Where to Open Offshore Accounts as a Foreigner

Offshore accounts: what they are (and what they’re not)

“Offshore” simply means outside your home country. It doesn’t automatically mean secret, illegal, or tax-evading. Legitimate reasons to bank offshore include currency diversification, investor protection, cross-border business, mobility as an expat/digital nomad, and political risk management.

Key realities to keep in mind:

• Banks everywhere follow strict KYC/AML rules. Expect to document identity, address, tax residency, source of funds, and business activity.

• Automatic information exchange is now the norm. Over 120 jurisdictions participate in the OECD’s Common Reporting Standard (CRS), sharing account details with your home tax authority. The US operates under FATCA, which compels foreign banks to report US persons.

• “Privacy” without compliance is a liability. Build legitimate, documented structures—if you can’t explain your setup calmly in three sentences, it probably won’t pass review.

Start with your goal

Different goals lead to different jurisdictions.

• Everyday banking as an expat/remote worker: you want multi-currency accounts, easy card access, and low fees. Channel Islands, Isle of Man, and certain EU banks shine here.

• Wealth preservation and diversification: you want strong rule of law, conservative banking culture, and good custody options. Switzerland and Singapore are top picks.

• Trading/investing: you want clean brokerage access, multi-market reach, and solid custody. Consider Swissquote, Interactive Brokers, or Saxo (in the right entity).

• Operating a business: you need stable corporate banking, reliable payments, and a jurisdiction that aligns with your company’s substance. Singapore, Hong Kong, and the UAE are leading hubs, with Mauritius a solid runner-up for certain structures.

• Asset protection and estate planning: you want jurisdictional diversification, predictable courts, and coordination with trusts or holding companies. Think Switzerland, Liechtenstein foundations combined with Swiss custody, or Channel Islands trusts paired with banks there.

How to choose a jurisdiction

Think of this as a checklist rather than a guess:

• Legal and political stability: Look for predictable courts, low expropriation risk, and a culture of contract enforcement.

• Banking sector health: Capital ratios and conservative lending cultures matter. Switzerland and Singapore have reputations for prudence.

• Deposit protection:

• EU/EEA: €100,000 per depositor per bank.

• UK: £85,000 via FSCS.

• Jersey/Guernsey/Isle of Man: typically £50,000 to £85,000 equivalents (varies by island; for example, Isle of Man’s scheme covers up to £50,000).

• Switzerland: CHF 100,000 (esisuisse).

• Hong Kong: HKD 500,000 (under review in some years for increases).

• Singapore: S$100,000 (SDIC, increased in 2024).

• UAE and many offshore centers: no formal national deposit insurance, though some banks are state-linked or well-capitalized. Know what you’re accepting.

• Currency regime: Pegs (AED to USD) can be reassuring, but pegs can move. Holding multiple strong currencies (USD, CHF, SGD, EUR) reduces concentration risk.

• Access and onboarding: Some banks require in-person visits; others offer video KYC. Requirements rise for higher-risk nationalities, industries, or complex structures.

• Minimums and fees: Expect higher minimum balances in premier centers. Don’t pay private bank pricing if you only need basic banking.

• Reputation: Banking from a blacklisted or “dodgy” jurisdiction creates friction with counterparties and payment processors.

Jurisdictions, ranked by use case

Switzerland: the gold standard for stability

What it’s good for:

• Wealth preservation, multi-currency cash, custody with top-tier private banks.

• Conservative risk culture and deep expertise.

Real-world details:

• Retail accounts for nonresidents are harder post-de-risking, but still possible with the right banks or fintech banks.

• Minimums vary: private banks often start at $500,000 to $1 million and up. For more accessible options:

• Swissquote (bank and broker) offers multi-currency accounts and trading with modest minimums.

• Dukascopy Bank provides video onboarding for many nationalities and has Swiss deposit insurance up to CHF 100,000.

Practical notes:

• Fees are higher than in mass-market banking, but you’re buying jurisdictional resilience.

• Source-of-funds documentation must be tight and unambiguous.

• Swiss custody for global portfolios is excellent; trading fees and FX spreads are competitive for size.

Singapore: efficient, conservative, and Asia-facing

What it’s good for:

• Regional business banking, wealth management, and high-quality multi-currency options.

Real-world details:

• Onboarding usually requires an in-person visit. Relationship tiers help:

• DBS Treasures: typically S$200,000 minimum relationship.

• OCBC Premier: around S$200,000.

• UOB Privilege: commonly S$350,000.

• Excellent USD and Asian currency rails; strong digital banking.

Practical notes:

• Tight AML standards: investors and entrepreneurs should bring company documents, contracts, and clear wealth evidence.

• Deposit insurance: SDIC covers S$100,000.

• Singapore’s reputation is stellar, making it a good “anchor” account in Asia.

Hong Kong: dynamic, but documentation-heavy

What it’s good for:

• Asia trade, multi-currency accounts, and access to China-adjacent business.

Real-world details:

• Banks like HSBC, Standard Chartered, and Citibank accept foreigners but enforce rigorous KYC. Relationship tiers:

• HSBC Premier: typically HKD 1,000,000 minimum or qualifying income.

• Standard Chartered Priority: often around HKD 1,000,000.

• Corporate accounts can be tough without local substance or a clear operating profile.

Practical notes:

• Expect questions about suppliers, customers, and contracts.

• Deposit protection: HKD 500,000.

• Digital banking is strong; debit and credit card access is convenient for regional spending.

Channel Islands and Isle of Man: expat-friendly with British legal backbone

What they’re good for:

• Everyday offshore banking in GBP/EUR/USD with good online platforms and clear deposit protection.

Real-world details:

• Banks: HSBC Expat (Jersey), Lloyds Bank International, NatWest International, Santander International, Barclays International.

• Typical minimums:

• HSBC Expat: often £50,000 minimum balance or high income.

• Others may require a moderate deposit or salary mandate.

• Straightforward for salaried expats, contractors, and internationally mobile professionals.

Practical notes:

• Deposit protection:

• Jersey/Guernsey: usually up to £50,000 per person per bank (per local scheme).

• Isle of Man: £50,000.

• Good for receiving multiple currencies, holding savings, and paying in GBP/EUR/USD without building a private banking relationship.

United Arab Emirates (UAE): fast-growing, business-friendly, USD-pegged

What it’s good for:

• Corporate accounts for international business, personal accounts for residents and frequent travelers, and wealth on-ramps for Middle East/Africa/Asia.

Real-world details:

• Dubai and Abu Dhabi banks often require in-person visits and sometimes local residency/visa for full-feature accounts.

• Relationship tiers:

• HSBC UAE Premier: often AED 350,000 or qualifying income.

• Emirates NBD Priority: similar levels.

• ADCB Excellency, FAB First Elite: comparable thresholds.

• Multi-currency accounts are common; payment rails have improved significantly.

Practical notes:

• No unified national deposit insurance scheme. Understand the risk and choose well-capitalized banks.

• AED peg to USD reduces currency volatility for USD earners.

• Paperwork standards are strict but pragmatic if your business is well-documented.

Mauritius: clean structures for Africa/Asia, workable for corporates

What it’s good for:

• Banking for holding/operating companies with real substance, especially those investing in Africa or India.

• Personal accounts for regional executives and investors.

Real-world details:

• Major banks: MCB, SBM. They favor clients with genuine ties—local entities, board presence, or investment activities.

• For corporates, Mauritius is attractive when combined with tax treaties and substance (office, employees, management).

Practical notes:

• Deposit protection exists but check current caps and eligibility specifics (rules have evolved; coverage levels and scope can differ for individuals vs. corporates).

• Bank onboarding is reasonable if you demonstrate economic purpose, not mere tax arbitrage.

Panama: personal and corporate options, with caveats

What it’s good for:

• Regional business and personal accounts for LatAm-facing clients.

Real-world details:

• Banks: Banco General, Global Bank, Banistmo. Most require an in-person visit and bank/professional reference letters.

• Spanish helps; professional introductions speed things up.

Practical notes:

• Post “Panama Papers,” banks scrutinize source of funds carefully.

• Good for USD holding; cards and online banking are fine, though UX varies.

Cayman Islands and Bahamas: institutional-grade but selective

What they’re good for:

• Funds, family offices, and corporates with substance; private banking for high-net-worth clients.

Real-world details:

• Retail personal accounts without significant assets or local ties are uncommon.

• Banks: Cayman National, Butterfield (also in Bermuda/Guernsey), Julius Baer (private banking).

Practical notes:

• Not the place for a casual current account. These centers are excellent for specific institutional use, less so for everyday personal banking.

Georgia and Armenia: accessible, but mind the risk

What they’re good for:

• Faster personal account opening, lower documentation thresholds, and higher deposit rates (in local currency).

Real-world details:

• Georgia: Banks like TBC and Bank of Georgia have historically been open to foreigners; policies shift, and CRS participation is expanding.

• Armenia: Ameriabank and others may open personal accounts with reasonable KYC if you visit.

Practical notes:

• Currency risk is real (GEL, AMD). Pegs do not apply; devaluation can offset interest gains.

• Use these as tactical accounts, not core reserves, unless you earn and spend locally.

Malta and Cyprus: EU access with Mediterranean flavor

What they’re good for:

• EU-resident expats and companies with real EU links. Card and SEPA functionality is a plus.

Real-world details:

• Malta: strict KYC after historical de-risking. Good for residents, tougher for pure nonresident setups.

• Cyprus: reformed banking sector, but still cautious. Better for those with on-the-ground presence.

Practical notes:

• Deposit protection: €100,000 under EU rules.

• Assess bank reputation case by case; policies are in flux.

The United States (for non-US persons): unique privacy trade-offs

What it’s good for:

• Brokerage access and USD custody. Less reciprocal information exchange under CRS (the US is not a CRS signatory).

Real-world details:

• Personal bank accounts without SSN/ITIN and US address are difficult.

• Brokerage: Interactive Brokers, Charles Schwab International, and others accept many non-US persons with W-8BEN tax status.

Practical notes:

• Withholding tax on US dividends (often 30% absent treaty).

• Estate tax risk: nonresidents with US-situs assets may be exposed above $60,000. Use non-US custody or funds domiciled in Ireland/Luxembourg to mitigate.

Belize and smaller Caribbean options: use caution

What they’re good for:

• Historically easy corporate accounts; now considered higher risk by counterparties.

Real-world details:

• Compliance has tightened. Correspondent relationships can be fragile, causing payment delays or wire rejections.

Practical notes:

• Choose only when you have a specific, justified need and you understand the reputational trade-offs.

Corporate accounts: where businesses actually get approved

Pair your company’s jurisdiction with a compatible banking center. Banks increasingly demand local substance—management, office, or staff—not just a registration certificate.

• Singapore company + Singapore bank: Strong combo if you have contracts, Asian customers, or regional operations.

• Hong Kong company + Hong Kong bank: Works if you trade in/with Asia and can show invoices, warehouse contracts, and supplier ties.

• UAE free zone company + UAE bank: Effective for global e-commerce, services, and trade. Banking improves if management is locally based.

• Mauritius GBC + Mauritius bank: Solid for Africa-focused investment structures with board presence and professional administration.

• EU company (Ireland, Netherlands, Estonia) + EU bank: Best for EU-focused trade with VAT registration and local directors.

• Offshore IBC (BVI, Seychelles) + reputable bank: High friction unless you can demonstrate real operations; many banks decline purely “brass plate” entities.

Pro insight: Don’t fight the tide. If every banker asks for substance, build substance. A small serviced office, local director with decision-making authority, and tax registrations shift the conversation from “no” to “let’s talk.”

Brokerage and custody: where to hold investments offshore

• Switzerland: Swissquote, UBS, and other custodians provide robust global access, strong investor protections, and multi-currency cash management. Expect higher minimums at private banks.

• Interactive Brokers (IBKR): Multiple entities (US, UK, Ireland, Luxembourg, Hong Kong, Singapore). Low fees, wide market access. Choose the entity aligned with your residency and estate planning.

• Saxo Bank: Denmark-based with subsidiaries (Saxo Switzerland, Saxo Singapore). Good platform and custody.

• US brokers for non-US persons: Convenient but plan around dividend withholding and estate tax exposure. Using UCITS ETFs domiciled in Ireland mitigates US estate tax risk while accessing US markets.

Fintech and EMIs: useful—but not a full replacement

• Wise: Multi-currency accounts with local details in several countries. Not a bank; funds are safeguarded, not deposit-insured. Excellent for payments, not for large long-term cash.

• Revolut: In the EEA, Revolut Bank provides deposit protection up to €100,000. Outside the EEA, status varies; check which entity you’re under. Good for travel, FX, and small business payments.

• Paysera, N26, Monese, and regional EMIs: Handy tools but rely on correspondent banks. Wires to/from certain jurisdictions can be delayed or rejected.

Pro tip: Use EMIs as lubricants for payments, not as your vault. Pair them with a real bank account in a solid jurisdiction.

The step-by-step process to open successfully

• Define the purpose

• One sentence test: “I need a multi-currency personal account to receive USD and EUR income from remote work and keep CHF savings.” Specificity improves approval odds.

• Map jurisdictions to your purpose

• Wealth: Switzerland/Singapore.

• Expat everyday banking: Channel Islands/Isle of Man/EU.

• Asia business: Singapore/Hong Kong.

• Middle East business: UAE.

• Africa/India investment: Mauritius.

• Shortlist 2–3 banks per jurisdiction

• Check eligibility pages and minimums.

• Note whether in-person visits are required and whether your nationality/industry is accepted.

• Prepare documents

• Passport, secondary ID if available.

• Proof of address (utility bill, bank statement within 90 days).

• Tax residency and TIN(s).

• CRS self-certification form (banks provide).

• Source of funds/wealth:

• Employment: contract, payslips, tax returns.

• Business: company docs, invoices, contracts, bank statements.

• Investments: brokerage statements, sale agreements.

• Reference letters: not always required but helpful—existing bank, accountant, or lawyer.

• Pre-application and introductions

• Many banks pre-screen via email or online forms. A concise cover note explaining your situation helps.

• Professional introductions from a lawyer, corporate service provider, or wealth manager improve odds for higher-tier banks.

• Visit if needed

• Book appointments, bring originals and copies.

• Be ready to discuss your source of wealth story in plain language.

• Stay responsive post-approval

• Expect clarifying questions in the first 3–6 months as transaction patterns emerge.

• Keep balances above minimums to avoid downgrades or fees.

Compliance and reporting: non-negotiable

• CRS: Over 120 jurisdictions exchange account details annually. Your account balance, interest, dividends, and residence are reported to your home tax authority.

• FATCA: Non-US banks report US persons to the IRS. If you’re a US citizen or green card holder, offshore accounts require Form FinCEN 114 (FBAR) and potentially Form 8938, plus income reporting.

• Tax residency: If you’re a perpetual traveler, collect proof of ties (leases, exit/entry stamps, tax IDs) to substantiate where you’re resident.

• Entity reporting: Offshore companies typically require annual filings and economic substance declarations. Neglecting these gets accounts closed.

I tell clients to keep a “compliance pack” updated annually: passports, proof of address, tax IDs, company certificates, financial statements, and a one-page wealth narrative with evidence.

Costs: what to budget

• Account opening: Often free, but some banks charge setup fees (€50–€300) for nonresidents or corporates.

• Monthly/quarterly account fees: €5–€50 for retail/expat accounts; higher for premium tiers if minimums aren’t met.

• FX and transfer fees:

• FX spreads can dwarf fees; 0.20–0.50% is competitive at scale. Private banks may offer tighter pricing for large conversions.

• International wire fees typically €10–€40; SWIFT lifting fees can apply.

• Relationship minimums:

• Premier expat accounts: £50,000–£100,000.

• Private banks: $500,000–$2,000,000+.

• Corporate account maintenance: $20–$100/month for standard; more for high-touch relationships.

Common mistakes (and how to avoid them)

• Chasing secrecy over quality: The era of anonymous accounts is gone. Choose reputable banks and report properly.

• Opening in a “cheap” jurisdiction with weak rails: Correspondent banking is everything. If a bank struggles to send USD/EUR, your money is stuck.

• Neglecting deposit insurance and bank health: Keep large cash balances at institutions and in jurisdictions you’d trust through a crisis.

• Ignoring currency risk: Earning in USD but hoarding TRY or ARS for the “yield” is a fast way to lose purchasing power.

• Using shell companies without substance: Expect rejections and closures. Build real operations or use your home-country company for clarity.

• Missing minimum balances: Accidentally dropping below the threshold can trigger monthly fees or downgrade your service tier.

• Over-relying on EMIs: Great for payments; risky as a sole holding place for large cash.

Sample banking stacks by profile

The globally mobile professional

• Core account: Channel Islands (HSBC Expat or Lloyds International) with GBP/EUR/USD.

• Payments: Wise for low-cost FX and receiving local details in multiple countries.

• Savings hedge: Swissquote or Dukascopy CHF sub-account for stability.

Why it works: clean reporting, easy card access, strong jurisdictions, diversified currencies.

The entrepreneur with clients in Asia and the Middle East

• Company: UAE free zone or Singapore entity, depending on client base.

• Banking:

• UAE: Emirates NBD/HSBC Premier (multi-currency, USD peg).

• Singapore: DBS/OCBC corporate if substance and contracts exist.

• Brokerage: IBKR in Ireland or Singapore entity for global access.

Why it works: solid payment rails, good bank reputation, separated corporate vs personal, multiple time zones covered.

The investor seeking safety and global markets

• Custody: Swissquote or UBS for core holdings and CHF base.

• Secondary brokerage: IBKR Ireland for cost-efficient trading and tax treaty access for UCITS ETFs.

• Transactional account: Jersey/Isle of Man for GBP/EUR flows.

Why it works: belt-and-suspenders approach to custody, plus convenient day-to-day banking.

The retiree relocating to the EU

• Local EU bank for pensions and SEPA payments (Portugal/Spain/France depending on residence).

• Expat international account (Jersey) for GBP/EUR diversification.

• USD exposure via a Singapore or Swiss account if relevant to income sources.

Why it works: keeps life simple in the new home while maintaining currency diversification.

Picking specific banks: a practical shortlist

Note that policies change quickly; use this as a starting point and confirm current rules.

• Switzerland:

• Swissquote (retail-friendly brokerage + banking).

• Dukascopy Bank (video KYC for many nationalities; multi-currency; insured).

• UBS (private banking; higher minimums; in-person).

• Singapore:

• DBS Treasures (S$200k+), OCBC Premier (S$200k+), UOB Privilege (S$350k+).

• Citibank IPB Singapore for global relationships.

• Hong Kong:

• HSBC Premier (HKD 1m+), Standard Chartered Priority (circa HKD 1m), Citibank (various tiers).

• Channel Islands/Isle of Man:

• HSBC Expat (Jersey), Lloyds Bank International, NatWest International, Santander International, Barclays International.

• UAE:

• HSBC UAE Premier, Emirates NBD Priority, ADCB Excellency, FAB First Elite.

• Mauritius:

• MCB, SBM (especially for entities with substance).

• Panama:

• Banco General, Global Bank, Banistmo (in-person, references).

• Brokerage:

• Interactive Brokers (choose entity carefully), Saxo Bank/Saxo Switzerland, Swissquote.

Documentation tips that make or break approvals

• Wealth narrative: Connect the dots. “Sold a software company in 2022 for $1.8m; funds held at Bank X; moving $500k to diversify into CHF and SGD.” Attach the sale agreement and bank statements.

• Consistency: Documents should show the same name, address, and spelling as the application. Update your proof of address right before you apply (within 90 days).

• Professional references: Even one reputable reference helps for Panama and some private banks.

• Tax documentation: Have TINs ready. If you’re multi-resident, explain clearly and be prepared to self-certify for CRS.

• Company pack: Certificate of incorporation, M&AA, register of directors/shareholders, good standing certificate, and recent financials. For young companies, include invoices, contracts, and a 12-month forecast.

Risk management: think beyond the bank

• Jurisdictional diversification: Avoid keeping all cash in a single country. Two or three uncorrelated centers is ideal (e.g., Switzerland + Singapore + Jersey).

• Currency diversification: USD, CHF, SGD, and EUR cover most needs. Hold in the currency of your liabilities to reduce FX surprises.

• Liquidity layering:

• Layer 1: Transactional cash (1–3 months of expenses).

• Layer 2: Reserve cash (6–12 months) in top jurisdictions.

• Layer 3: Invested assets in high-quality custody.

• Estate planning: Nonresidents with US assets risk unexpected estate tax. Use non-US domiciled funds or non-US custodians if appropriate, and coordinate with professional advice.

• Monitoring: Reassess once a year. Banking policies, deposit insurance levels, and your residency can change.

Frequently asked questions

• Do I need to visit in person?

• Often, yes. Singapore, Hong Kong, UAE, and Panama commonly require it. Switzerland varies by bank; some allow video KYC (Dukascopy). Channel Islands can often onboard remotely, especially if you’re an existing UK bank customer or meet tier minimums.

• How much do I need to deposit?

• Expat accounts: often £50,000–£100,000 for premium tiers; basic accounts may accept less.

• Private banks: typically $500,000 to several million.

• Corporate accounts: depends on business profile, not just deposit size.

• Will my home country find out?

• If your home is a CRS participant, likely yes. Banks collect self-certification and share details annually. US accounts are an exception to CRS, but consider FATCA and other reporting obligations.

• Can I open a US bank account as a nonresident?

• Generally difficult without SSN/ITIN and US address. Brokerage accounts are more accessible.

• Are fintech accounts safe?

• For payments, they’re excellent. For large balances, prefer insured bank deposits in strong jurisdictions.

What I recommend as a baseline approach

• Anchor your cash in two stable jurisdictions. A Swiss or Singaporean account for reserves plus a Channel Islands/Isle of Man account for everyday flows covers most needs.

• Add a high-quality brokerage. Use IBKR (EU or Singapore entity) or Swissquote for investments and custody.

• Use fintechs for convenience, not as your core cash vault.

• Pick one Asia-friendly and one Europe-friendly payments hub if you travel or do business across time zones.

• Document everything. Keep your compliance pack updated annually and respond promptly to bank queries.

Realistic timelines

• Personal expat account (Channel Islands): 1–3 weeks with complete documents.

• Singapore/Hong Kong personal: 2–6 weeks post-visit, depending on relationship tier.

• UAE personal with residency: 1–4 weeks.

• Corporate accounts: 4–12 weeks, heavily dependent on documents and substance.

• Brokerage (IBKR, Swissquote): a few days to two weeks if documents are clean.

Bringing it all together

Offshore banking works best when you stop thinking about “the perfect bank” and start assembling a system that fits your life: one account for daily flows, one or two for reserves in top-tier jurisdictions, and a brokerage for investments. If you match your goals to the right places—Switzerland/Singapore for stability, Channel Islands for expat convenience, UAE/Singapore/Hong Kong for business—you’ll avoid 90% of the friction that traps people in endless rejections.

The final piece is discipline. Be ruthlessly clear about your source of funds, maintain minimum balances, and keep your paperwork tidy. Banks aren’t trying to be difficult; they’re operating under real rules. When you meet them halfway with a clean story and credible documentation, doors open. That’s how you build an offshore setup that’s resilient, compliant, and genuinely useful.