Best Offshore Banks of 2020

[Music] welcome back everyone it's michael with offshore citizen today we're going to talk about the best international offshore banks of 2020 all right uh click the subscribe button like this video uh if you like it actually if you don't i mean just write in the comments tell us what's going on anyway we're gonna talk today about the 2020 best banks and this is like there's a couple different parts to this subject because on the one hand i would say you know normally we're looking just at bank quality and sometimes we're looking at specific needs of banks but today we're in 2020 and what 2020 means which is different than all the previous years that i might have you know discussed this topic with people is the possibility to travel is greatly diminished okay so whereas you might have said okay great you know i can use xyz bank in hong kong or uae or something before that may not be an option for you today because you just may not be able to travel there and if you have to travel to open account that's a problem so today we're going to be talking a lot about remote banks i'm going to go through a few different things with you i'm going to talk about possibly best places have a brokerage account i'm going to talk potentially about best private banks i'm going to talk to you about best banks for remote opening and i'm going to talk about the subject of best banks for something like crypto okay so let's dive into that let's start with the idea of the best places to go for remote and we're going to talk about two different sides to this equation because as i try and tell people quite often the best places the places that you can bank and the places that you want to bank may be two very different places all right and we've talked before about how there's a significant difference between being kind of mid-shore right and being totally offshore so i have people to this day who come to me talking about opening up companies in bvi and all kinds of this thing and the reality is that your banking options are so low that we pretty much throw that out so what we're looking at here is kind of like the most offshore type places uh would be hong kong and uae probably okay so we're talking about hong kong uae european countries uh the u.s whatever places like this uh uk llps canadian lps canadian llps all that kind of stuff right so for these types of businesses what are the best places to bank and i'm going to give two different options that are i think quite interesting so the first one is looking at bnp parabol parabus however you pronounce it right is a pretty compelling option right now why well first of all because it's actually a tier one bank right it's a good large quality international bank that you can feel quite confident in being backed by its brand and the people who bank there etc etc okay second of all uh you can bank there with non-resident companies uh that are pretty from places like hong kong uh from places like uae now it's not necessarily easy to do these things okay you need to put together a story you need to you know have the connection and things like this but it is possible right so very very good right uh and number three we now have the ability right now due to kind of the corona situation to open remotely so very very interesting option okay so that's kind of one of the first ones that i think is it's very interesting the second one is standard chartered okay standard chart again very large international bank although it's a uk bank it's primarily large in asia once again you can open for companies in places like uae in places like hong kong et cetera they're quite open to a broad range of countries and that's pretty attractive and the account opening is not too difficult now what i've noticed in the case of companies like that is they do typically need history all right so you can't typically form a new company and open there this is a modern trend that we've seen a lot in hong kong we've seen a lot in a few different places but what you can do is you can at least open with a company that has a your tour history so this may beg you the question well hang on how am i going to get that history i would say typically kind of the go-to strategies are to start with companies like uh transferwise transferwise although it's what i would call a small business bank or an individual bank meaning that you can't run tens of millions of dollars through transferwise typically although that is the case you tend to be in a situation where it's pretty easy to open accounts for most people in most parts of the world and you can build up some history so that's great uh also in the case of when we're talking about hong kong you can use companies like neat are an option and then there's a whole bunch of emis okay so we'll get into that a little bit more when we start talking about uh places that you may want to bank for uh for crypto et cetera all right so that's you know we're talking about major kind of tier banks etc now let's talk about brokerage accounts when it comes to brokerage accounts i would typically say that interactive brokers is the go-to choice okay so most of the time when somebody reaches out to us they may have some specific requirements they may say i don't want to be here i don't want to be there etc so it's not always you have but interactive brokers is pretty much the go-to you get a lot of options there uh the fees are very low it's quite easy to get set up for people from all over the place and so interactive brokers tends to be the go-to and typically what you're going to find when you look at for instance tbc dbc in georgia if you go to galton taggart which is their trading trading company for managing the ability to invest in stocks etc they simply white label uh interactive brokers okay so you're still using ib's platform if you go to bank of georgia they're using saxo bank's platform so there are some other ones depending on where people want to be we sometimes put them in some swiss options etc so banks in switzerland but these are these are typical go-to places from there we're going to move on to the subject of best places that i would typically recommend for somebody in wealth management okay you're saying hey listen where do i want to be from a wealth management standpoint okay and this is if you're saying we're not talking about transactional banking right so we're not talking about a lot of certainly it's not a commercial hey i'm paying my employees and receiving payments from my vendors and things like this you may have a corporate account but it's typically an investment entity right so not a lot of transactions but very high quality banking very safe banking etc we would typically look at software bank or julius bar both in uh in switzerland okay so very major international banks that are quite uh quite attractive what's next uh we can go from there to shifting over and looking at what we're talking about for say crypto banking now crypto banking kind of the go-to if it's an option that people always talk about is silvergate uh bank uh which is i believe california-based and so where possible that's an option so kind of this is a little bit more of a tricky situation because it does depend on where you are depends on what type of business you need to do in terms of currencies etc so that's you know if you're talking about us dollars but if you start talking about euros things like this uh are we talking about storing a lot of money there are we talking about just flowing money through there so some different places that you can potentially go if you're very large you can look at deltek bank in uh in bahamas but usually that doesn't come into the into the equation sometimes you can say okay great in fact most of the time if you're european-based we're going to look at there's some particular uh emis that would be would be the go-to and so this is what you'll find pretty much is that the lithuanian central bank is probably most friendly to crypto at this point in time within europe from what i've seen and so for people who want to run crypto exchanges who want to act as crypto brokers etc this is the case now what you're going to find is that the fees are probably going to be quite high but you know that's uh that's another way to to go uh there is a bank in switzerland that's fairly friendly and then there's some options in uh south pacific or the other one that i i wouldn't say is so great if you're wanting to operate a natural crypto business but if you're simply you know doing a normal normal business account and you're engaging with krypton crypto would be uob from singapore okay so that's pretty much what i would say are the top line banks to consider right now obviously if we're in a situation where we're saying okay you know there's a specific need for instance you're forming a u.s llc then you know what are your options well can you travel to the u.s this is different if you can travel to the u.s then it's again going to depend on what it is that you're looking at so here we very often work with bank of america we very often will work with banks such as chase such as wells fargo i tend not to like as much but you know they're potentially an option and city typically i would say city and bank of america tend to be the top two however there are some nuances around this where if you're in the e-commerce space uh you may want to consider chase bank and the reason for this is as a foreigner okay so not as a local so chase i have found tends to shut down accounts more easily if you're doing a lot of international transactions and it's kind of border it's not very clear to them what the business model is the reason why we tend to like chase is for being able to get chase payment tech okay so this is their payment processing division and so normally what's happening is often in the case of an e-commerce business you're setting up in the u.s in order to access u.s e-commerce platforms such as stripe and paypal and there is a risk that these may get shut down now the problem with that is your options for payment processors once that happens are very limited because most of them tend to require a social security number okay so most u.s payment processors and foreign payment processors won't work with us companies so you have this kind of back and forth situation that's not good so here's what you can do which is really helpful is you can basically build up history using something like stripe operate with chase build up some credit and then open up a chase payment tech account and then they're quite easy to work with and that's going to give you a lot of options so anyway i hope that helps those are you know some of the latest the truth is that there are many individual use cases and so sometimes you have a company in a particular place that we need to be able to help you out with and you know there's only a limited number of options okay great we're going to go down that road other times we're in a situation where we say hey listen we need to deal with you know somebody who can't travel right or maybe some particular business scenario or you know whatever it is and so for all those needs reach out to us if you want to help performing companies international legal tax planning asset protection banking etc click the subscribe button click the like button tell us what it is that you want to see would love that and we're going to see you guys on the next video

Channel: Offshore Citizen

Views: 11,704

Rating: 4.9052629 out of 5

Keywords: offshore banks, offshore banking, tax reduction, tax haven, offshore haven, tax structuring, tax planning, company formation, offshore bank accounts, open a bank account, best offshore banks in 2020, Offshore Bank Account, Offshore Banking, Opening an Offshore Bank Account, Banking Overseas, How to open an Offshore Account, How to open an Offshore Bank Account, Banking Overseas for us citizens, remote banking, remote bank account opening, open offshore bank account

Id: Te5cg2h7aX0

Length: 11min 41sec (701 seconds)

Published: Sat Aug 22 2020