Best Offshore Banking Countries

Summary

In this video, the host, Michael, discusses the ultimate offshore banking portfolio amidst recent turmoil in the banking sector, including issues with Credit Suisse, Silicon Valley Bank, and others. He emphasizes the importance of diversifying assets across safe jurisdictions to achieve non-correlated risks. Michael recommends six top-rated jurisdictions for banking: Singapore, Switzerland, the US, South Korea, UAE, and Jersey. He details the benefits of each, such as Singapore's strong banking institutions, Switzerland's robust financial center reputation, and the US's accessibility and flexibility. He also touches on the need for different minimum deposit amounts and the strategy of diversification across these jurisdictions based on the size of one's wealth. The video is aimed at individuals looking to optimize their global tax, international banking, and considering relocation or second passports.

Takeaways

• 🏦 **Diversification Importance**: Diversifying assets across different banking jurisdictions is crucial for safety and non-correlated risks.
• 🌍 **Global Jurisdictions**: The recommended jurisdictions for offshore banking include Singapore, Switzerland, the US, South Korea, UAE, and Jersey.
• 🇸🇬 **Singapore's Favor**: Singapore is highlighted for its strong banking sector, with local banks like DBS, OCBC, and UOB being top choices.
• 🇨🇭 **Swiss Banking**: Switzerland is noted for its high-quality, well-managed banks and the support from the Swiss Central Bank, which is a significant advantage.
• 💵 **USD Resilience**: Despite some views on the decline of the US dollar, it remains a strong currency without a viable alternative in the near term.
• 🇺🇸 **US Banking Accessibility**: US banks are relatively easy to access, with options ranging from small minimum deposits to more sophisticated banking services.
• 🇰🇷 **South Korea's Underrated Banks**: South Korean banks are often overlooked but are among the safest in the world, offering offshore banking with smaller deposits.
• 🇦🇪 **UAE's Banking Benefits**: The UAE requires a residency permit for banking, but offers high-quality banking services and is a gateway to the Middle East's financial markets.
• 🇯🇪 **Jersey's Offshore Appeal**: Jersey, as a Channel Island, provides good exposure to the UK market and is known for its quality banking institutions.
• 📈 **Investment Options**: Banks prefer clients to invest their funds rather than hold them in cash, offering a range of investment products to generate fees.
• 🔢 **Minimum Deposits**: Different banks have varying minimum deposit requirements, which can be met through investments rather than just cash deposits.

Q & A

What is the main topic of discussion in the video?

The main topic of discussion is the ultimate offshore banking portfolio and diversifying assets across safe jurisdictions to achieve non-correlated risks.

Why is there a focus on diversifying banking assets across different jurisdictions?

Diversifying banking assets across different jurisdictions is important to mitigate risks associated with geopolitical turmoil, banking failures, and government interventions that can affect individual countries.

What are some of the banking jurisdictions that are generally not recommended?

The video suggests that places like Belize, Cayman Islands, and broadly anywhere in the Caribbean, as well as South Pacific locations, are generally low-quality banking jurisdictions and are not recommended.

Which countries are mentioned as part of the ultimate offshore banking portfolio?

The countries mentioned as part of the ultimate offshore banking portfolio are Singapore, Switzerland, the United States, South Korea, UAE, and Jersey.

Why is having a second residency in a more friendly country beneficial?

Having a second residency in a more friendly country can make it easier to open bank accounts and access financial services, as some banks may be more willing to deal with residents of certain countries.

What is the general minimum deposit requirement for opening an account in Singaporean banks?

The general minimum deposit requirement for opening an account in Singaporean banks is around 200,000 USD, although this can vary.

Why is it suggested to have at least two banking jurisdictions if you have a six-figure net worth?

Having at least two banking jurisdictions provides a level of diversification and a backup in case there are issues with one's primary bank or jurisdiction.

What is the significance of the central bank's ability to provide liquidity support to local banks?

The central bank's ability to provide liquidity support is significant as it acts as a defense mechanism for the banking system, ensuring stability and preventing failures, especially during times of crisis.

Why might someone choose to invest their bank deposits rather than hold them in cash?

Investing bank deposits in stocks, bonds, or precious metals can provide growth and income, and banks often encourage this as they make fees from investment services rather than from holding cash deposits.

What are some of the geopolitical considerations when choosing an offshore banking jurisdiction?

Geopolitical considerations include the stability of the country, its economic influences, the mindset of the financial sector, and the potential for the country to be involved in geopolitical turmoil that could affect banking operations.

Why is the US Dollar still considered a safe currency despite some predictions of its decline?

The US Dollar is still considered safe because it currently has no viable alternative in terms of market cap and liquidity. It is also backed by a strong economy and continues to be a global reserve currency.

Outlines

00:00

😀 Introduction to Offshore Banking Portfolio

The video begins with Michael discussing recent turmoil in the banking world, including issues with Credit Suisse, Silicon Valley Bank, Silvergate Bank, and Signature Bank. He introduces the concept of an 'ultimate offshore banking portfolio' for diversifying assets across safe jurisdictions with non-correlated risks. Michael also mentions that he will cover the best and worst places for banking, and how geopolitical factors might affect banking strategies for individuals from different countries. He invites viewers to subscribe and offers his services as an international tax optimization and relocation specialist.

05:00

🏦 Top Banking Jurisdictions for Safety and Quality

Michael expresses his enthusiasm for Singaporean banks, highlighting their high safety rankings and quality management. He notes the challenges of opening accounts for EU and US citizens but suggests obtaining a second residency in a more bank-friendly country as a workaround. Switzerland is also praised for its strong banking system and the support from the Swiss Central Bank. Michael emphasizes the importance of diversification across different banking jurisdictions to mitigate risks and discusses the varying minimum deposit requirements for different banks.

10:02

💵 The Resilience of the US Dollar and Banking Options

Despite speculation about the decline of the US dollar, Michael argues that there is no viable alternative currently, making the dollar a persistent global currency. He recommends the US as a strong banking jurisdiction due to its resilience and the ease of opening accounts with relatively low minimum deposits. Michael also touches on the benefits of diversifying banking across Asia, Europe, and North America to ensure stability and non-correlated risk exposure.

15:03

🌐 Diversifying Further with South Korea and the UAE

South Korea is presented as an unexpected but strong banking jurisdiction with high safety rankings for its banks. Michael suggests that opening an account in South Korea may require traveling there in person. The United Arab Emirates (UAE) is also recommended, noting that obtaining a residency permit can facilitate banking with relatively small deposits. Michael advises viewers to consider local banks in the UAE for a more diversified risk profile.

20:05

🏛️ Considering Other Jurisdictions and Final Recommendations

Michael discusses additional banking jurisdictions, including Jersey, a Channel Island with strong ties to the UK, and its appeal for those wanting access to London's financial markets. He briefly mentions other potential jurisdictions like Liechtenstein, Luxembourg, and Andorra, noting the varying levels of difficulty to establish banking in these places. Michael provides minimum deposit figures for some of these jurisdictions and reiterates the importance of diversification across multiple banking jurisdictions as wealth grows.

❓ Closing Remarks and Invitation for Feedback

In the concluding paragraph, Michael invites viewers to ask questions or seek help in the comments section and expresses a willingness to address any omissions in his discussion. He looks forward to engaging with the audience in future videos.

Keywords

💡Offshore Banking

Offshore banking refers to the practice of maintaining bank accounts in jurisdictions outside one's country of residence, often for the purpose of diversifying assets and managing risk. In the video, the speaker discusses the importance of diversifying assets across different banking jurisdictions to mitigate risks and take advantage of non-correlated risks.

💡Asset Diversification

Asset diversification is a strategy that involves spreading investments across various financial instruments, industries, and countries to optimize returns and reduce risk. The video emphasizes the need for diversification in the context of banking, suggesting that having accounts in different countries can protect against concentrated risks associated with a single jurisdiction.

💡Non-Correlated Risks

Non-correlated risks are risks that do not move in the same direction or at the same rate as other risks. In the video, the speaker talks about the benefits of diversifying banking assets across different jurisdictions to achieve non-correlated risks, which can help in reducing the overall risk profile of an investment portfolio.

💡Safe Jurisdictions

Safe jurisdictions are countries or regions that are considered politically and economically stable, making them attractive for banking and investment. The video outlines several jurisdictions, including Singapore, Switzerland, and the U.S., which are deemed safe for banking due to their stability, strong regulatory environments, and the support they receive from their respective central banks.

💡Banking Ecosystem

The banking ecosystem refers to the complete set of services and participants that make up the banking industry in a given region. In the context of the video, the speaker highlights the importance of a strong banking ecosystem, including the role of a central bank, in providing support and stability to individual banks within a jurisdiction.

💡Minimum Deposits

Minimum deposits are the initial amounts of money required to open a bank account or to qualify for certain banking services. The video discusses the varying minimum deposit requirements for different banks and jurisdictions, with examples given for Swiss banks and Singaporean banks, and how these can influence an individual's banking strategy.

💡Second Residency

A second residency is an additional legal right to live in a country other than one's country of origin. In the video, the speaker mentions that obtaining a second residency can be beneficial for banking purposes, as it can make it easier to open accounts in countries that may have restrictions on foreign nationals.

💡Geopolitical Turmoil

Geopolitical turmoil refers to a situation where political unrest or conflict between nations affects global stability and financial markets. The video suggests that diversifying banking assets across different countries can help protect against the risks associated with geopolitical turmoil, as each country may be subject to different influences and risks.

💡U.S. Dollar Stability

The U.S. dollar stability refers to the strength and reliability of the U.S. currency in the global financial system. Despite some predictions of decline, the video argues that the U.S. dollar is likely to remain stable for the foreseeable future due to the lack of a viable alternative and the substantial liquidity required for a shift to another global currency.

💡Anti-Money Laundering (AML) Rules

Anti-Money Laundering (AML) rules are regulations designed to prevent the misuse of the financial system for the purpose of hiding or legitimizing the proceeds of crime. The video notes that the U.S. is known for pushing stringent AML rules on the rest of the world but may not apply them as rigorously to its own banking system, which can make U.S. banking relatively accessible.

💡Channel Islands

Channel Islands are a group of islands near the coast of France in the English Channel, including Jersey. In the video, Jersey is mentioned as a banking jurisdiction that offers good exposure to the UK financial markets and is part of the ultimate offshore banking portfolio suggested by the speaker.

Highlights

Discussion of the recent turmoil in the banking world, including issues with Credit Suisse, Silicon Valley Bank, and others.

Introduction to the concept of an ultimate Offshore Banking portfolio for diversification across safe jurisdictions.

Emphasis on the importance of diversifying assets to mitigate non-correlated risks.

Mention of challenges for Russian individuals or those from countries like North Korea and Iran in international banking strategies.

Highlight of the increased global uncertainty around banking, possibly the highest since the 2008 financial crisis.

Explanation of why having multiple banking jurisdictions is beneficial, using examples like Cyprus and Greece.

Warning against using low-quality banking jurisdictions like Belize, Cayman Islands, and the Caribbean.

Recommendation to maintain a small depositor status in banks to avoid significant risks.

Advocacy for Singapore as a top banking jurisdiction with high-quality institutions like DBS, OCBC, and UOB.

Discussion on the challenges American clients face when trying to open accounts in Swiss banks.

Suggestion to obtain a second residency in a more bank-friendly country as a strategy for Americans.

Recommendation to have at least two banking jurisdictions for those with six-figure wealth, increasing with wealth.

Note on the flexibility of investing the required minimum deposits in various assets rather than holding cash.

Inclusion of the U.S. as a recommended banking jurisdiction despite some people's skepticism about the USD.

Advantages of U.S. banking in terms of accessibility and less stringent anti-money laundering rules compared to other countries.

Introduction of South Korea as an unexpected but safe banking jurisdiction with several top-rated banks.

Recommendation to consider the UAE for banking, especially with a residency permit, for diversification.

Mention of Jersey as a Channel Island with good exposure to the UK financial markets as a potential banking option.

Caution against banking in African countries and the preference for more stable jurisdictions.

Advice on how to grow your wealth by diversifying across an increasing number of suggested banking jurisdictions.

Transcripts

welcome back everyone Michael here with

offshore citizen we have been having all

sorts of turmoil in the banking world

lately talk this week about Credit

Suisse although to be fair that has been

going on for a little while uh Silicon

Valley Bank silvergate bank and

Signature Bank in the U.S all going down

and now talk to a few other Banks and so

this is the kind of the perfect time for

me to discuss with you what we're going

to describe is the ultimate Offshore

Banking portfolio so if you want to

diversify your assets across all sorts

of parts of the world in safe

jurisdictions that are going to give you

non-correlated risks this is the video

for you I'm going to go through all the

details of places I think are good that

are bad we'll cover you know if you're

Russian or something how that might

change your strategy if you're you know

from some weird country barring you know

North Korea Iran you know a few of those

maybe a little bit different but for

most countries this will be the case and

so let's dive in and talk a little bit

about it before we do if you haven't

already please hit the Subscribe button

welcome thank you for being here if it's

your first time we are international tax

optimization and relocation specialist

we help people form companies around the

world optimize their Global Tax do

International banking relocate to other

countries get residencies buy second

passports Etc if you're helped

interested in help with any of those

things please reach out to us you can

book a call with me calendar.com forward

slash Michael Dash rosmer there's a link

in the description below

or we can send a message through

offshorescitizen.net okay

so let's get started now the first thing

that I want to just talk about here is

in the world today we have maybe more

uncertainty around banking than we have

I mean at least going back to you know

2008 financial collapse in the Euro

crisis in that period but arguably maybe

before that to I don't know the Savings

and Loans crisis in the 80s something

like that it's been quite a while since

we've had this level of uncertainty

globally around Banking and therefore

we're going to talk a little bit in some

other videos about the safety Banks I've

done some of this previously so you can

go back and check out some of our videos

where I discuss emis where I discuss how

Banks fail and therefore what to look

for

ETC we're not going to cover all of that

in this video because it's too much I'll

do another one kind of on things in the

modern day and how you should think

about it because people have been asking

about that today we're just going to

cover the banking jurisdictions that are

going to be best for you so here's what

I would start by saying first of all

somebody might ask well why do I need

banking jurisdictions why don't I just

have one Etc and the reality is just

risks that are concentrated in given

countries so we saw this with Cyprus

with Greece as an example during the

Euro crisis we saw it with Canada last

year with the trucker protest and the

government supposedly a formerly free

Democratic country freezing people's

bank accounts for giving donations to a

legal organization kind of crazy

and I think this spooked a lot of people

people rightly are saying this is

ridiculous what is going on here I want

my money to be safe and so I better look

at some other Alternatives so

who knows what is going to happen in the

future and therefore we want to be

Diversified and we want to be

Diversified across quality places I've

talked a lot in previous videos about

how you know a lot of the places that

have kind of traditionally been thrown

around as banking jurisdictions places

like Belize Cayman Islands

I'd say broadly anywhere in the

Caribbean let alone you know places like

South Pacific Etc are generally low

quality banking jurisdictions generally

speaking I do not recommend those

there's a place for them if you can't

get banking elsewhere and in particular

if you're a very small depositor but to

give just kind of a quick little

anecdote I was giving some stuff back

this was maybe 10 years ago not quite 10

years ago maybe eight years ago and we

were trying to move about two and a half

million dollars out of a bank in St

Vincent and it took like four months to

have that happen and as we kind of dove

into it and we're looking at what was

going on we were a significant depositor

there was like 400 million dollars of

assets in the bank you don't really want

to be a significant depositor in most

banks you want to be in a situation

where the amount of money that you're

putting in is insignificant for the bank

and therefore you pulling it out is not

gonna you know cause them to be up at

Arms or anything like that there are

some sort of medium level jurisdictions

places like Georgia that you know they

can be reasonably good banking

jurisdictions but they're not what I'm

going to mention in this ultimate

banking portfolio so without further Ado

let's just dive into the ultimate

banking portfolio and I'll kind of

discuss with you as we go what they are

there are six jurisdictions in

particular that I recommend and these

are all top rated in terms of their

safety for one reason or another and

they generally have somewhat different

risk profiles because of how they're

managed because of Who's involved with

them

Etc and so the first place that we will

start with is Singapore I don't think

this comes as any surprise anyone who's

watched this channel I'm an enormous

Singapore banking fan they have some of

the top banks in the world there are

three local banks

DBS ocbc and UOB they're all great Banks

if you were to pull up a list of the top

50 safest Banks they're all within the

top like 15 or something like that and

they're like quality institutions well

managed easy to deal with

Etc you can't always open accounts there

and so you know you have to kind of find

the right time and position yourself

right if you're from the EU it's

generally not so easy because they can't

sell investment products to you without

being licensed in the EU and as a result

they just don't want to take people on

so you may need another residency permit

in order to get there also a bunch of

these Banks don't like Americans I had a

conversation with one of our Swiss

Bankers who I'll get to in a second not

that long ago and I was saying hey you

know what is it that you guys don't

accept and they said well North Korea

Iran American these three at least are

not there and frankly U.S should

probably be humiliated they should feel

like you know why would they want to be

on the same list as Iran Afghanistan

North Korea Etc but that is unfortunate

only the environment they have created

there are some Swiss banks who will take

Americans but it's a little bit

different trying to get Banks as an

American than as being from somewhere

else so

one of the biggest hacks you can get is

to go and get a second residency in a

country that is more friendly countries

that tend to be more friendly are

Southeast Asian countries places like

Thailand places like UAE and places in

Latin America those kind of three I

would say are generally ones that banks

are less concerned with dealing with you

although in some cases it's helpful to

have say an EU residency for against

certain types of the banks that would be

in the portfolio so anyway the first

place that we would look at is Singapore

we definitely want to if you can get

accounts in Singapore do so the second

place is unsurprisingly I kind of

mentioned it before Switzerland so you

can kind of think that these are both

small well-run efficient organized

jurisdictions that care a lot about

their reputation as a financial center

they do a good job of managing it we saw

with the credit Swiss stuff that the

Swiss Central Bank come out and said

they were willing to provide liquidity

to support that the banking system this

is a really important part of what's

going on is not just is the bank itself

safe but what is the deal in terms of

the support that they will get from the

broader banking ecosystem in the central

bank if you have a strong central bank

who can print money then you have a lot

of Defense as we saw in the case of

Silicon Valley Bank you know the FED in

this case was FDIC but the FED has the

ability to come in and back local banks

and that gives a profound advantage over

something like a Cypress Bank where they

aren't able to do that because the

central bank is the European Central

Bank and they're reliant on a third

party debail them out which turned out

not to happen so very very useful to be

in those situations so

Swiss banking great quality we can get

most people into Swiss banking I would

say they tend to be pretty pretty

flexible there's a lot of Swiss banks

and so as I mentioned often if somebody

needs help the one thing about

Switzerland is in most cases you do need

a million dollar minimum when you're

talking about Singapore you're usually

talking about 200 ish thousand minimum

depends sometimes it can be lower

sometimes it's a bit higher but sort of

in that range to get an account there so

those are the first two just a quick

note on this subject of you know how

much of a portfolio do you need because

somebody might say well you know I live

in let's just say Canada for instance

you know you're telling my open account

in Singapore and Switzerland Michael how

many banks do I need and that's a fair

fair question what I would say is if you

have less than six figures I wouldn't

worry about anything uh like just keep

your local banks Etc if you were six

figures then I would say at least have

two in other words have your home

country and have at least one other

country now you can have more than that

but realistically the more wealth you

have the more it pays off to spread

money around so definitely going with an

option where you have at least two

countries I'm not talking about two

Banks but two countries is wise usually

when I'm talking about business banking

I tell people to have at least two bank

account two banks that they're dealing

with regardless even if they're in the

same country because if you have issues

with one at least you have a backup it

doesn't interfere with your ability to

invoice to pay things Etc so very very

important in that regard

if you have seven figures then I would

say it pays to have you know three or

four jurisdictions that you're dealing

with it's you know you can divide your

money around fairly easily without too

much risk and without too much hassle

and you're starting to come to the point

where it's enough money that you can

justify this obviously you know there's

a big difference between a million and

nine million they're all seven figures

and so you know as you grow you would

choose accordingly so very important to

keep that one in mind

another thing and you know if you get to

eight figures I mean you should probably

have five uh five plus so that's kind of

the way that I would conceptualize it in

this case now a quick note because I did

mention how you needed to have a million

in most Swiss banks 200 000 Plus in most

Singapore Banks Etc

it's worth noting that that doesn't have

to be cash sitting there you can invest

that money so you'd invest it in stocks

bonds precious metals

Etc in fact they don't really want you

to hold it in cash because they make

fees off of you investing so that's

their whole business model you should be

prepared to do that okay let's move on

to the next one the next one might seem

controversial to some people because

there is a certain cohort of people who

view the US Dollars going down the US is

collapsing et cetera that will certainly

happen at some point in time but we're

not that close to this happening it's

actually the process of Shifting over to

some alternative requires enormous

amounts of liquidity and there just

isn't a good alternative at this stage

so if you wanted to move away from the

US dollar the question is simply what

would you move to

might say oh well we would use something

gold-backed well that doesn't exist yet

and so that's going to be a challenge

we wouldn't move to bitcoin because

there just isn't the market cap to

absorb the liquidity it's a serious

problem so you know maybe in 10 20 30

years or something possible but

certainly not in the next five years

you probably wouldn't move to the euro

because it seems less stable than the

dollar and has typically all the risks

that the dollar has so unlikely to have

that one go Chinese one are you going to

trust the Chinese probably not and all

the other currencies are too small so

basically at this point in time we have

no alternative to the dollar and so the

dollar is going to persist for quite a

while and so this brings us to the US

okay so the U.S would be the third

jurisdiction that I would say it is wise

to open banking in there's some special

things about the us because the U.S

tends to push anti-money laundering

rules on the rest of the world but

doesn't necessarily look at them so much

themselves and as a result actually some

of the easiest banking that I have

experienced has been us-based banking so

definitely worth getting set up with

some U.S bank accounts typically you can

there are options in the U.S that you

can open with like a thousand dollar

minimum deposit there's obviously more

sophisticated things like you've got a

Morgan Stanley and put in a million

dollars or whatever but there's a lot of

options in the US and so it's a

relatively accessible one and one that I

would say should be added into the

portfolio and you'll just notice as

we're looking at this kind of ultimate

Offshore Banking portfolio what do we

got we've got someplace in Asia now

someplace in Europe someplace in North

America and these are all pretty stable

jurisdictions right it's pretty

functional you'll notice that any one of

them is fairly resilient we're not

talking about going to Belize where it's

you know super unstable we're not going

to Argentina which is defaulted on its

national debt diversification can often

be diversification so we want to go to

places that the banking is high quality

but diverse and we want it to be exposed

we want to be non-correlated so exposed

to a different set of risks than we

would get locally and so the way that

they think in some place like Singapore

is fairly different than the way they

think in Switzerland which is fairly

different than the way they think in the

U.S and so you're somewhat covered in

that regard which is really positive so

this brings us to our fourth place our

fourth place that I'm going to mention

is one that not a lot of people think

about but it is a place where you can

get Offshore Banking actually with

relatively small deposits although in my

experience you have to actually go there

in person and this is South Korea so

South Korea is not a place that people

think of oh wow you know what a great

banking jurisdiction but actually if you

go down the list of safest banks in the

world you're going to find a bunch of

them are South Korean Banks and so it's

one that you should definitely consider

as an alternative again our objective

here is to be non-correlated so the

question is in some sort of a

geopolitical turmoil who's going to side

with what what risks are you going to be

exposed to and you know it's a different

hemisphere there's different it's just a

different mindset a different set of

financial implications and geopolitical

economic influences on the country so

South Korea would be our number fourth

option by the way they're not in any

particular order the idea is that you

know you pick and diversify across them

accordingly

the fifth one that we're going to talk

about is UAE UAE typically you need to

get a residency permit in order to get a

bank account but if you get a residency

permit which is pretty easy in and of

itself and can give you you can have a

nice backup if you get like a golden

Visa or something it's easy to maintain

it's not a bad idea just as a backup

plan in general but it is really easy to

have Banking and you can have banking

with relatively minimal deposits if you

want you can also do private banking

which typically requires around a

million

US Dollars again depends on the bank if

we're looking at UAE I mean really

you're looking at the four top Banks

which are first Abu Dhabi Bank Abu Dhabi

Commercial Bank Emirates NDB and Abu

Dhabi Islamic Bank those four would be

typically your preferences

some people might ask what about HSBC

Your Standard Chartered or you know

Citibank et cetera which all have

presences in Dubai or in UAE but the

reality is those are foreign Banks so

you know they might be perfectly

reasonable Banks but when I'm trying to

get exposure to the different set of

risk parameters I want kind of local

exposure which means those four would be

the top the top rated safety wise is

first ww Bank followed by Abu Dhabi

Islamic Nursery Abu Dhabi Commercial

Bank but the reality is they're

generally high quality institutions

across the board so those are kind of

the next uh the next ones to look at

this brings us to maybe like a more

difficult situation to discuss which is

well if you pick one more where do you

go you know we've got uh something in

the Middle East we've got something in

East Asia Southeast Asia

Europe the us a lot of countries you

can't actually get banking as a

foreigner and so because of this there's

some limitations in that regard

the last one that I would throw in I

think is you can you can debate a few

different jurisdictions but the one that

I'm going to say is Jersey which is a

Channel Island it's sort of the offshore

part of UK and so it has pretty good

exposure to UK which is kind of what

you're trying to get in this case I mean

the British pound is still one of the

top currencies in the world you may be

in a position where you want to access

the financial markets in London and you

know that's still one of the biggest

Financial Centers in the world it's a

place where expats can absolutely get

bank accounts they will give you

mortgages if you're wanting to buy in UK

so that's fairly attractive and

generally speaking they have fairly high

quality of banking in institutions like

Standard Chartered now a couple others

that you may want to consider as an

alternative to that and I mean may want

to consider in general would be places

such as Liechtenstein sort of an

alternative to Switzerland I would say

in general I'm a little more concerned

about Liechtenstein than Switzerland

because they're just not as significant

geopolitically so they don't have kind

of the same Hest but anyway what do you

do

uh Luxembourg would be another

alternative typically harder I find to

do banking in Luxembourg but there are

some options there and the other one

would be Andorra I actually had dinner

with one of our Bankers from Andorra the

other night and we were kind of

discussing it was an interesting thing

because they specialize a lot in dealing

with people from some countries where

it's more difficult so typically CIS

countries so this is Ukraine Russia Etc

and so they're able to onboard people

who maybe wouldn't be able to onboard

into a bank in you know for instance uh

Jersey right again depends person to

person and profile and all this sort of

thing but those were ones that I think I

would consider if you're in a situation

where you're like okay well maybe I

can't get these or maybe I want

something else I want something a little

different to give some idea in Andorra

you're typically looking at about half a

million as a minimum deposit typically

something similar in various

Liechtenstein Banks

Etc if you're looking at Jersey I was

mentioning you're typically looking at

100 000 minimum they're a bit more

selective about who they'll take they'll

often not take people from some of these

places and so yeah that would be in my

opinion sort of the ultimate passport

Port ultimate Offshore Banking portfolio

you certainly could say okay well what

about Latin America just generally

speaking if you go to Latin American

Banks even the best ones the best ones

are arguably in Chile uh some people

like Uruguay which you know I would say

okay but they're just not at the same

caliber as some of these others and

because they're not at the same caliber

you're sort of doing that

diversification by having

diversification African banks are

typically a non-starter yeah they're

Standard Bank or something like that

but in general I don't want to expose

myself to something like South Africa

directly that sounds like a terrible

idea and so that's off you could look at

other parts of Southeast Asia Thailand

and Indonesia Malaysia et cetera just

not as solid as Singapore so again it's

diversification rather than just

diversification as a foreigner you're

typically not able to Bank in places

like Canada Australia New Zealand Etc so

those are off Germany Etc similar unless

you're an EU citizen in which case you

know maybe you would consider that and

then as I said these Island banks are

just typically not at the same caliber

as the others so those would be the six

or so suggested Banks as you grow your

wealth you would choose to separate

between you know an increasing number of

them and have some exposure as I said a

lot of them you can get in with a

relatively small Mount so you know with

a few million dollars you could have

exposure to all of them with no problems

at all and so those would be the the

suggestions if you guys have questions

about it or would help like help please

reach out to us put the comments below

and if you think I missed something put

it there I would love to hear it and I

look forward to seeing you on the next

video