Bank In Hong Kong

[phomsanuk]

Do any of you have experience there?

Are all the banks "private" confidential?

Is there a minimum initial deposit?

Do they provide managed investment accounts?

[Soutpeel]

Yeap...and similar as banks in Singapore.

question 1...Yes as far as the law allows

question 2..Yes depends which account for example Citibank gold accounts require US$ 150,000 with them, Think HSBC Premier is GBP 100,00

question 3 Yes....

You need to give more specifics...nationality/ what exactly are you trying do etc...and may be can more helpful, if you are a US citizen...my advice would be proceed with caution as regards offshore accounts.

[phomsanuk]

Yeap...and similar as banks in Singapore.

question 1...Yes as far as the law allows

question 2..Yes depends which account for example Citibank gold accounts require US$ 150,000 with them, Think HSBC Premier is GBP 100,00

question 3 Yes....

You need to give more specifics...nationality/ what exactly are you trying do etc...and may be can more helpful, if you are a US citizen...my advice would be proceed with caution as regards offshore accounts.

I am a U.S.A. citizen, is that a problem?

[Naam]

I am a U.S.A. citizen, is that a problem?

your problem is that banks don't like any additional work to please the IRS. since a few years bank accounts for U.S. citizens which are "private and confidential" are as rare as virgins in a brothel or chicken with canine teeth.

[Soutpeel]

I am a U.S.A. citizen, is that a problem?

your problem is that banks don't like any additional work to please the IRS. since a few years bank accounts for U.S. citizens which are "private and confidential" are as rare as virgins in a brothel or chicken with canine teeth.

Was going to explain in a different way... but Khun Naam sum's it up nicely....

Some banks will not touch USA citizens who are trying to open offshore accounts and certainly in the case of Citi IPB in Singapore you have to sign a declaration that you are not a US citizen etc etc

The fact that you mention "private and confidential" suggests to me you might be trying to pull one over on your beloved IRS..... ....maybe not a smart move on your part trying to deal with the international banks...ie Citi/HSBC/Standard Chartered etc....big brother is watching

"local banks" in both Singapore and Hong Kong generally will not touch non-residents either

[phomsanuk]

I am a U.S.A. citizen, is that a problem?

your problem is that banks don't like any additional work to please the IRS. since a few years bank accounts for U.S. citizens which are "private and confidential" are as rare as virgins in a brothel or chicken with canine teeth.

Was going to explain in a different way... but Khun Naam sum's it up nicely....

Some banks will not touch USA citizens who are trying to open offshore accounts and certainly in the case of Citi IPB in Singapore you have to sign a declaration that you are not a US citizen etc etc

The fact that you mention "private and confidential" suggests to me you might be trying to pull one over on your beloved IRS..... ....maybe not a smart move on your part trying to deal with the international banks...ie Citi/HSBC/Standard Chartered etc....big brother is watching

"local banks" in both Singapore and Hong Kong generally will not touch non-residents either

I'm hiding from a wife, if the IRS knows, her lawyer knows.

[Soutpeel]

I am a U.S.A. citizen, is that a problem?

your problem is that banks don't like any additional work to please the IRS. since a few years bank accounts for U.S. citizens which are "private and confidential" are as rare as virgins in a brothel or chicken with canine teeth.

Was going to explain in a different way... but Khun Naam sum's it up nicely....

Some banks will not touch USA citizens who are trying to open offshore accounts and certainly in the case of Citi IPB in Singapore you have to sign a declaration that you are not a US citizen etc etc

The fact that you mention "private and confidential" suggests to me you might be trying to pull one over on your beloved IRS..... ....maybe not a smart move on your part trying to deal with the international banks...ie Citi/HSBC/Standard Chartered etc....big brother is watching

"local banks" in both Singapore and Hong Kong generally will not touch non-residents either

I'm hiding from a wife, if the IRS knows, her lawyer knows.

Havent had an offshore account in Europe in many year but may our beloved Klingon can advise better, but how about a numbered account in Switzerland ?....you used to be able to pay 250 Euro or equivalent and get a "numbered" account and even an ATM card with no name on it..most likely not an option these days for European Citizens but as a US citizen you may get away with it.

Or if all else fails Belize may be an option..

[Naam]

Havent had an offshore account in Europe in many year but may our beloved Klingon can advise better, but how about a numbered account in Switzerland ?....you used to be able to pay 250 Euro or equivalent and get a "numbered" account and even an ATM card with no name on it..most likely not an option these days for European Citizens but as a US citizen you may get away with it.

Or if all else fails Belize may be an option..

you can have a "numbered" account in many countries and many banks. it means that your paper statements (if any) do not show your name but a number or a code (numbers and letters). BUT there is no way opening an account without presenting an ID as well as proof of residence (e.g. utility bills). in case of corporate accounts the ID and proof or residence has to be provided for the beneficiary/beneficaries.

the ID of a Yewnighted States citizen or a U.S. person (both exist although there is a difference) is called by bankers nowadays worldwide a "shakey-shakey" ID because most bankers shake their heads when a U.S. citizen/person wants to establish an account.

the famous swiss "top secret numbered" accounts exist only in Hollywood movies and novels and that goes for any "secret" account be it in Belize, Mongolia or Burkina Faso. of course exceptions prove the rule but then the bank is so shady that nobody in his right mind would entrust it with a fistful of cash.

ATM cards with no name on it are (to the best of my knowledge) only available in Thailand but the name and account number is embedded in the magnetic strip on the back and a card reader for 50-60 dollars can decipher it without any problems.

the same applies to some "cash cards" which surfaced in Switzerland and EURo-Land recently.

complete wrong is quote: "...most likely not an option these days for European Citizens but as a US citizen you may get away with it". au contraire! :jap:

to sum it up: a U.S. citizen or U.S. person who wants to cheat the IRS has huge problems to overcome. solutions are not impossible but so tedious that it does not pay to go through the whole rigmarole if the net worth "to be cheated" is less than a couple of million dollars (U.S., not Zimbabwe Dollars!).

[Soutpeel]

ATM cards with no name on it are (to the best of my knowledge) only available in Thailand but the name and account number is embedded in the magnetic strip on the back and a card reader for 50-60 dollars can decipher it without any problems.

the same applies to some "cash cards" which surfaced in Switzerland and EURo-Land recently.

Ah.... it may have been these type of cards I was reading about....

how about putting the cash under your matress then, sounds like one of the few viable options availible to US citizens....

[Naam]

how about putting the cash under your matress then, sounds like one of the few viable options availible to US citizens....

an excellent and legal option. no income = no taxes!

[lannarebirth]

how about putting the cash under your matress then, sounds like one of the few viable options availible to US citizens....

an excellent and legal option. no income = no taxes!

Of course there is the wearable wealth option:

[WilliaminBKK]

I had a US friend who lived in SIN for many years, upon his return the IRS knew when he opened the account and account balances, he wanted to open a savings type account that offered better ATM rates so he could drain the account and the bank said they do not offer US citizens the ability to open an account.

The part that amazed him was when he was asked about a deposit in 1999, when he sold his car. I guess you have to report a certain amount but so far back was shocking.

[Heng]

edit: nevermind, not exactly kosher.

Edited January 23, 2011 by Heng

[brd]

not easy neither simple but where are you right now ?

you are not the only one whom is not keen to inform neither your wife nor any one else of anything regarding your money.

There are solutions but all Worldwide banks are harassed by compliance rules.

The IRS is your business partner for ever.

let see next.

[brd]

not easy neither simple but where are you right now ?

you are not the only one whom is not keen to inform neither your wife nor any one else of anything regarding your money.

There are solutions but all Worldwide banks are harassed by compliance rules.

The IRS is your business partner for ever.

let see next.

[brd]

ot easy neither simple but where are you right now ?<div>you are not the only one whom is not keen to inform neither your wife nor any one else of anything regarding your money.</div><div>There are solutions but all Worldwide banks are harassed by compliance rules.</div><div>The IRS is your business partner for ever. </div><div>let see next.</div>

[Chunky1]

as another user mentioned, gold is a much better option to put under your mattress than cash.

better yet, get a 2nd citizenship. where were your parents/grand parents born?

[Soutpeel]

as another user mentioned, gold is a much better option to put under your mattress than cash.

better yet, get a 2nd citizenship. where were your parents/grand parents born?

Good idea, but he would have to give up US citizenship, as long as he holds a passport from the "Land "O" free"....the IRS have him by the short and curlies, irrespective of how many PP he holds, I know you are thinking he opens an offshore account under his 2nd passport and keeps it quiet, but if found out could get very messy very quickly and would suspect the loveable IRS would not be amused...it wouldnt take much from a vindictive Ex-wife or associated lawyer to find out about the second PP

Guessing this is not even an option for the OP anyway

Interesting thought though....I wonder how the US IRS would see this.

Edited January 24, 2011 by Soutpeel

[Chunky1]

the IRS is going to request from Singapore all accounts that match the name of any American?

[Soutpeel]

the IRS is going to request from Singapore all accounts that match the name of any American?

They will not need to these days, on opening an offshore account in Singapore, certainly the case with Citibank, you have to sign a declaration that you are not a US citizen... , as "Naam" put it US citizen these days have a "shakey-shakey" ID.....bank shakes it head and says no.

Singapore as far as I am aware will not volunteer infomation to people like the IRS, but will provide information if "legally" required to do so....ie a court order or asking for specific information about a specific person.

I am guessing the likes of Citibank being a US company, the information on any US citizen opening an offshore account anywhere in the world with Citibank would be availible to IRS in the US.

I am curious however ,If a dual national (US + another passport) opened an offshore account under the other passport and declared on the form "Non-US citizen" for the purpores of the account how that would be looked at...illegal ?, grey area ?, falsification of a declaration ?, attempt tax evasion or what.

Not that if affects me directly, as I am a not a citizen of the US....but an interesting question

[Chunky1]

Do they really make people opening an account with a non-USA passport clarify that they are not an American citizen in Singapore?

[Soutpeel]

Do they really make people opening an account with a non-USA passport clarify that they are not an American citizen in Singapore?

Yeap...when I opened an offshore account in Singapore a few years ago....first question..."Are you a US citizen ?"...Answer..."Nope"....please sign this declaration.

So yes they make you do it

[jcon]

on second thought......

Edited January 24, 2011 by jcon

[Naam]

Do they really make people opening an account with a non-USA passport clarify that they are not an American citizen in Singapore?

Yeap...when I opened an offshore account in Singapore a few years ago....first question..."Are you a US citizen ?"...Answer..."Nope"....please sign this declaration.

So yes they make you do it

not only in Singapore but worldwide. submitting Form W-8BEN with all required information is in the interest of the account holder and prevents deduction of U.S. withholding tax.

this is what it looks like:

http://www.irs.gov/pub/irs-pdf/fw8ben.pdf

[Naam]

on second thought......

right you are! don't say it, just think it

[Naam]

I am guessing the likes of Citibank being a US company, the information on any US citizen opening an offshore account anywhere in the world with Citibank would be availible to IRS in the US.

not only with Citi but nowadays with any bank!

[Naam]

as another user mentioned, gold is a much better option to put under your mattress than cash.

better yet, get a 2nd citizenship. where were your parents/grand parents born?

Good idea, but he would have to give up US citizenship, as long as he holds a passport from the "Land "O" free"....the IRS have him by the short and curlies, irrespective of how many PP he holds, I know you are thinking he opens an offshore account under his 2nd passport and keeps it quiet, but if found out could get very messy very quickly and would suspect the loveable IRS would not be amused...it wouldnt take much from a vindictive Ex-wife or associated lawyer to find out about the second PP

Guessing this is not even an option for the OP anyway

Interesting thought though....I wonder how the US IRS would see this.

what the IRS does not know it can't see

[CRUNCHER]

A friend, US Citizen, recently went to Hong Kong to open an account personally. HSBC told him "no way Jose". US citizens just caused the banks too much trouble. It is not just about the IRS - it is also about money laudering and terrorism.

Edited January 24, 2011 by CRUNCHER

[Soutpeel]

It is not just about the IRS - it is also about money laudering and terrorism.

At least thats what the US goverment want people to believe, we are snooping into your accounts, but its for your own good, because of terrorism...

[phomsanuk]

I am a U.S.A. citizen, is that a problem?

your problem is that banks don't like any additional work to please the IRS. since a few years bank accounts for U.S. citizens which are "private and confidential" are as rare as virgins in a brothel or chicken with canine teeth.

Was going to explain in a different way... but Khun Naam sum's it up nicely....

Some banks will not touch USA citizens who are trying to open offshore accounts and certainly in the case of Citi IPB in Singapore you have to sign a declaration that you are not a US citizen etc etc

The fact that you mention "private and confidential" suggests to me you might be trying to pull one over on your beloved IRS..... ....maybe not a smart move on your part trying to deal with the international banks...ie Citi/HSBC/Standard Chartered etc....big brother is watching

"local banks" in both Singapore and Hong Kong generally will not touch non-residents either

I am not trying to cheat the IRS as I have no income, if however they know about my offshore funds my wifes attorney will also find out.

I found this in my search, do you think it's a scam?

Hong Kong Corporation with Hong Bank Account

An anonymous Hong Kong Corporation is formed and a bank account is opened in the described Hong Kong Bank for the corporation with the client as the signatory on the bank account. What you get is as follows: Certificate of incorporation, Business registration certificate, Original formation documents and minutes, Minute booklet, Share certificate booklet, with chops and a seal (a chop is a corporate stamp, not a tool for eating with), One certified copy of formation documents, nominee director, nominee shareholder and nominee founder, a private trust agreement for nominee shareholder, director and founding member so the owner is not registered in the public registry yet still has all the control over the corporation while remaining anonymous, General Power of Attorney executed by the nominees, Appointment of corporate secretary for a year providing a registered office address for a year, and accountants will file your annual HK return. Courier fees from our law firm are included. The bank account is with a one trillion dollar bank in Hong Kong that offers online banking and accounts in ten different currencies. You have attorney client privilege all the way through the transaction. With the trust agreement your name is kept out of the public registry for corporations. Most competitors do not include this and the corporations will have you as the owner in the public registry.

The minimum Bank deposit is $1000 and can be included with the professional fees sent to expedite account opening and reduce wire fees.

Full details here: Hong Kong Bank Accounts and Hong Kong Corporations