Regional offshore non resident accounts, closer to Thailand the better...

[Heng]

For both personal savings/fixed, and multi currency accounts.   Other than Singapore, which I'm already using and is wonderful in this regard.   What are some other options?  Google typically just spits out the 4-5 'industry' rags that are pretty much all trying to peddle their own 'this is how you do it' document or publication without providing much specific information.   No tax on interest income would of course be the main plus.

[FinChin67]

Hong Kong used to be good but not anymore. You need to be a resident to be able to open an account. Kuala Lumpur I believe it is the same thing.
 

I would like to know where to open an account for a BVI company. HSBC is not an option anymore nor any other Hong Kong banks. 
What is needed in Singapore to open an account (if you are not a resident)?

Edited September 11, 2017 by FinChin67

[shadowmaster1971]

3 hours ago, FinChin67 said:

Hong Kong used to be good but not anymore. You need to be a resident to be able to open an account. Kuala Lumpur I believe it is the same thing.
 

I would like to know where to open an account for a BVI company. HSBC is not an option anymore nor any other Hong Kong banks. 
What is needed in Singapore to open an account (if you are not a resident)?

Absolutely wrong, you do need to be a resident in HK to open a bank account!  However, for Americans it is a total different ball game.

On the BVI bank account with HK Banks agree very tough but not impossible.  IF you can get a referral from an existing account holder at a particular bank that you wish to bank with that can help!

[FinChin67]

Yes, correct. I think I wrote wrong way but you do need to be resident for opening a personal account in Hong Kong. I do have few accounts @ HSBC but they also closed few, even for a Hong Kong based company! Standard Chartered is asking for a lot of money to have a BVI account and many others are following suit. It really seems to depend on residency, business and balance on your account but no logic really. Hang Seng bank declined to open an account for $40million turnover too... (related to trading of ordinary items). Cyprus seems to be an option for BVI.

As for American's the banks are really not eager to do business with them. Too much hassle. I'm EU citizen.

Edited September 11, 2017 by FinChin67

[shadowmaster1971]

No you don't need to be a resident to open an personal account in hong kong.

But everything else you mention I certainly agree with.  Have you tried opening an account in BVI/Cayman? There is also Vanuatu,  Singapore is definitely worth a try as they still deal with a lot of grey money.  YEs for sure Cyprus is worth a go.  With that type of money you are talking about you could almost consider going the residency route/passport in the Caribbean and places like Malta in conjunction with the BVI/Cayman.

Other alternatives to BVI is Canary Islands, Gunersey & Jersey Islands, Netherlands Antilles i don't know the latest with their banking it use to be good.  Panama ?  Then their Leichstenstein a good european alternative.

 

Or a HK company with beneficial nominees which might be easier to pen bank accounts in HK.

[FinChin67]

Yes, you're right as I am not one either but I opened my accounts long time ago. There are now tightened rules so I'm not sure but I guess not. Macau is enforcing residency too but I have that because I have had company there for a long time.  I think I will check Singapore. If you know any contacts you can PM me and I would appreciate very much.

Malta sounds interesting too. I will try to find contacts from Malta and BVI. As long as online banking works I'm fine. Do not even need cards.

This is just trading. Buying from Asia and selling in Europe and elsewhere. Nothing "grey" or anything else but basically transfer pricing and/or commission based business.

[shadowmaster1971]

You sound like a casino guy.  I Worked Macau many years and I also live Rayong region!.

 

I will check if I know anyone for SG, I'll PM you.  But if you don't get a PM from me in the next 48hours i turned up nothing.

 

Sorry wasn't implying you have grey money, I was saying that Singapore being the banking capital for SEA is still liberal and takes a lot of grey money.   If you every wonder why singapore doesn't really have an extradition treaty with Indonesia, if they did watch 10's of Billion in USD get pulled out of the Singapore Banking System by the Indonesians.

 

As I  understand it you can open Bank Accounts for BVI and Seychelles Companies in Malta and a few other international entities.

 

Also consider a Seychelles  company too.

[FinChin67]

Ha ha, not a Casino guy. I wish. Took off before they started to build those monsters. I go there still once in a while as office is there.

Even transfer pricing starts to be treated like grey money these days. EU wants to start taxing everybody and anywhere. Hopefully they dont start to do anything so stupid as US..

You're right about Singapore. It's handling a lot of money for Chinese too now.. specially after HKG handover. Thanks for your help and if nothing comes I think I'll go to visit them at some point. I am also looking into Malta and Cyprus now. 

Rayong is pretty nice but actually I stay usually near Koh Samet area when I'm in Thailand (not on island but there about). The german restaurant in Rayong (near Cameo hotel) is one of my favourite places in Rayong.

[Heng]

SG is one of those... where most banks will ask you for your NRIC card (local ID) but will then allow account opening to non resident foreigners as long as you 'have a good reason' to hold an account there.    I've been both approved and declined at various banks for simply having my reason as 'I would like to save some of my capital outside of my home country because it's less economically and politcally stable compared to SG.'

 

I wrote Maybank, Hong Leong, and CIMB down in KL and it was no and no for the latter two, and Maybank saying, well, it'll be up to the branch manager, so please fly down for a visit.   

 

Still looking for other options...  

[FinChin67]

I think I will try Singapore and go to visit a bank I'm next time there. Which one you would recommend? I think the economical/political reason is pretty good one when I play the China / Hong Kong card. Or I hope so...

[fletchsmile]

In SE Asia I'd go for bank accounts in the country where you live and Singapore.

 

I've had accounts in other SE Asian countries like Indonesia, Vietnam etc, but once you're no longer living in those countries they aren't really that convenient. Living in Thailand, Singapore is the only country I keep in addition to Thailand for SE Asia. 

 

Bear in mind if it's interest income you're after, deposit protection acts/ guarantees often only cover local currency. SGD has a decent correlation compared to THB. Can't say I'd like to take punts on VND, MYR, PHP, IDR etc

 

Hong Kong is OK if you're in that part of Asia.