One of the most challenging aspects of moving abroad recently has been where an expat can open a bank account with least amount of hassle. The reason why that this has become so burdensome, particularly for Americans, is that there has been a great deal of money laundering, particularly involving the United States. Thus, there was an Act made called the Anti-Money Laundering Act to combat money laundering issues. This Act has made it quite complicated for many Americans to open bank accounts.
Here is a list of countries where individuals and even Americans can still successfully open bank accounts:
Despite the recent Panama Papers Scandal, Panama is and remains a viable tax shelter for many. Additionally, it is very simple to open a bank account in Panama for foreigners. The key is for the foreigners to show up in person in order to prove their identity and where the funds are coming from. If they do this, they will able able to open an account in Panama in one of the safer tax shelters in the world.
2. Cayman Islands
The Cayman Islands has been features in many television series and movies and there is surely a reason for this. The Cayman Islands is one of the best places to keep assets away from the United States in the world. One advantage of the Cayman Islands is the classified nature that the banks utilize to protect their client’s assets. The key to opening a bank account in the Caymans is merely having a meeting and obtaining a minimum deposit. Once this transpires, you will successfully have your very own infamous Cayman Island’s bank account.
Switzerland is still one of the top places to keep hidden assets in the world. Although there are surely more exceptions to this rule of thumb every day, Switzerland maintains an open door to non-citizens who want to open bank accounts there. Once again, the key is properly proving your identity and having a meeting with the private banker. Once you do this, you can also opt to not have your name on your bank account number to protect your assets. This is why Switzerland remains one of the best tax shelters in the world.
4. The Seychelles
The new up and coming offshore bank account location for expats is the Seychelles. Given that many other locales have become exceedingly difficult to open bank accounts; the Seychelles has decided to take advantage of this gap in the international banking market. Thus, it is highly likely that we will see many more expat accounts and shell corporations open in the Seychelles in the future.
Dominica is a little hidden exotic tax paradise in the Caribbean that even potentially offers dual-nationality with your prospective bank account. In theory, if one were to bring a substantial amount of capital, purchase property, and open a bank account, then they would also be a proud citizen of Dominica. This tax haven may end up beating out the Cayman Islands one day because the local government is quite lenient on foreigners opening bank accounts.
6. Hong Kong
Hong Kong, although it is getting stricter, still remains a great place in Asia to open a safe bank account as an expat. For those expats working in China, Macau or Taiwan, Hong Kong remains a great option due to international treaties. Hong Kong provides a great resource for those expats that merely show a long residency card to open an account.
Singapore is one of the financial epicenters of Asia. For this reason, Singapore has a great deal of banking appeal for both locals and expats. Singapore, like other tax shelters, has begun to crack down on their banking regulations; however, for those expats working there, it is a great place to easily open a bank account that one can keep after the term of their employment.
If you are considering opening a bank account as an expat, it is wise to look where it is not popular yet, but regulated. These places are how people found locales such as Dominica or the Cayman Islands before they were in style. By doing this, you will find the best possible place to open an account for your assets abroad.