting.
Use cold crypto wallet. Put your USDC OR USDT. use your crypto cards. You dont need banks…go bankless..
Alaaf this
Off shore bank accounts have one big down side. You have trouble bringing in that money again to western countries that are not off shore.
Or wait and just use bitcoin
I must admit I was someone confused by this video. Although you didn't name names of banks in particular countries, that's very understandable. But the whole concept from the beginning didn't make a lot of sense. So let me just elaborate. Your theme is talking about six and seven figure entrepreneurs, that is your target market you say. Some of the comments that you make just don't make sense. Let's say for example you talk about opening up an account in Tbilisi Georgia. Well if you opened up an account there, and you had other accounts in Switzerland or other places, and they found out about it, they would immediately freeze all your accounts. Sure it's easy to open up an account there, I couldn't agree with you more. But what are you going to do with the money that's in the account? Where can you send it? Who would take it? I suspect nobody. Because the whole world has become more and more difficult to bank. And then you talk about countries like Ecuador. Ecuador is a serial defaulter on their international bonds. They are currently still in default in their 2030 Bond. Sure you can open up an account there, but how you going to get the money out? Then you go out and talk about Swiss banks. And you mentioned opening up an accounts with small balances. Typically Swiss banks are looking for balances of over 5 million USD. They're not going to open up a bank account for you for $100, that's for sure. And the onboarding process is quite extensive. And then you talk about Canadian Banks. I am a Canadian non-resident, and I can tell you that all of the Canadian Banks closed all the accounts of non-residents several years ago, particularly the trading accounts. They sent a very clear letter saying you have 30 days to move your money. You will not be able to do any more transactions after 30 days other than sell securities and or transfer money to other Banks. Banks are very independent these days. Because of the US compliance rules, many banks have been stung with huge fines. I'm sure you recall it all started with UBS, and then it went all over the world. And the US has that power to find Banks and tell them exactly what to do. When the United States says jump, they ask how high! And if you want to talk about getting merchant accounts for Visa Mastercard, there not only difficult but almost impossible to get especially if the product or service is something that is not local. And they also have very strict rules on cash on cash in other words using a Visa card to fund the bank account, that's cash on cash. Plus, if the business has any baggage to it, let me say that in a nice way, they probably wouldn't touch you with a 10 ft pole. I agree with you if you go out to a country and get a residence permit or have citizenship in the country, and particularly by a property and want to use an account to fund the expenses, that's usually not too much of a problem. And of course people use prepaid debit cards like wise and revolute for low-cost forex conversion, as well as facilitating payments. But trying to receive money from third parties unless you open up a business account with them which is very scrutinized, they will immediately close your account. And there are hundreds of posts that I've seen about people that have had their accounts Frozen for one reason or another and literally weeks or months have gone by and they can't unfreeze it. Of course there's two sides to every story, and you only hear the posters side, I don't think that these companies arbitrarily close people's accounts or freeze them if there isn't some bona fide reason. But in short, it's getting more and more difficult to open up accounts where you do not have a Nexus with the country.
Some of what you said is simply untrue. A Swiss bank, for example, will not "close your account" because you also have an account in Georgia. Many people prefer to "dip a toe in" in a country like Georgia before depositing the serious sums required by a Swiss private bank.
I'm yet too poor for this 😂😂
OUTSIDE THE CENTRALS .........NO SWIFT CODES
If i‘m planning to open an account with a swissbank to deposit something around $ 1000 to $5000, is it possible?
Where u from?
Swiss quote bank Ltd
Read my comment above...
I had an swiss bank account, I live in the EU, I closed it because it was to expensive and the security features were so bad that I did not dare to put there a bigger amount of money. Instead I opened an US bank account with Charles Schwab, just to have some security from the measures of the EU.
@@admin6228 thankfully i’m not
@@WolfF2022 What banks would you recommend someone who wants to live in the EU and have it protected from taxation and have small fees for deposits? If Switzerland is expensive, can you give some other alternatives?
@@samuelzev4076 Have you found anything so far? Curious to know as I want the same thing.
i'd rather pay tax in the country where i was born and repay the army that protected my parents and grandparents from the nazis and gave me a good education rather than rip them off and become the new nazis. i don't want to be a carpet bagger. re-evaluate your life choices and think if you want to go to heaven or hell. of course you'll go to a charity ball to cleanse your conscience once a year to meet fellow people who want to dodge tax.and rip people off. meanwhile i hope nurses, doctors and teachers are looked after and hope the investment bankers aren't gambling away their pension funds to then be bailed out by the government when it all goes bust.
I hear you, however it isn’t the government that does the bailing out, it’s your hard earned taxes that have been pilfered from you that is used to bail out these organisations. Sorry to say.
People may want to pack up & denounce citizenship
I have free plane tickets I GO anywhere where ı want and open accounts😂
Bidenomics
So, just be rich to open banks accounts.