Planning on setting up an offshore bank account? In this post, we have highlighted the 5 best countries to open offshore bank account with.
If you’re new to the world of offshore banking, you may be concerned about bank safety. After all, some may still believe that their money will simply vanish if they move it overseas.
You may not know that almost every developed country has some form of deposit insurance for banking clients
While we do talk about emerging offshore banking jurisdictions that offer higher interest rates and will play a larger role in the future, those seeking conservative banking options will appreciate knowing the safest offshore banking countries.
Of course, you should always do your own due diligence before opening an offshore bank account, but these countries have continually scored high in global financial rankings. Here is our list of the most secure, stable banks for protecting your assets abroad.
Best countries to open offshore bank account with.
France is not a country we talk about often due to its lack of desirability from a tax-planning standpoint and generally bureaucratic, socialist-leaning ways.
One of the highest countries in the world for capital gains tax and income tax once crawling into 75%.
Luxembourg, the small nation of half a million listed as one of the top 5 richest countries in the world, unsurprisingly holds a great reputation in banking security. Unfortunately, for US citizens, Luxembourg may not be an option, as few Luxembourg banks accept US persons as clients.
Most firms do not do business with Americans. The nation is generally associated with stability and financial expertise and thus is in good context here on this list.
The good news for the Netherlands is that it is one of the safest countries in which to bank. Its membership in the European Union is a bit troubling, particularly after what happened to Cyprus. However, on paper, bank accounts in the Netherlands are protected by bank deposit insurance for up to 100,000 euros, the EU minimum. The country is home to three of the top offshore banks, including second-ranked Bank Nederlandse Gemeenten, sixth-ranked Nederlandse Waterschapsbank, and tenth ranked Rabobank.
Switzerland and banking are synonymous for almost anyone around the world.
This highly-developed multilingual European nation has become the global standard for “stability” in money for generations and Zürcher Kantonalbank comes in at #2 for safest banks. Many have dreamed of having a “Swiss bank account” or taking advantage of the many financial benefits this non-EU nation and its currency the Swiss franc, despite it being pegged to the Euro. However, while Switzerland was once the only tax haven, it is now increasingly inaccessible for offshore purposes.
As we have discussed, Switzerland is no longer the universal answer for bank secrecy. Islands like Seychelles and Mauritius continue to give classic tax havens a run for their money. Interestingly enough, however, Switzerland has no restrictions on the amount of cash carried into or out of the country. It is also an ‘old school’ choice for offshore gold storage. It remains one of the least corrupt countries in the world.
Germany tops the list of the best countries to open offshore bank account with. Germany is home to KfW, the number one safest bank in the world according to Global Finance.
In all, Germany is home to six of the world’s fifty safest banks, including Landwirtschaftliche Rentenbank (#4), L-Bank (#5), NRW Bank (#8), and more. As one of Europe’s stronger economies, Germans take their banking system seriously. And while bank secrecy in Germany isn’t what it is in other German-speaking countries like Austria, or even Switzerland, Germans are concerned about things like capital controls.