Too many people put their entire wealth into insolvent Western banking system, which could go bust at any time. Average Westerner thinks that banks in the West will not go bust and that their government will solve all the problems in case they appear, so their money is safe.
Smart move is to diversify savings and not have all in the US, Canadian or European banking system. If you think nothing can happen to your bank, just remember incidents in Cyprus and Greece, where people lost their money and overnight couldn’t access their assets.
Offshore banking can be considered as any banking which you do outside of your jurisdiction. Many big multinational banks have branches in many countries and having an account with one of these banks is just as offshore as having an account with, say, local bank in Hong Kong.
Some of the best banks worldwide are in the Middle East, because they are frequently capitalized better than Western banks. Some of the banks, like Qatar National Bank, are off limits for Americans and some other Westerners, which is pity, as they have an excellent reputation.
Safest place to bank is Germany, according to Global Finance. There is only a question about secrecy, as other jurisdictions, like Singapore or Hong Kong offer far better privacy for offshore banking.
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Best offshore banks for 2017
Because of its accessibility and open door policy, Singapore is number 1 for offshore banking in 2017. Note however, that you will be required to travel to Singapore at least one time, since banks want to see you in person and opening account through post became practically impossible.
Some banks are better than others. We discourage multinational Citi Bank, which is no good, or HSBC in Hong Kong and Singapore if you are Westerner. Reason is pretty simple, customer service sucks in those banks. We also discourage Seychelles, Belize and European banks. Seychelles are not what it used to be, hearing horror stories where investors can’t get his money out now. Belize used to be ok to deal with, but US government started to stick its nose around. Many banks in Belize had problems and investors had problems getting money out. European banks are simply insolvent and lack privacy.
The best bank for you might not be Singapore, but some other location, which is easily accessible for you, since you will be required to travel at least once and it also depends how much money you have. Some banks require as much as 10$ million for private banking, while others accept as little as 500$ for basic savings account, like banks in Panama or Georgia.
Hong Kong banks are not known for being open to foreigners, except to those with millions or business in Hong Kong.
So, best offshore bank for you will depend on several factors. If you can go with Singapore choice, we certainly recommend that, but if Singapore is off the table, then consider other jurisdictions, with exclusion of those mentioned above.