Opening Swiss/Hong Kong/Singaporean offshore account in BKK?

[Naam]

Well, if someone only need this service and would like to have banking close to TH, then Citibank Singapore is OK. I do the same by the way but not with Citi.

But i want also trade online on stock markets in the EU and not only shares but also ETF´s and bonds and this is not possible with Citi SG neither online nor offline by phone. Unless you are a so called accredited investor so you are eligible for private banking in SG. But for that you need assets 1 Mio. EUR or more end even then it is not possible to trade bonds by internet banking but by phone, mail or fax.

I only want to point out that you are restricted with an account in SG and not all banking services are available what you are used from an online bank in the EU and i do not mean Switzerland or Luxembourg but especially Germany/Austria which offer a very well market access and all trading produkts with very low volume condition

a big problem is trading bonds OTC and the stupid regulation that EU exchanges do their settlement in EURos only. if i buy a USD (or any other currency than €UR) denominated asset the USD price is changed into €UR, i have to buy €UR with my Dollars for settlement and vice versa when i sell. if you take the recent €/$ fluctuations into consideration you might easily lose 1 or 2% just via the exchange rate.

[Soutpeel]

I'm resident in Thailand, my income is from neither from my country of citizenship nor Thailand, and my country of citizenship does not tax the offshore income of non residents unless it is remitted to the home country. This means that my country of citizenship has no claim at all, so long as I do not send the money there, and from Thailand's perspective the income is offshore income.

Thailand does not tax offshore income of residents unless it is remitted to Thailand in the year it is earned.

This means that if I have an account in a jurisdiction that does not tax non resident offshore income, and am able to hold the money there until the next tax year, I can legally send it entirely tax free to Thailand. Singapore is such a jurisdiction, though there are others.

Point being that for me, a Singapore based Citibank offshore account is neither 'horrible' nor 'useless' (as another poster stated) for my scenario, and I would suspect that of many others.

But the fact, that you hold your accout in Singapore has no effect to your taxation. You could also hold your accout in any country of the EU for example because non of them tax non resident acccounts if you could prove Thailand as your resident country, but the banking would be much more easy, because as far as i know, in SG you can can not use internet banking as extensive as e.g. in many countries in the EU,

I have accounts in SG and EU but in SG i am not able to place orders on stock markets for bonds in the EU for example by internet. I am not familar with Citibank but i doubt that is possible to trade bonds+stocks on stock markets in the EU.

If its only to open an account with balances,fixed deposits or debit-/credit card and trading of some stocks on the SG or HK stock markets then i suppose its ok expecially when you consider that you are living in Thailand.

But only because of tax an account in SG is not interesting because you can achieve the same effect by using an account in a country with a lot more advanced internet banking and online trade opportunities in the stock market. But if that is also not interesting then an account in SG might be interesting.

because as far as i know, in SG you can can not use internet banking as extensive as e.g. in many countries in the EU,

Absolute hogwash...I bank with Citi IPB and use internet banking all the time with no restrictions, internet banking is the same as or maybe more advanced than most countries in the EU.

any country of the EU for example because non of them tax non resident acccounts if you could prove Thailand as your resident country,

In certain EU countries this is only true if you can prove you pay tax in Thailand, because the key bit your missing is the source of the income which determines the taxation, not where the money eventually ends up.

[Soutpeel]

i somehow don't trust the EU bàst@rds, especially not after Cyprus and the present never ending Greece story.

and that my dear Klingon, is the reason I pulled all my accounts in Europe many years ago, obviously not because Cyprus or Greece per se, but you could see a long time ago the way things were going to go in Europe as regards "big brother" banking / government collusion etc

[Crisu]

I'm resident in Thailand, my income is from neither from my country of citizenship nor Thailand, and my country of citizenship does not tax the offshore income of non residents unless it is remitted to the home country. This means that my country of citizenship has no claim at all, so long as I do not send the money there, and from Thailand's perspective the income is offshore income.

Thailand does not tax offshore income of residents unless it is remitted to Thailand in the year it is earned.

This means that if I have an account in a jurisdiction that does not tax non resident offshore income, and am able to hold the money there until the next tax year, I can legally send it entirely tax free to Thailand. Singapore is such a jurisdiction, though there are others.

Point being that for me, a Singapore based Citibank offshore account is neither 'horrible' nor 'useless' (as another poster stated) for my scenario, and I would suspect that of many others.

But the fact, that you hold your accout in Singapore has no effect to your taxation. You could also hold your accout in any country of the EU for example because non of them tax non resident acccounts if you could prove Thailand as your resident country, but the banking would be much more easy, because as far as i know, in SG you can can not use internet banking as extensive as e.g. in many countries in the EU,

I have accounts in SG and EU but in SG i am not able to place orders on stock markets for bonds in the EU for example by internet. I am not familar with Citibank but i doubt that is possible to trade bonds+stocks on stock markets in the EU.

If its only to open an account with balances,fixed deposits or debit-/credit card and trading of some stocks on the SG or HK stock markets then i suppose its ok expecially when you consider that you are living in Thailand.

But only because of tax an account in SG is not interesting because you can achieve the same effect by using an account in a country with a lot more advanced internet banking and online trade opportunities in the stock market. But if that is also not interesting then an account in SG might be interesting.

because as far as i know, in SG you can can not use internet banking as extensive as e.g. in many countries in the EU,

Absolute hogwash...I bank with Citi IPB and use internet banking all the time with no restrictions, internet banking is the same as or maybe more advanced than most countries in the EU.

.

If you read my full comment you see i am talking about trading on stock market in the EU and especially bonds and ETF's. Can you tell me one bank in SG where this is possible by internet banking?

Your point about taxation i dont understand and what makes it different to SG when it is a question of source if the income?

For your info: i am talking about financial income (interest, capital gains). So if there is a taxation at the source of this income then it makes no difference you hold the account in SG or EU. Correct?

Edited June 12, 2015 by Crisu

[Naam]

Absolute hogwash...I bank with Citi IPB and use internet banking all the time with no restrictions, internet banking is the same as or maybe more advanced than most countries in the EU.

Soutpeel,

unfortunately there's no financial institution in Singapore where you can trade bonds online by mouse-click which is possible in Europe with the so-called "directbanks" which give you access to EU stock exchanges.

in SG the fastest way to trade bonds is provided by Saxo where it's possible to have a chat window with a trader. but Saxo has some moronic and for most clients unacceptable conditions which remind me of the anachronistic Thai banks and their ridiculous "no habb and cannot" limitations.

[Crisu]

Absolute hogwash...I bank with Citi IPB and use internet banking all the time with no restrictions, internet banking is the same as or maybe more advanced than most countries in the EU.

Soutpeel,

unfortunately there's no financial institution in Singapore where you can trade bonds online by mouse-click which is possible in Europe with the so-called "directbanks" which give you access to EU stock exchanges.

in SG the fastest way to trade bonds is provided by Saxo where it's possible to have a chat window with a trader. but Saxo has some moronic and for most clients unacceptable conditions which remind me of the anachronistic Thai banks and their ridiculous "no habb and cannot" limitations.

And floating rate notes can not be traded with Saxo, only fix.

Min trade volume 50K for bonds is also not suitable for everyone.

Edited June 12, 2015 by Crisu

[falang07]

From Citibank Singapore Ltd on their Digital Bank (online offshore account):

DISCLAIMERS

Not Bank Deposits • Not Bank Guaranteed • May Lose Value • Not Insured products and not subject to the
provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 of Singapore •

Does it mean the offshore account is not covered by the Deposit Insurance?

[Soutpeel]

From Citibank Singapore Ltd on their Digital Bank (online offshore account):

DISCLAIMERS

Not Bank Deposits • Not Bank Guaranteed • May Lose Value • Not Insured products and not subject to the

provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 of Singapore •

Does it mean the offshore account is not covered by the Deposit Insurance?

Yes the account is, but only applied to cash etc held in Singapore dollars, in other words if your holding GDP/USD etc, these are not covered.

but with that being said one supposes this is common in may locations world wide and as things go, besides Singapore is one of the more stable banking sectors in the world

[Naam]

From Citibank Singapore Ltd on their Digital Bank (online offshore account):

DISCLAIMERS

Not Bank Deposits • Not Bank Guaranteed • May Lose Value • Not Insured products and not subject to the

provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 of Singapore •

Does it mean the offshore account is not covered by the Deposit Insurance?

Yes the account is, but only applied to cash etc held in Singapore dollars, in other words if your holding GDP/USD etc, these are not covered.

but with that being said one supposes this is common in may locations world wide and as things go, besides Singapore is one of the more stable banking sectors in the world

neither are assets denominated in SGD covered.

there was however a short time (oct2008 till oct2010) when all cash, any currency, was fully covered without any limit by a SG state guarantee.

[Soutpeel]

From Citibank Singapore Ltd on their Digital Bank (online offshore account):

DISCLAIMERS

Not Bank Deposits • Not Bank Guaranteed • May Lose Value • Not Insured products and not subject to the

provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 of Singapore •

Does it mean the offshore account is not covered by the Deposit Insurance?

Yes the account is, but only applied to cash etc held in Singapore dollars, in other words if your holding GDP/USD etc, these are not covered.

but with that being said one supposes this is common in may locations world wide and as things go, besides Singapore is one of the more stable banking sectors in the world

neither are assets denominated in SGD covered.

there was however a short time (oct2008 till oct2010) when all cash, any currency, was fully covered without any limit by a SG state guarantee.

https://www.sdic.org.sg/di_faq.php

(Citibank is a signatory to this)

• What types of deposits are covered under the Deposit Insurance Scheme?

  A: Singapore dollar savings accounts, fixed deposits, current accounts, and monies and deposits under the Supplementary Retirement Scheme are covered by the Deposit Insurance Scheme. In addition, monies and deposits under the CPF Investment Scheme and CPF Minimum Sum Scheme are aggregated and separately insured up to S$50,000.

Per my reading and if the poster had scrolled down a a bit, on the section he quoted, my understanding is your covered up to S$50k on savings accounts in S$, even under the "offshore" account...

I agree with you saying the base "offshore" account is a USD current account and wouldn't be covered, but if you put some of the cash in the Maxi-save accounts in S$ you are covered

This is easy enough to check and I bank with Citi IPB and have some of these Maxi save accounts, so its a question, i will ask, not that i am too fussed, would it stop me banking with them ?....no

[Heng]

No banks from those countries can if you are in Thailand. Even if you go to these countries, Hong Kong/Switzerland will only open an account for residents. Most banks in Singapore will do it for non-residents. Fly over there and stop by the head office of UOB.

A brokerage account to just store cash in may not be a bad alternative, either. Usually they are easier to open from overseas.

http://www.investasian.com/2013/12/11/preparation-invest-global/

Correction from personal experience, most of the " local" banks in Singapore will not touch an non-Singapore resident...fact

however the major international banks ie , your HSBC's, Citibank's, standard chartered etc will, typically through their personal banking divisions

I also know for a fact that Citi IPB, will open an account for someone without having to go to Singapore

Please get your facts correct before giving us your words of profound wisdom

No issues for me with OCBC, DBS, and UOB. All basic tier (non premier) accounts as well. Thai passport, water bill (and electric bill for good measure), standard 1 year statement from Kasikorn Bank (ask for English version), and that was that. Accurate as of 1 year ago and 3 years ago for the different banks respectively.

[Naam]

No banks from those countries can if you are in Thailand. Even if you go to these countries, Hong Kong/Switzerland will only open an account for residents. Most banks in Singapore will do it for non-residents. Fly over there and stop by the head office of UOB.

A brokerage account to just store cash in may not be a bad alternative, either. Usually they are easier to open from overseas.

http://www.investasian.com/2013/12/11/preparation-invest-global/

Correction from personal experience, most of the " local" banks in Singapore will not touch an non-Singapore resident...fact

however the major international banks ie , your HSBC's, Citibank's, standard chartered etc will, typically through their personal banking divisions

I also know for a fact that Citi IPB, will open an account for someone without having to go to Singapore

Please get your facts correct before giving us your words of profound wisdom

No issues for me with OCBC, DBS, and UOB. All basic tier (non premier) accounts as well. Thai passport, water bill (and electric bill for good measure), standard 1 year statement from Kasikorn Bank (ask for English version), and that was that. Accurate as of 1 year ago and 3 years ago for the different banks respectively.

and no issues for most interested Farang participants. because for them it's a breeze to present a Thai passport as well as water and electricity bills in their name

[Heng]

Where there's a will....