Sunibel Corporate Services

Best countries for offshore banking

The best country for offshore banking for you might not be the best for another individual. It is a personalised viewpoint and depends principally on your objectives. The best countries for offshore banking repeatedly feature attributes such as repute, reliability, ease of conducting business and unique advantages that the jurisdiction offer.

 

Features of the best offshore banks

The reputation of the offshore bank and that of the jurisdiction where it is established are intertwined. Indeed, no individual would want to bank in a jurisdiction where there is social, economic, political insecurity, even if a bank in the country is delved as the best and safest bank in that jurisdiction.

Best countries for offshore banking - Features of best offshore banks

Reputable offshore banks are a good choice for the management, diversification and protection of your assets, conducting secure international transactions and privacy amongst others. They are financially sound and experienced and qualified professionals manage your fund efficiently.

You want to know how to open an offshore bank account? Click here for more information

The best offshore banks provide superior services, including:

  • Wealth management: allows you to deposit or retrieve large amounts of money;
  • Multi-currency account: reduces the impact of, and the loss linked to foreign exchange (Forex) fluctuations;
  • Consistent and excellent consumer protection: safeguards your deposited wealth in case a bank goes bankrupt or in case of a financial crisis.

 

Best countries for offshore banking

As mentioned above, offshore international banks will choose to establish a presence in safe and stable countries, such as Africa’s leading jurisdiction. Indeed, since its independence in 1968, Mauritius has been economically and politically stable and is, today, an International Financial Centre (IFC) of repute and substance. Mauritius is an internationally compliant jurisdiction and is composed of well-known international financial institutions that offer global and offshore banking services to corporates and individuals. The country features among the best countries for offshore banking.

Opening an offshore bank account in Mauritius is simple and takes one to two weeks, contingent on the offshore bank and official procedures. The advantages of opening an offshore bank account in Mauritius include:

  • Personal visit not required to open an account
  • Quick and easy to open an account
  • Presence of Shariah Compliant banks
  • Online banking services
  • Minimum balance deposit
  • Easy Fund management

Click here to explore the benefits of offshore banking

Switzerland is another popular country for offshore banking, with laws protecting bank secrecy and a very stable economic and political system. Opening a bank account is swift as no in-person visits are required, but a video call with the bank prior to opening an account is compulsory.

 

Characteristics of Mauritius as preferred jurisdiction for offshore banking

There are a number of features to take into consideration when taking the decision to open an offshore bank account. Mauritius features among best IFC worldwide and attracts a large number of corporates and funds annually. The economic and political stability, coupled with the hybrid legal system (common law and French civil code) makes the island one of the best countries for global business.

Why choose Mauritius for offshore banking

A major business hub between Africa and Asia, Mauritius ranks 13th globally in the World Bank’s Ease of Doing Business 2020. In addition, the island is a globally compliant jurisdiction with strict Know Your Client (KYC) and Anti Money Laundering (AML) regulations.

Offshore banking in Mauritius provides high quality customer services and products. International transactions are secured with the use the IBAN (International Bank Account Number) system. Mauritius’ offshore banks are regulated by international standards with stable credit ratings.

Tax incentives in Mauritius

Characteristics of Mauritius as one of the best countries for offshore banking

  • Economic and political stability
  • Tax rate of 15% for corporates and individuals
  • Ranks 13th globally in the World Bank’s Ease of Doing Business Report
  • Strict KYC and AML regulations
  • Presence of renowned international banks
  • International transactions made easy with IBAN system
  • Compliant with international banking standards

 

How Sunibel can enable you do business globally

Sunibel Corporate Services enable you to do business globally. Through our partners located in Switzerland and Hong Kong, we are able to provide you tailored advisory, corporate and business services, across jurisdictions.

Click here to know more about us.

 

Disclaimer

This article is provided for information purposes only. It is not intended to provide, and should not be used for, tax or legal advice. We may put you in contact with tax and legal advisers in this regard.

Although all information and opinions contained herein have been compiled from sources believed to be reliable and trustworthy, no representation or warranty, express or implied, is made as to their accuracy or completeness, and, to the extent permitted by law, Sunibel Corporate Services Ltd, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in the article or for any decision based on it. You should not act upon the information contained in this publication without obtaining specific professional advice.

Sunibel Corporate Services Ltd accepts no liability for any direct or indirect damage resulting from the use and reliance on the information published in this article.

For more information, please see our terms and conditions.

 

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