Offshore banking is a method used by residents and non-residents of a specific country to manage their money even when they’re away. For instance, anyone can open a bank account in Hong Kong and have the benefits of offshore banks, such as multiple-currency accounts, e-banking, international credit cards, and trade support and investment services, from overseas.
Whether you’re registering your company through HK Core or simply opening an account through HSBC, here are the top two countries you should take note of:
This country doesn’t need a formal approval from the government for opening accounts. It has a strong banking infrastructure, as it offers only a minimum balance of $3,000. Sovereign savings accounts can hold any kind of currency, including precious metals like gold. Passport, proof of address, and a reference letter are necessary to open an account.
As it has the lowest tax rate in Asia, you can open an account in the country with a minimum balance of $1,000. All you need are a passport, proof of address, and taxpayer number (SSN) from your country. Accounts can also hold any kind of currency, including gold.
If you’re planning to do an offshore banking in Hong Kong or Singapore, make sure to ask experts to help you. This way, you can make an informed decision before opening an account.