Curious to learn more about offshore banking? Here’s your comprehensive guide including the benefits, the best countries, and how to get started.
The 6 Best Countries for Offshore Wealth Management
If you’re looking for offshore wealth management services, there are many countries available to you. Here are our top picks.
Wealth management accounts offer a variety of services to individuals with a high net worth. While it may be worth your while to use these services in your own country of residence, opening an offshore account can offer you more benefits and better services.
From brokerage accounts to trust management to precious metals, choosing to manage your wealth in another country can be very advantageous. In this article, we list the best countries in which to manage your wealth that are in the SelfKey Marketplace.
1. Cyprus – Great for foundations and trusts
Sunny Cyprus starts off our list, and is one of the many gateways to the EU for offshore wealth management. Banks in Cyprus are familiar with foundations and trusts incorporated in offshore jurisdictions, and there are no withholding taxes on interest paid to non-residents.
Although English is not an official language here, it is widely spoken, which certainly makes communication easier. The minimum deposit required is the lowest on our list, starting at 70,000€ (just over $75,000 in USD).
Naturally, internet and mobile banking services are available to customers. If needed, the bank also provides you with a Mastercard Debit card. Both EUR currency accounts and multi-currency accounts are available. A personal visit to the bank is required once your account is approved, but it is a good excuse to take a short holiday to the island.
It takes around three to four weeks to open a wealth management account, and the cost of setting everything up is $850. Cyprus is a great option for those looking to manage their wealth within the EU and pay very little in fees and taxes.
2. United Arab Emirates – A safe and wealthy economy
The United Arab Emirates is the financial hub of the Middle East and North Africa (MENA) region, and is home to two of the largest financial centers in the world – the Dubai International Financial Center and the Abu Dhabi Global Market.
Additionally, the bank we partner with here offers wealth management services that include a dedicated wealth planner, meaning your money is in good hands. Some of the services offered for wealth management accounts are savings accounts, multi-currency debit and credit cards, mutual funds, structured deposits, and precious metals acquisition and storage services.
It is necessary to pay a visit to the bank in order to open an account here, but the average time to open an account is one of the fastest options, only taking one week. English is one of the official languages of the United Arab Emirates, which makes communication easy.
You will need a minimum deposit of $100,000 and that needs to be maintained as an ongoing balance. The set-up costs are relatively low at $1,150. All in all, the United Arab Emirates has one of the safest and richest economies in the world, making it an ideal location for offshore wealth management.
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3. Singapore – Top of the line wealth management services
Singapore is another one of the largest financial centers in the world and is a popular destination for offshore banking due to its political and economic stability. Financial stability combined with the most technologically advanced private banking facilities, stellar customer service, and a capital gains tax-free environment makes Singapore the top Asia-Pacific destination for international wealth management services.
We work with three different banks in Singapore, and each of them offers a different type of wealth management account with different qualifications. The minimum deposit required ranges from $150,000 to $200,000 and it can take from one to two weeks to open an account. Set-up fees are some of the least expensive, only costing $850. Internet and mobile banking services are standard for all accounts, and are some of the best in the world. It is possible to open a multi-currency account at any of the three banks we partner with.
In some cases, an in-person visit may be required and some accounts are only available to individuals with a connection to the area (such as a Southeast Asian business, residency, employment, and so on). If you are a US citizen, unfortunately, your account may be restricted to just a few services. For these reasons, Singapore does not rank higher on our list. Singapore is popular for offshore banking for a reason, and it is one of the best places to manage your wealth.
4. Hong Kong – Safe and convenient
Possessing the largest financial hub in Asia, Hong Kong is another popular option on our list. Hong Kong banks offer a large variety of investment and insurance products, and there are no exchange controls. English is one of the official languages here, which makes banking a breeze. Hong Kong is one of the safest and convenient places to bank, with strong wealth management and investment services.
You will need to visit the bank in-person to open an account here, but we think the advantages are worth it. A minimum deposit of 1,000,000 in HKD is needed (about $130,000 in USD) and it takes from two to three weeks to open an account. The costs to set up an account are $1,650.
It is possible to receive several different debit cards and credit cards in either USD or HKD, and multi-currency accounts are available as well. Hong Kong has been a favored destination for offshore banking, and it is easy to see why when you look at all the benefits available to non-residents!
5. Luxembourg – Great for investment services
Banking in Luxembourg has long been the backbone of the economy. Coupled with the fact that the country has modelled its financial system after Germany’s, you end with a place that offers stability and a wide range of financial services. There are no restrictions on non-resident bank accounts, making it one of the easiest places in Europe to open an account.
Investment banking has been a core focus for the banking industry in Luxembourg, and the country is known for exceptional investor protection, making it an ideal place to have your money work for you. The bank we partner with in Luxembourg offers a wealth management account that is good for insurance and endowments, precious metals, trusts and foundations, and brokerage accounts.
Opening an offshore account in Luxembourg is an easy process as no in-person visit is required, and it only takes around two weeks to open your account. It is possible to open accounts in EUR, USD, GBP, CHF, and RUB, and both debit and credit cards are available to you.
The set-up fee is one of the more expensive options coming in at $1,900, but the benefits certainly outweigh the cost. Luxembourg is an ideal country to do your offshore wealth management in if you are looking to grow your assets in a safe place.
6. Gibraltar – Great for long term wealth management
Gibraltar is a British Overseas Territory, and a hub for private banking. It is ideal to do your banking here if you are looking to diversify your investments and want access to top-notch asset management services (including brokerage accounts). The bank we work with in Gibraltar is particularly experienced with family wealth structures, including foundations and trusts.
The official language in the country is English, and the local currency (the Gibraltar Pound) is pegged to the British Pound Sterling at par value, which makes the economy quite stable.
The minimum deposit needed to open an offshore wealth management account in Gibraltar is 500,000€ (approximately $550,000 USD). It takes from two to three weeks to open your account, and an in-person visit to the bank is required. The set-up fee is quite reasonable at $1,150.
It is possible to open accounts in USD, EUR, GBP, and CHF, but no bank cards are available. If you are looking for long term wealth management services, Gibraltar is a fantastic option.
Conclusion – The Best Countries for Offshore Wealth Management
As you can see, it’s often worth your while to look at offshore wealth management services for all the benefits they have to offer. We recommend defining what your most important needs are when it comes to wealth management, and take a look at what each country excels in.
Do you want your money to work for you? Then a country with strong and stable investment offers might be the best option. Are you looking to establish a trust for your children? Then look for a country that specializes in trusts and foundations. Do you want to invest in precious metals? Seek out a country that is known for their expertise in this area.
If any of these countries on this list have caught your eye, we recommend taking an in-depth look at them on the SelfKey Marketplace. You can find all the countries that offer offshore wealth management services on the SelfKey Marketplace under “Bank Accounts – Wealth Management”. Here you can see all the requirements and benefits – opening an account can be as easy as clicking a button.