Where You Should Be Opening An Offshore Bank Account (And Why)

The Best Place In The World To Have An Offshore Bank Account

Yesterday, we discussed your best options for establishing alternative residency, be you a retiree, an investor, or an entrepreneur.

Today, let’s look at your best current offshore banking options and how to choose among them…

First, some background and context.

Why might you want a bank account in another country?

Maybe because you’re planning to move to that country and need an account from which to pay your local bills…

Maybe because you’re intending to invest in a rental property in that country and need an account into which to receive your tenants’ rent payments and, again, from which to pay related expenses…

Maybe to support the start of a business overseas…

Perhaps because you don’t like the idea of all of your available cash sitting in U.S. banks…

Or perhaps because you’d like to diversify and expand your investment options.

Your reasons for needing or wanting a bank account in another country help determine where best to open the account.

If you’re intending to live or retire, either full or part time, in your chosen Shangri-la overseas, then, to state the obvious, that’s the place you need a bank account. In this case, you’re talking about a personal operating account.

Same goes if you’re purchasing a rental property in another country. You’ll need a personal operating account to support that investment. If the investment you plan is in a business, then you may need a corporate account.

Things become less cut and dry when your agenda is to do with diversification of cash on hand and your investment portfolio.

If an offshore bank account is part of your asset-protection and diversification plan, here are variables to consider, ways offshore banks compete and distinguish themselves:

Some Swiss investment banks require minimum deposits of as much as US$1 million to open an account. That doesn’t work for everyone.