2. Offshore Banking in Singapore <\/p>\n<\/p>\n
When Singapore gained independence half a century ago, it was a backwater with no natural resources. <\/p>\n
Today, it is one of the leading financial centers in the world. <\/p>\n
Considering Singapores foreign reserves and sovereign wealth fund, the countrys financial position is exceptional, with net assets well over 100% of GDP. <\/p>\n
In short, there is no chance Singapore is going broke any time soon. <\/p>\n
The Monetary Authority of Singapore (MAS) is also solvent, and over the past few decades has proven to be a wise financial regulator. <\/p>\n
Thats why Singapore has never had a banking failure in its history, ever. <\/p>\n
And while past performance is no guarantee of future results, the entire banking system continues to maintain conservative levels of capitalization and liquiditycertainly much more than banks in the West. <\/p>\n
It remains an oasis of financial stability. Its banks are well supervised and well regulated. <\/p>\n
We wouldnt hesitate opening an offshore bank account in Singapore. <\/p>\n
That being said, in the past you could open an excellent bank account in Singapore without even leaving home, but it has gotten much harder over the past few years. <\/p>\n
Nowadays you will have to visit the island state in person andmany banks require substantial minimum deposits now. <\/p>\n<\/p>\n
First, lets get the elephant out of the room. <\/p>\n
Unless youve been living under a rock, you are without a doubt aware of the Panama Papers scandal. <\/p>\n
Thanks to that, Panama is suffering from an image problem. <\/p>\n
Yes, theres a long list of politicians and crooks who used the services of the Mossack Fonseca law firm to hide income or immorally acquired funds. <\/p>\n
But most of the Panama Papers uproar is just ballyhooing by people who dont understand (or dont want to understand) how offshore works... or why its so essential to the global economy. <\/p>\n
Panama is a 100% dollarized economy and you will be dealing with US dollars as a depositor there. <\/p>\n
On top of that Panama is just a short flight away from North America, so the physical presence requirement can be easily met if you reside in the States. <\/p>\n
We have spent weeks crunching the numbers and visiting multiple banks in the country, and we can tell you that Panamas banking sector regardless of what ill-informed, financially illiterate journalists report is on solid footing. <\/p>\n
Panamanian banks are liquid and well capitalized. Additionally, the governments debt position of 39.1% is pretty manageable. <\/p>\n
Here at Sovereign Man we focus on providing objective, rational advice. Here it is: <\/p>\n
The Panama Papers scandal should not deter you from considering banking in Panama if that is a jurisdiction that works for you. <\/p>\n
On top of that Panama is the easiest place in the world to establish a second residency, which means you can knock out two major Plan B needs with just one visit. <\/p>\n<\/p>\n
A tiny German-speaking principality sandwiched between Switzerland and Austria, Liechtenstein, like its Swiss neighbor, has perfected the art of banking. <\/p>\n
Liechtenstein has long been known as one of the top asset protection and private banking jurisdictions in the world. <\/p>\n
The country is in compliance with all major directives and treaties for anti-money laundering and tax regulation initiatives, and it is rightly seen today as a well-regulated, blue-chip, offshore (technically onshore) destination. <\/p>\n
Liechtenstein does not bother providing transactional banking to non-residents and focuses instead on high-end services (and does them extremely well). <\/p>\n
If you are looking for a private bank, rather than a transactional bank account, we think Liechtenstein should be on your radar. <\/p>\n
Not a single bank in Liechtenstein needed ANY assistance from the state during the global financial crisis. The countrys banks are generally conservative and well run. <\/p>\n
Unfortunately, only a few of Liechtensteins banks have gone through the trouble and expense of setting up entities licensed as investment advisors with the SEC. Those few are the only ones able to take US persons as clients. <\/p>\n
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Offshore Banking: - Sovereign Man<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 2. Offshore Banking in Singapore When Singapore gained independence half a century ago, it was a backwater with no natural resources. Today, it is one of the leading financial centers in the world Continue reading