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.
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.
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
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.
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.
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
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