Question about opening offshore bank account in HK

[waxpro]

Hi,

 

To receive monthly payments need to be deposited in an overseas bank account,

I head about offshore bank account in Singapore, Hong Kong,

Anyone have an idea about this matter?

Thanks. 

[AJBangkok]

So long as you aren’t American I think Singapore is easier. The two major Singapore banks have offshore banking and earlier this year Citibank Singapore was reported to be having a campaign to attract accounts in their priority banking.

 

if you are an American good luck finding anyone to open an account for you.

[Foxy52]

Without an HK ID card, you might have trouble opening an account in HK. Don't know about Singapore

[Parsve]

If you want to open a bank account in Singapore you could get help online, for instance, www.offshorecompanycorp.com/Singapore/Order-Now‎

Cost 500 USD, you will have your account after one day.

[orchidfan]

2 hours ago, Foxy52 said:

Without an HK ID card, you might have trouble opening an account in HK. Don't know about Singapore

Correct. Because money laundering rules you need HKID to open a new account in Hong Kong. ...or possibly can be done in  company situation where you have a "visible " long term presence in HK.

Buy/setup an offshore company in HK then it can have a bank account.

[jkcjag]

Try this company; they arranged my HSBC business account 9 years ago...no HK ID, no residency in HK. There was a choice to attend at the bank in person, or assign CMS as authorised agents to do it for you. The rules may have changed since, I acknowledge. They are a very efficient organisation, and at least they will advise you of the current situation and rules:

 

CORPORATE MANAGEMENT SERVICES LIMITED - HEAD OFFICE • 26^th Floor, Beautiful Group Tower • 77 Connaught Road Central • Central • Hong Kong

Website: www.cmshk.com
CMS has been appointed as Approved Hong Kong government services provider http://www.cmshk.com/files/INVEST_HK_APPROVAL_LETTER.pdf  
CMS Hong Kong awarded the DIAMOND BUSINESS ADVISOR AWARD by HSBC and TOP BUSINESS PARTNER OF GREATER CHINA AWARD by Hang Seng Bank http://www.cmshk.com/cms-company-formation
Exclusive Corporate Rates for CMS clients when staying at SHANGRI-LA Group Hotels Worldwide http://www.cmshk.com/cms-company-formation/corporate-partnership-benefit

[Halfaboy]

This is an old thread (2016), but there may be valuable information.

 

 

[geriatrickid]

2 hours ago, vinegarbase said:

Hong Kong won't let you anymore unless you can prove your residency. Singapore depending on your citizenship would probably require you to visit to open the account and there is no guarantee. 

 

You can open an online Dominica bank account here. You don't need to visit either it can be done remotely.

https://www.joyful-feet.com/crypto-banking/

Not exact;y. HSBC has international and expat banking solutions. It requires one to agree to respect tax law for both the domicile nation and  bank location. HSBC will report to the relevant tax authorities. 

[Shiver]

9 hours ago, orchidfan said:

Correct. Because money laundering rules you need HKID to open a new account in Hong Kong. ...or possibly can be done in  company situation where you have a "visible " long term presence in HK.

Buy/setup an offshore company in HK then it can have a bank account.

I had a business bank account in HK opened in 2009.  It was simple enough then, except having to travel there.  Trying to open a 2nd account a few years later and they wouldn't entertain the idea.  The hint was that they've been very naughty, and fined a lot, and they tightened the rules enormously.

[RocketDog]

On 9/10/2018 at 7:22 PM, AJBangkok said:

So long as you aren’t American I think Singapore is easier. The two major Singapore banks have offshore banking and earlier this year Citibank Singapore was reported to be having a campaign to attract accounts in their priority banking.

 

if you are an American good luck finding anyone to open an account for you.

 

I opened an account with Citibank in Singapore about three years ago. I'm American and didn't have to travel to Singapore to do it. However, there was extensive paperwork involved and I think the minimum investment now is 200k$.

 

You can have accounts in several different currencies and move money between by paying the current exchange rate. My account also pays interest, but not much. Of course I have to deal with the  American FATCA paperwork every year and will be publicly crucified if I don't.

 

I have read that it is almost impossible now for an American to open an acct account in Singapore without traveling there to do it. Pretty short and cheap flight from Thailand.

 

Their banking laws are very strict and security is incredibly tight. Accounts are backed by gold up to a certain amount, I think 35-50k only.

 

A hole in the ground in your backyard is safer than American banks, but you do lose the whopping 0.01% interest rate though.

 

Hmmm. Should I risk the gov taking a majority of my money or closing the bank just to make a few pennies each year? Nope.

 

I also keep money in Canada and Thailand banks. I'm looking into Mexico banks as well. Lots of places safer than American or European banks now because of their atrocious 'bail-in' laws becoming more prevalent in western countries because of their escalating debt loads and miserable debt to GDP ratios.

 

Americans are being treated as outcasts around the world for many reasons, some valid and some not.

The Cheeto in Chief is certainly not helping our image.

 

I would like to hear from any Americans opening accounts in Taiwan, Hong Kong, or Singapore.

[waxpro]

My preferred place is HK, certainly the transferring amount will be from companies such as Amazon and similar, no any doubt about laundering or such stories, I'm not an American, my language skill could tell it:)

 

However, regarding HK ID card, what is the condition or the requirements to obtain it? traveling there for the process is ok,

thanks for the shared stories guys, informative indeed.

 

 

 

[thedemon]

It used to be easy to open an account with HSBC in HK as a non-resident. That is not the case today.

 

Nowadays without a permanent address in HK and a HK ID card it is extremely difficult with any bank in HK and with HSBC nigh on impossible.

 

Sorry to be the bearer of bad news but that is the case.