Offshore Company Bank Accounts to Open without Travel

Published by Darron Toy on

opening an offshore bank account for a company can be confusing and difficult enough but what if you want to open an offshore bank account for your offshore company from your couch in your living room that can be even more difficult I'm going to give you five examples of how you can do that in this video hi I'm Andrew Henderson it's important to understand the nature of offshore banking the types of different accounts you can open if you're gonna open a personal account that's gonna be perceived generally as lower risk it's gonna be a bit more easy to do than opening a corporate account if you're opening a corporate account for an offshore company that's gonna be a little bit more difficult because they want to do more kyc know your customer if you're gonna be opening an account in a different jurisdiction than where the company is there's going to be additional paperwork and additional checks and so all that stuff can be managed you may need to know which banker to talk to which bank to go to in some cases you may want a connection or to know somebody but it's all manageable largely if you're willing to go there hand them your passport let them scan it let them see your face ask you some questions and get a general sense of comfort that every banker wants in order to open an account what if you can't travel well we've talked before about how remote bank account opening in this day and age it's not my favorite thing to do you're just gonna get in general a lower quality bank whether it's a lower quality jurisdiction that's perhaps a bit less stable whether it's a bank that charges higher fees and offers fewer services or in the case of this new FinTech services banks they're just a bit less robust and probably in a place where I'd want to you know keep my entire multimillion-dollar life savings but what I do want to do is share with you five banks that you can look at and decide are these accounts that open remotely are they for you are these accounts that you would be willing to have in exchange for not having to travel to the bank so the first jurisdiction is in Belize I have a personal relationship from from being in the offshore conference space years ago with Key Bank on am Burgas Key and they've always been very nice to me Belize is a jurisdiction that will take pretty much any kind of company they'll take Belize IBC's they'll take your Hong Kong company they'll take your Seychelles company they're pretty straightforward and they're pretty open Belize is certainly not the number one offshore jurisdiction there have been problems there before but I think the people at key Bank have done a pretty good job of customer service from our perspective as a company that keeps a spreadsheet of about 600 different banks that we are in contact with every once in a while that's a bank where you fill out their paperwork it is certainly not a brief but if you fill that out you send it back they will open the account through correspondence and because they're in Belize and there's an Anglo nature to it and it's run by people who are from outside of Belize you're going to get a bit more efficient service than you would from some of the islands number 2 your Pacific Bank in Puerto Rico this is a bank that used to be down in the Caribbean and it still is but moved up to Puerto Rico they don't take US citizens and they've been switching over some of their software and that people have had some consensus concerns about that but it is a bank that is you know relatively easy to open an account with if you've got a company anywhere in the world lots of different currencies more than a lot of these offshore banks offers so if your goal is accepting payment in different currencies even down to the Polish swati they can help you with that that's one bank that you can certainly open remotely as long as you're not American and as long as you're not on their list of other restricted countries or restricted residences place where you live they can open an account it's gonna take a little while but you can do that remotely okay number three capital security bank in the Cook Islands the Cook Islands well known is a jurisdiction for really high-level offshore trusts it is where the world's wealthiest people go to establish their trusts and with the price tag to match but there is a bank in the Cook Islands called capital security bank like some of the other banks that are in this league they do not make loans so they are a 100 percent liquidity bank same with your Pacific and if you have $20,000 to put into account they will open an account for you and there are again some restrictions on that there is some paperwork to do but you do not need to fly to the Cook Islands to to do it 4 & 5 are these FinTech offerings and they are in Hong Kong they are neat and they are currency which are solutions that piggyback off existing banks in Hong Kong basically is money services businesses so they have an infrastructure with actual quote unquote banks and they offer you a segregated sub-account within their own framework to store your money so I know a lot of people who are setting up companies active trading companies Amazon eBook sales information marketing kind of stuff are going to these institutions and using them because it's easy to plug into your PayPal and stuff like that the challenge that I see is I have seen some people get rejected by them I office just I'm not sure that it's necessarily robust for what people who are at the sixth and seven-figure entrepreneur level are always looking for there are certain things that you can do certain things you can't do I remember we talked to the folks at meat and I said hey we're gonna be looking at doing some things in Colombia ya can't send money to Colombia so you're gonna have more restrictions because they're technically not banks that comes with some pros it comes with some cons my opinion overall is that remote account opening is something that is best avoided for the reason that you're gonna get a stronger bank with lower fees more robust offerings better service better online banking by simply finding a bank in a jurisdiction where you go to what the challenge is many offshore jurisdictions particularly those in the Caribbean and similar is that they're giving you kind of minimal Viable infrastructure whether it's online banking wire sending whatever minimum viable infrastructure for a bank with maximum fees some of these banks and in some of the ones we haven't talked about here their fees are incredible how about paying a hundred and twenty dollars to receive a wire you know how about paying a hundred and fifty dollars to send a wire and not I mean not even like you're paying a high fee and you're getting you know luxury turnkey service you're paying that fee and they're taking their time to get back to you I'm not seeing these banks in particular I'm saying that's the general system when you go to these offshore jurisdictions that have relaxed the rules you're going to get more of that and so my opinion is get up your tuchus get in a plane go somewhere and you know sit in front of a banker you'll save money the long run you'll certainly save hassle in the long run if you want to open road remotely these are some banks and some bank like organizations that we consider they're worth taking a look at ultimately it's up to you for me I want kind of an onshore big jurisdiction you know institution as my number one bank these might be secondary for me if I'm making a plan for someone these might be my redundancies these might be what happens if that Bank in Singapore or the bank in Switzerland if we ever need to use another account these might be on the list personally I would avoid against remote account opening but if you're interested in it those are five that you can consider hi I'm Andrew Henderson from nomad capitalists I wrote this book which you can find on Amazon to distill a lot of the stuff we talked about in these videos and a lot of the stuff I've learned over the last decade plus traveling all around the world teaching you about how to legally reduce your taxes build your personal freedom and create wealth faster definitely get a copy of this book if you want to learn more now if you want to watch more videos make sure you subscribe to our Channel and make sure you click the notifications bell so you never miss one of our new videos with more tips on how to go where you're treated best and if you're already a six or seven figure entrepreneur and you'd like to put these strategies in place for yourself go to Nomad capitalist calm and learn about how I can help you


Lorenzo Trader · July 30, 2019 at 4:11 pm

now..THIS is so "real"…so practical video…if you want to start to think to your NEW life, now you don't have excuses. Thank you. I really would like same 5 banks list but for personal bank account. THANK YOU

Tuatini GODARD · July 30, 2019 at 4:11 pm

I would never recommend going with Neat in HK, I wouldn't even trust them to store a single penny of my money (I created an account there and saw how they operate). The company itself actually has a single account in Bank of China and each Neat customer actually store their money directly on this account and for the transfer, you MUST put the Neat "virtual" account you have in the label of the transfer, if you don't, good luck for recovering your money. That also means if someday Bank of China don't want to deal with Neat and close their only account someday every Neat customer get screwed lol

Max Henry · July 30, 2019 at 4:11 pm

Be careful with Neat in Hong Kong, they had a number of security issues in the last year and I personally lost money with them.

irfan nadeem · July 30, 2019 at 4:11 pm

Where is the best place to bank if we r willing to travel.. Make a video on that topic Andrew.

Gonzalo Garcia Tunon · July 30, 2019 at 4:11 pm

HI Andrew! Do you recommend UOB for a bank account in Malaysia?

Norwall Music · July 30, 2019 at 4:11 pm

Incredible job on this video. Keep it up!

dlukton · July 30, 2019 at 4:11 pm

On a slightly different topic…. if you're Hungarian, you can now AVOID TAXES FOR LIFE by having four children.

Indrid Cold · July 30, 2019 at 4:11 pm

Microsoft did it. They moved all of their intellectual property to a shell company in Puerto Rico with a zero percent tax rate (at the time). Licensing agreements allowed them to move nearly all of their U.S. profits offshore as "debt".

asdf asdf · July 30, 2019 at 4:11 pm

Andrew can you make a video about the eEstonia residency?

Pristine Daymar · July 30, 2019 at 4:11 pm

On axantra you can buy e bank accounts. Who knows more websites?

Borderless account by Transferwise is also great

Sundar Shyma Das · July 30, 2019 at 4:11 pm

Finally This is the most nomad capitalist video

Dennis Durkop · July 30, 2019 at 4:11 pm

Some Singapore banks have branches in other countries where the deposit to open an account is less!

big dave · July 30, 2019 at 4:11 pm

Hi Andrew, you’re told us in the video we’re are the best Banks to
Open remotely. But we’re are the best banks to open in person. Thanks

Felicia Pondexter · July 30, 2019 at 4:11 pm

Good info but I would like to be at the bank when I open an account. Why not go and check out the bank?, why would anyone want to open and account with a bank they have never been too. I know the Internet is good for doing all sort of business and they have security in place to make sure your transactions are secure but there is nothing like going checking out things for yourself. Not everything should be done the short cut way. Thanks for another great informative video Andrew.

Chew Chew Train · July 30, 2019 at 4:11 pm

Andrew, do any of these "arm chair" banks do NOT communicate with the IRS?

Ferti Logan · July 30, 2019 at 4:11 pm

Neat has very bad reviews and poor customer service. Plus with PayPal you can't link a bank account that's not from your home country. So Neat is useless in that regard unless you are from Hong Kong.

Aaron Agnew-Griffith · July 30, 2019 at 4:11 pm

Andrew is the first person I'm calling if I win the jackpot on the lottery, even before my wife…lol

toobalkain · July 30, 2019 at 4:11 pm

Kudos for the topic. Opening an offshore is easy but getting a bank account, no travel, that's where Nomad comes in.

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