Best Offshore Bank In Singapore : Privacy Low Fees High Interest

[fanciman]

Hello!

I have been unable to find a listing of the 2006 Euromoney awards on the internet. Any links would be appreciated.

When considering offshore banking, Singapore is held by many to be a good place to keep money, as many banks there adhere to non-disclosure policies, the country is stable, and the judicial system is generally reliable.

For a European based in Thailand, what would be a good bank to choose, to benefit from what Singapore has to offer? Do they have a branch / ATMs / cash deposit machines in Bangkok?

Thank you for your interest

[Prakanong2005]

Hello!

I have been unable to find a listing of the 2006 Euromoney awards on the internet. Any links would be appreciated.

When considering offshore banking, Singapore is held by many to be a good place to keep money, as many banks there adhere to non-disclosure policies, the country is stable, and the judicial system is generally reliable.

For a European based in Thailand, what would be a good bank to choose, to benefit from what Singapore has to offer? Do they have a branch / ATMs / cash deposit machines in Bangkok?

Thank you for your interest

I am looking at this at the moment too in case I take a position offered there.

I am still trying to find out if ING do retail banking there (it is the ex Barings Bank of Nick Leeson fame) as I have ING accounts in Belgium and Luxembourg already.

ING are also in the UK and Thailand so I would be covered everywhere I go and I have no problem accessing my money in Thailand but have never deposited.

[Phil Conners]

Not ING of Terry Pratchett fame (Mr. Tulip, The Truth) ?

[Prakanong2005]

Not ING of Terry Pratchett fame (Mr. Tulip, The Truth) ?

Probably ;-)

I think they offer the highest or one of the highest iinternet interest rates in the UK

They are Dutch but own a lot of other banks including the old Barings mentioned above - bought for 1 GBP if I remember correctly after Nick Leeson did his thing ;-)

The Branch I use in Luxembourg is where all the Euro's hide their money from the taxman - so much so one staff member there stole about 6 million of it and no-one said anything for years.

She was meeting clients in cafe's and taking brown paper bags full of cash of those Belgians anf French hiding their "black" money - the ones handing over money outside bank premises lost it but if it was handed over in the bank they were re-imbursed

Hmmm - I am not advertising them very well am I

[Orion76]

http://www.ipb.citibank.com.sg

[fanciman]

http://www.ipb.citibank.com.sg

Thanks for that link, Orion. Citicorp is a reputable organization, with well established branches around the world.

I hesitate, though. Being a US bank, they would hand over with gay abandon any details to any authorities. Am i mistaken?

[cclub75]

When considering offshore banking, Singapore is held by many to be a good place to keep money, as many banks there adhere to non-disclosure policies, the country is stable, and the judicial system is generally reliable.

For a European based in Thailand, what would be a good bank to choose, to benefit from what Singapore has to offer? Do they have a branch / ATMs / cash deposit machines in Bangkok?

Yes, it's a good place. The best solution (and if you do open an account, you'll need to) : go there.

In the taxi to the city from the airport, you will understand everything.

;-)

It reminds me... London and Geneva.

OCBC has a special "offshore account" etc (for more than 100 000 USD)

http://www.ocbc.com.sg

Otherwise, any other big banks : DBS etc.

In a sense, all the banks now are offshore. Because Singapore droped taxes on interests, even for residents. That's nice for time deposit accounts.

[Orion76]

http://www.ipb.citibank.com.sg

Thanks for that link, Orion. Citicorp is a reputable organization, with well established branches around the world.

I hesitate, though. Being a US bank, they would hand over with gay abandon any details to any authorities. Am i mistaken?

They are part of a US financial group but they operate under Singapore law. Singapore has very strict banking secrecy laws and stiff penalties for violators and they can only reveal account details to 3rd parties with a court order from a Singaporean judge. It would be illegal for example for Citibank Singapore to share your account details with their head office in the USA or anyone else for that matter.

They can not however provide private banking services to American citizens so Americans who open an account there have to provide their social security number and give the bank permission to share account details with the American IRS.

Edited March 26, 2006 by Orion76

[thai1on]

http://www.ipb.citibank.com.sg

Thanks for that link, Orion. Citicorp is a reputable organization, with well established branches around the world.

I hesitate, though. Being a US bank, they would hand over with gay abandon any details to any authorities. Am i mistaken?

They are part of a US financial group but they operate under Singapore law. Singapore has very strict banking secrecy laws and stiff penalties for violators and they can only reveal account details to 3rd parties with a court order from a Singaporean judge. It would be illegal for example for Citibank Singapore to share your account details with their head office in the USA or anyone else for that matter.

They can not however provide private banking services to American citizens so Americans who open an account there have to provide their social security number and give the bank permission to share account details with the American IRS.

Count me out then!

Even if I weren't a US citizen I still wouldn't trust US banks with the US government running roughshod over citizens' rights.They could make any US bank give up information on non-US citizens in the interest of "national security" and the "fight on terrorism". Plus if America's economy or dollar collapses,their banks will be closed for business.

[Orion76]

Count me out then!

Even if I weren't a US citizen I still wouldn't trust US banks with the US government running roughshod over citizens' rights.They could make any US bank give up information on non-US citizens in the interest of "national security" and the "fight on terrorism".

It's not up to Citibank Singapore who they share details with, it's up to the Singapore courts and all banks operate under the same banking secrecy laws, US owned or not.

If you're hiding Al Qaeda money then it can be seized no matter what bank in what country you hide it, but I don't see why a non-US citizen who doesn't owe US taxes and who is a legitimate businessman would be concerned about that, or why the US government would be interested in his account details.

Plus if America's economy or dollar collapses,their banks will be closed for business.

And if you buy a house it may be hit by a meteorite, but that's too improbable to lie awake at night worrying about it

[Michael W]

They are part of a US financial group but they operate under Singapore law. Singapore has very strict banking secrecy laws and stiff penalties for violators and they can only reveal account details to 3rd parties with a court order from a Singaporean judge. It would be illegal for example for Citibank Singapore to share your account details with their head office in the USA or anyone else for that matter.

They can not however provide private banking services to American citizens so Americans who open an account there have to provide their social security number and give the bank permission to share account details with the American IRS.

And that helps explain those Isle of Man passports on offer.

[DegenFarang]

http://www.ipb.citibank.com.sg

Thanks for that link, Orion. Citicorp is a reputable organization, with well established branches around the world.

I hesitate, though. Being a US bank, they would hand over with gay abandon any details to any authorities. Am i mistaken?

They are part of a US financial group but they operate under Singapore law. Singapore has very strict banking secrecy laws and stiff penalties for violators and they can only reveal account details to 3rd parties with a court order from a Singaporean judge. It would be illegal for example for Citibank Singapore to share your account details with their head office in the USA or anyone else for that matter.

They can not however provide private banking services to American citizens so Americans who open an account there have to provide their social security number and give the bank permission to share account details with the American IRS.

so what is an american to do?

[Khun Bob]

get a new citizenship and renounce your american citizenship...

use a trustee..

use an offshore company..

just thoughts - no actual experience

[Michael W]

Singapore has very strict banking secrecy laws and stiff penalties for violators and they can only reveal account details to 3rd parties with a court order from a Singaporean judge. It would be illegal for example for Citibank Singapore to share your account details with their head office in the USA or anyone else for that matter.

They can not however provide private banking services to American citizens so Americans who open an account there have to provide their social security number and give the bank permission to share account details with the American IRS.

Also take a look at http://www.offshore-library.com ( start at http://www.offshore-library.com/whatisoffshore.htm ). Singapore may not qualify as a truly offshore banking center but there's a bunch of other places like the Channel Islands, Cayman Island, etc. where many major well known banks have a presence. Whether any of them will let an American open an account at one of their offshore locations without reporting it to the IRS, I don't know, you'll need to research it.