Offshore Bank where Phillipenes resident can open
- Thread starter Jigam
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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/
https://www.expat.hsbc.com/accounts/products/bank-account/
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 goes︀ to war?
I would strongly advise you rethink your approach and opt for an Asian︁ solution!
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 goes︀ to war?
I would strongly advise you rethink your approach and opt for an Asian︁ solution!
- 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 are︀ the recommended jurisdictions and banks that someone (who is becoming a non resident of canada︁ and hasn't yet decided where to set up a new residency (although the reason i︂ am on this thread is someone suggested the Philippines) could obtain good quality non resident︃ 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.
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 importance︀ 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 forum︁ provides plenty of info about it.
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 importance︀ 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 forum︁ provides plenty of info about it.
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.
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?
And what would be the monthly fees for the account?
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.
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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