This is a list of the best offshore banks that I have used
in 2012. Post by Streber January 18, 2013
The word "used" refers to myself having an
account, card or other services with the bank, or a bank which any of the
companies I deal with as a director or consultant uses.
There will be no Caribbean banks here. This does not mean
that banks in Belize, Dominica, Bahamas, St. Vincent, and so on are not good.
It simply means I do not yet have enough experience with any of them.
Anyway, without further ado, here are the best offshore
banks of 2012, in no particular order.
Bank: Jyske Bank
Jurisdiction: Gibraltar
Time with bank: 3 years
Purpose: Company bank account for Gibraltar company
Jyske Bank stands out in terms of service and competitive
fees. Their Netbank (online banking) has never been down, and I have never had
a card purchase declined due to problems with the bank. They have competitive
interest rates, and they have helped set up a very good low- to medium-risk
investment portfolio for the company's savings. For those interested in opening
an account, Jyske Bank requires all the usual documents (notarized passport and
company documents) and an opening deposit of 150,000 EUR. Being in the Single
Euro Payments Area (SEPA) region helps for cheap and quick transfers across
Europe.
Bank: HSBC
Jurisdiction: Hong Kong
Time with bank: 2 years
Purpose: Company bank account for Seychelles IBC
Very easy-going bank with excellent telephone support.
Account opening and maintenance are a breeze. A low minimum balance makes this
bank a good fit for my small Seychelles-based company. For accounts held by
non-resident companies, they issue only UnionPay ATM cards (accepted in over
100 countries), which is usually not a problem, unless a company credit card,
such as Visa, MasterCard, or Amex, is required. Their internet banking has not
been down a single time outside of maintenance.
Minimum balance varies depending on account type but for
smaller companies, an Integrated Account is enough with a minimum of 25,000 HKD
being required. If you fall below that, they charge a rather humble 50 HKD per
month. Multi-currency by default. For company accounts, a director must visit
the bank in purpose. For personal accounts, you must visit the bank.
Bank: Hang Seng
Jurisdiction: Hong Kong
Time with bank: 1.5 years
Purpose: Company account for Hong Kong Company
Hang Seng is owned by HSBC and products are nearly
identical. The reason we decided to go with Hang Seng over HSBC was that Hang
Seng has slightly lower fees and is much more lenient with issuing business
cards.
Bank: Crèdit AndorrÃ
Jurisdiction: Andorra
Time with bank: 3+ years
Purpose: Personal savings
This bank is simply amazing. All accounts are
multi-currency, and they support a lot of currencies, including some
less-common ones. Transfers into and out of Europe are faster than mainstream
European banks, and within Europe it’s usually as fast as SEPA despite not
being a SEPA enabled bank.
Fees are higher than mainstream European banks, which can be
offset by using the bank's huge selection of investment opportunities. Credit
Andorra gives you access to stocks, bonds, funds, and equities around the world.
See here for more information. For your own security (as well as privacy) you
can generate an endless number of virtual cards (called Cybertargetas) with the
bank. These cards can hold up to 2,000 EUR.
Customer service speaks Catalan, Spanish, French, English,
and more.
There is no minimum balance for opening a personal account.
The requirement for private banking varies; the lowest I’ve heard was 50,000
EUR. You must visit the bank in person to open an account. Private banking is
also available with the bank’s Panamanian branch.
Bank: Banquede Luxembourg (BDL)
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Jurisdiction: Luxembourg
Time with bank: 20+ years
Purpose: Luxembourg trust
Excellent returns on investment funds, and highly
professional staff. The trust had been with this bank long before I was
involved and I have found no reason to recommend another bank.
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Bank: Abu Dhabi Commercial Bank (ADCB)
Jurisdiction: United Arab Emirates (UAE)
Time with bank: 4 years
Purpose: Company account for UAE (RAK) company
This is one of my preferred banks in the Middle East. There
have been times when we have needed to call our account manager in the middle
of the night local time, and he has been happy to take the call – and solve the
issue! They offer a special credit card for smaller businesses, which is
something I wish more banks did. The card is easy to get and can be invaluable
to new businesses.
ADCB is also a big merchant bank with settlement in a wide
range of currencies.
New accounts can be opened with as little as AED 50,000
(around 10,000 EUR or $13,500 USD) to avoid penalty fees and all accounts are
multi-currency, which in addition to the usual EUR, USD, GBP, and local AED
covers some other regional currencies. Islamic banking is available.
Bank: Banque Audi
Jurisdiction: Lebanon
Time with bank: 4 years
Purpose: Savings products for UAE (RAK) Company
Lebanon was chosen for its extremely tight banking secrecy,
and Banque Audi had the services best fitting for this company (cash
collection, savings). The interest rates on savings accounts are phenomenal and
the staff is always helpful. Rigorous application process but smooth sailing
after that (very few questions asked).
Bank: United Overseas Bank (UOB)
Jurisdiction: Singapore
Time with bank: 1 year
Purpose: Company account for Singapore company
This bank is a fairly new acquaintance, but so far, it's
been nothing short of excellent. Multi-currency accounts, top-notch customer
service (in English), and simple account opening and credit card applications.
Contrary to its name, UOB is not particularly open to offshore companies and
have recently made it even more difficult for overseas individuals to open
accounts. They will and do open accounts for some offshore companies
(especially Hong Kong and other surrounding Asian countries), but European or
American (including Caribbean) individuals or companies may find it difficult.
Bank: Multibank
Jurisdiction: Panama
Time with bank: 2+ years
Purpose: Savings account for Panamanian holding company
Anyone who has ever opened – or tried to open – an account
in Panama knows that it can feel like taking a deep dive into an ocean of
paperwork. I walked out of several banks shaking my head at the amount of
paperwork required. Multibank, however, made it easy. They still required a lot
of paperwork, but they were very upfront about what they needed.
They have some very interesting card products, and it's all
very international-friendly since the bank uses USD as standard currency.
Account opening can be very difficult for non-Panamanian entities or persons.
Multi-currency is available but not standard. Minimum deposit varies from
$1,000 to $35,000 USD, depending on service needed.
Bank: Federal Bank of Middle East (FBME)
Jurisdiction: Cyprus and Tanzania
Time with bank: 5 years
Purpose: Merchant accounts for various offshore companies
FBME is, for many, the go-to bank in Cyprus, and rightfully
so. The bank traces its roots back to Lebanon and is currently one of the
biggest banks in the high-risk merchant account market – not because of their
rates but because of their leniency and how easy it is to get a merchant
account with them. They also offer an impressive range of card products, such
as prepaid cards, anonymous no-name cards, and regular credit cards, including
the exclusive Visa Infinite card.
FBME in Cyprus rarely opens personal accounts. They are
mostly a corporate and merchant bank. Unlike many other Cypriot banks, FBME has
virtually zero exposure to Greece and even offered to help the Cypriot
government pay for a bailout in the 2011/2012 crisis.
FBME charges fairly high fees, which can be a bit daunting
to small companies, but I would say it's worth it. No Cypriot bank comes close
to FBME.”
Note that this information provided is for general knowledge and discussion, thank you.
Winston Wambua
International Offshore Specialist
For more information please contact me on
Note that this information provided is for general knowledge and discussion, thank you.
Winston Wambua
International Offshore Specialist
For more information please contact me on
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