24 Comments on "The Best Offshore Banks 2016"

  1. Hello
    What does the term OPEN BENEFICIARY means and which bank offer such accounts ?

  2. Hi STREBER:

    Thank you for your good work. This the best blog and website with thorough information of this nature.

    I happen to be from a first-world country but have strong ties and culture with South East Asia and Asia. Considering attending an MBA program but the ones in the US, UK, Canada, Australia, France, etc do not recruit for the type of banking your blog represents – world class international private banking.

    It is understood that you are not recruiting and thus I will not ask for a job. But where could one go to look for a career in this line of work and receive best-in-class training ?

    Which MBA programs would be good for this sort of thing?
    Which investment companies, offshore providers, and banks would be good to work with?
    Which jurisdictions would be best to work in?

    Look forward to hearing back.

    Rick James

  3. Streber:

    I’m a US citizen poker player looking for an offshore bank account that will do business with a gambler. I need a bank that will allow me to cashout directly from Pokerstars in USD currency (everything needs to be in USD). I would then wire the money from that new international bank account back to my US account. I used to use a bank in Malta (BOV) but the account was closed a few years back. I’m a higher net worth individual with perfect banking past and bank references. What banks do you recommend where I could open this account without having to visit the bank in person. All transactions will be at least 25k.
    Key points = gambler, USD, open account remotely, will be dealing with amounts greater than 25k USD

    Thank you for any advice or guidance

  4. Dear readers,

    My name is Marin Stoyanov and I work for LeuPay (https://www.leupay.eu). I want to thank Streber.st team for including our company in this interesting list. However, in the article there are several misleading facts that need to be noted regarding the service:

    – iPay International Ltd. is the promoter of the product and is based and registered in the United Kingdom, not Bulgaria – https://goo.gl/yL1SxQ.
    – Satabank is Maltese bank, not Bulgarian owned, as can be seen from the official Malta Financial Services Authority – http://www.mfsa.com.mt/pages/lh.aspx?id=9923)
    – It is not true that our cards are issued strictly under a Bulgarian BIN. The BINs that we provide depends of the country of enrollment of our clients and we are constantly looking to add more BINs to our portfolio, so that our cards are better suited for each country.

    You may also find it interesting, that we’ve also developed a digital wallet, called LeuPay Wallet (https://leupay.eu/wallet), which can be used separately or together with your LeuPay account. The digital wallet offers virtual card, NFC payments, send money by chat, linking other debit/credit card and many-many more services that are focused on resolving everyday personal needs.

    If you have any questions regarding our services or the LeuPay platform, please do not hesitate to get in touch! I would be happy to answer all of your enquiries.

    • Hi Marinski,

      Thanks for commenting! The comment was incorrectly flagged as spam but I have approved it now. Shouldn’t happen again, I hope.

      – I have amended the mention of iPay (removed it).

      – Satabank is certainly a Maltese company and one can argue what would constitute a company as being one nationality or another. Ultimately, though, Satabank is of Bulgarian origin and has various, strong ties to Bulgaria. But there are other parties involved as well, of course. As a compromise, I ended up listing Leupay as Malta/Bulgaria.

      – It’s great to hear that you have other BINs. What BIN ranges do you have?

    • To save others the trouble: as per phone call with Leupay customer service yesterday (April 27, 2017), they do not accept corporate applications from outside the EU/EEA. Frustrating.

  5. Hello Streber, first of all, thanks for your job!! Very interesting. Just a quick question for you: I have a trade registered in UAE and 2 business bank account ( Mashreq and ENBD) believe me, is impossible to work with them. It is impossible to work outside the classic wire transfer. When I propose differents way they look at me as the cow looks the train..I would like to be able to operate with MT103 manual or S2S or Target 2..do you have any suggestions for me? Thanks

    • I’m not sure I understand. Do you want to send the bank manual MT103 instructions? As I’m sure you know, TARGET2 is a settlement system for the Eurozone, so I’m also at a bit of a loss as to what you want to achieve there.

      Are you able to do what you want with other banks?

  6. Great, awesome to know you are back again!!! Merry Trump for us all!!!! Will you keep the regular weekly news???

    • Thanks, it’s good to be back! I don’t think it’ll be weekly again for a while. One reason it was weekly before was I was often a few weeks ahead of schedule; now I have to start over again in a way. Might try for bi-weekly right now and see how that goes.

  7. Happy New Year, Streber!

    As we move towards a world of AEOI, I’m sure a lot of people will consider relocating to friendlier shores, but depending on the country, perhaps that could create new problems when wanting to start new banking relationships. Have you experienced trouble with OCBC or DBS Singapore when dealing with beneficial owners resident in Panama? I’d like to open an account for my BVI company there in order to diversify away from HK. Or should I consider elsewhere or consider using a Marshall Islands company instead?

    • Happy new year, Red Pill!

      Recently, I have seen banks ask for more than the usual set of documents where the UBO or account holders are resident in certain jurisdictions (Panama, UAE, and other tax havens with easy-going residency schemes). For example, where a simple utility bill might have sufficed in the past, banks are starting to ask for entry stamp in passports, local ID card, deed/lease, or multiple proofs of address. It’s a bit of a headache, but as long as the client is actually resident in for example Panama, it’s always worked out in the end.

      Jurisdiction of incorporation doesn’t have much bearing in this case. You’ll be asked the same questions whether your company is incorporated in BVI or Marshall Islands. For the region you’re looking to bank in, the difference between BVI and Marshall Islands isn’t as significant as it is elsewhere as both are pretty well-known with the banks.

  8. I would totally avoid Andorra. With the exchange of information in Europa and many clients leaving the fee are skyrocketing and the service is not as good as before, even for clients who are not European.

    For other “offices”, for example Mexico, Andbank and Credit Andorra do not bank there, they just have investment offices.

  9. About Andorra, I would totally avoid the country now.
    With the exchange of information in europa, many clients go away and the fee are just skyrocketing, even for non european clients and it’s very hard to negociate with them now.

    Also note that, for Andbank and credit andorra the offices in Mexico are not “banks” but representation or investment offices.

  10. Good to see another great article!

  11. Great list! These are some high quality banks.
    Which top 2 banks would you recommend to open a self managed trading account under a foreign business name? Criteria would be to access US markets as well as other international markets.

    • Short answer is unfortunately that I don’t trade very much personally so I wouldn’t be a good person to ask. I hear people speak well of Swissquote and Saxobank, but I’m not very attuned to that side of the business in general.

      I try to make it clear that I unfortunately can’t recommend anything or anyone. To me, a recommendation is something I give someone after a thorough analysis of their particular needs and unique situation. Streber is a strictly non-commercial persona; all I do is just share my thoughts and experiences.

  12. A very useful article and it’s appreciated that you take time to update this list every year.
    You mention about Credit Andorra that:

    ‘Private banking clients are sometimes domiciled in Panama (by request or decision by the bank).’

    What are the benefits of this? I can see the Bank has presence not only in Panama but also Mexico and other Latin American countries, so why Panama of all places?
    Does it have to do with CRS / or that those clients might have a residence permit in Panama despite holding another passport?

    • The benefit of Panama vs. Andorra comes down to personal preference or minute differences in regulations, and to some degree risk isolation. There are also certain types of investments or banking services that aren’t established or permitted in Andorra (or undesired, so as to not invoke the anger of European economies). Regulations and controls are more lax in Panama.

      When it comes to asset protection and trusts or foundation structures, Panama has a more tested legal system than Andorra’s, which is largely theoretical due to the diminutive size of the jurisdiction. Some people simply feel more comfortable in Panama for that reason.

      Panama has a more robust and developed banking sector than most of Latin America, which combined with secrecy has made it attractive. You could maybe find similar sophistication in Brazil or Mexico but then your banking activities are subject to the whim of politically and economically shaky Brazil or Mexico and their wobbly currencies, instead of the stability of Panama and its USD-based economy and currency.

      As for exchange of information, Panama has signed up for CRS on a bilateral level which means there needs to be a TIEA or equivalent tax treaty in place for exchange of information to take place.

Leave a comment

Skip to toolbar