Offshore Bank where Phillipenes resident can open
- Thread starter Jigam
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Hey, I could help you to open an account in European fintech. Or if you have enough capital, I could help to open an account in one of the Liechtenstein private banks.
Send me an email so we could speak further.
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Send me an email so we could speak further.
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You can also open online directly with HSBC Jersey. £50k minimum if you got the cash.
https://www.expat.hsbc.com/accounts/products/bank-account/
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
https://www.expat.hsbc.com/accounts/products/bank-account/
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
It depends a lot on the purpose of your account.
If you just want to store some money, the recommendation of @Martin Everson is excellent. Best to open an account with HSBC Philippines (Makati branch is quite accessible) at first, which will make your entire relationship much smoother.
Do not forget that you will be under scrutiny if you use a European "offshore" account as a Philippine resident! It has been discussed here -> How to stop my wealth being wiped out in Taiwan if China goes to war?
I would strongly advise you rethink your approach and opt for an Asian solution!
Last edited: Sep 6, 2022
- Resident of the Philippines with "normal" banking needs: PH offers all you need! Even VISA/MasterCard (both DC and CC) on your foreign currency account is possible. "Universal Banks" (Unibanks) are quite reliable.
- Resident of the Philippines who needs more (brokerage service, wealth management etc.): Open a day-to-day account with one of the local Philippine Unibanks. Have sufficient funds on it to be independent. Store the rest of your wealth in Singapore. Do stock trading, bond purchases etc. through your SG account.
Sorry my bad... i forgot this thread was about a Philippine resident... I was more interested on where are the recommended jurisdictions and banks that someone (who is becoming a non resident of canada and hasn't yet decided where to set up a new residency (although the reason i am on this thread is someone suggested the Philippines) could obtain good quality non resident banking.
does where one want to become a resident make much of a difference? For example i could see myself taking advantage of residency in Malaysia, or Thailand, or Cyprus, or even Paraguay. How does one plan on saying "this is the place i will get residency" only to find out one then is not able to get decent non resident banking in a good jurisdiction?
Ie chicken and the egg scenario.
Yes, it makes a huge difference!
Depending on your country of residence, non-resident banking options are limited or even non-existent. Has been discussed at length in this forum.
Rethink your overall approach: "Offshore" banking is a dinosaur.
If banking is of such importance to you, look first for a country of residence which offers acceptable onshore options.
Since you mentioned Malaysia, better read what's going on there with regards to expats. This forum provides plenty of info about it.
I was in an HSBC in the Philippines last year and overheard a customer discuss his HSBC account in Jersey.
I could not find a Philippine brokerage service that I could buy US stocks through. Backpacker do you know of any?
They do not offer such a service for private individuals. Too complicated due to various restrictons. Also tax-inefficient if you are resident alien of the Philippines.
So, if you want to trade foreign stocks/foreign bonds as a private individual you will have to open a brokerage account abroad.
About how much capital are you talking about here?
And what would be the monthly fees for the account?
Thanks. I have been looking for the answer for a long time. Appreciate your reply.
Is HSBC Jersey any good? Do you have experience with them? I've heard only horrible things about HSBC.
HSBC as you may know is garbage as a retail bank. However as a premier or private bank customer at least you get service and treated like your a human being.
I do have experience with HSBC Jersey but jumped ship to SC group as more off the beaten path countries are available to me. Read as they don't like where I live in Caribbean.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Generally, Liechtenstein banks want something like 500k+. But YMMV.
Can be negligible. This is not a problem, I think,
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
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