What offshore bank is the most secure to deposit large amounts?

[alain]

Beside HSBC, Barclays Bank and Deutsche Bank, who are the biggest offshore banks around? During a period of 1 or 2 years I will make deposits ranging from 100.000 to 2 or 3 million.

 

[JohnLocke]

Depends on where you are looking. For instant Cyprus there are still stable banks that‌ would be able to help you.

 

[alain]

Can we open a bank account with Bank of Cyprus? They may be the most‌ stable bank in Cyprus looking at credit ratings of all of them.

 

[JohnLocke]

Sure it is not a problem to open a bank account with this bank. Just‌ note it is required to get a bankers reference letter.

 

[alain]

Great, we will go with Bank of Cyprus. Can you check the status of our‌ payment please?

 

[myhand]

I have 10k usd to depsoit which is a lot of money will they be‌ safe in this bank?

 

[wakh]

Yes, your money will be safe.

 

[TVentures]

It is only safe depending on the debt to capital ratio of the bank in‌ proportion to its gold reserves. Cyprus is dependent upon Grecian economy, which right now is‍ unstable. You want a bank first and foremost with high gold reserves, and secondly a⁠ banking location that is not dependent upon the dollar or euro, and third - a⁤ bank location that has a stable economy.

 

[Zqq]

Yet there are Cypriot banks that have limited if any exposure to Greece and‍ therefore are unaffected by the current problems. This would be banks like FBME, for example.⁠

 

[phohace]

Many are putting money into Asia, into banks in Singapore and HK. Sound political system,‌ tax friendly and receptive to foreign investments are some factors to consider.

 

[alain]

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[thorsten]

What's that?‍

 

[jorge]

You mean what a bankers reference letter is?

/IMG/reference-letter-for-offshore-bank-2015.jpg

 

[thorsten]

Thank you Jorge, was exactly what I was looking for! Can I send this to‌ my banker and ask them to make it like this? do we need to have‍ it right as this one Word by Word ?

 

[jorge]

Yes you can send either a link to this thread or copy the picture and‌ send it to your banker. They will know what to do and how to write‍ a letter for your offshore bank. Just avoid to let them know that you need⁠ it to open a offshore bank account if possible. Most mainstream banks don't like it!⁤

 

[JohnLocke]

Thank you for sharing the sample reference letter, it's useful for many as we see‌ the question asked many times during a day!

 

[JohnLocke]

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[quickfix]

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[marcel]

For large amounts of money to be deposit for some time, say 1 or 2‌ years I would look at Bank of Cyprus and Standard bank Mauritius. Both banks I‍ trust so I can find reviews, comments and much more about them back to 2008.⁠

 

[alain]

Go with a Cyprus bank they are stable‍ and working like a clock work. Other good offshore banks are located in Mauritius, Anguila⁠ and St. Vincent.