# Offshore account **URL:** \ **Category:** Finances\ **Created:** [January 25, 2020, 7:26pm UTC](https://community.nomadgate.com/t/offshore-account/18224 "2020-01-25T19:26:49Z")\ **Posts on this page:** 17\ **Page:** 1
**Author:** ![alecazzi](https://community.nomadgate.com/user_avatar/community.nomadgate.com/alecazzi/32/3065_2.png) [@alecazzi](https://community.nomadgate.com/u/alecazzi)\ **Post date:** [January 25, 2020, 7:26pm UTC](https://community.nomadgate.com/t/offshore-account/18224/1 "2020-01-25T19:26:49Z")
hi am from lebanon, and we are in the beginning of a big banquing crisis. am looking for a way to preserve my money in an offshore account having low fees and allowing me to deal with broker investment in USA, like “IQ options”. with low rates of withdrawal. when searching on internet all are talking about cayman islands and switzerland, are they really the best and is there better options? ---
**Author:** ![duncanm](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/d/ecc23a/32.png) [@duncanm](https://community.nomadgate.com/u/duncanm)\ **Post date:** [January 25, 2020, 8:26pm UTC](https://community.nomadgate.com/t/offshore-account/18224/2 "2020-01-25T20:26:42Z")
Hello Alec. I’m in Japan, but with similar offshore goals to you, to diversify geographically for security. I am in touch with people at Blom Bank, Beirut, and hear about the sudden poor economy, banking disruptions there. You may wish to explore Labuan and banks there (particularly setting up a minimal corporate structure). All legitimate. Here is one link, but hunt for more: [https://www.simplyoffshore.com/labuan-company-formation/](https://www.simplyoffshore.com/labuan-company-formation/) It is a few km from Brunei, with cheap regular quick flights from Kuala Lumpur or Singapore. BRED Bank of France is active in Cambodia. [https://www.bredcambodia.com/](https://www.bredcambodia.com/) ProCredit Bank of Germany is active in Albania [https://www.procreditbank.com.al/](https://www.procreditbank.com.al/) These are all ‘development’ banks investing in regular SME business functions, and so appear more reliable, conservative, well-managed. And please post here any insights you have, news on Lebanon. Take care. ---
**Author:** ![duncanm](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/d/ecc23a/32.png) [@duncanm](https://community.nomadgate.com/u/duncanm)\ **Post date:** [January 25, 2020, 8:43pm UTC](https://community.nomadgate.com/t/offshore-account/18224/3 "2020-01-25T20:43:41Z")
And Alec, on investment, Sovereign Man newsletters may interest you. [https://sm-cdn.s3.amazonaws.com/reports/previews/SM\_Preview\_4th\_Pillar\_98\_2020\_01\_4p.pdf](https://sm-cdn.s3.amazonaws.com/reports/previews/SM_Preview_4th_Pillar_98_2020_01_4p.pdf) ---
**Author:** ![LCGL](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/l/977dab/32.png) [@LCGL](https://community.nomadgate.com/u/LCGL)\ **Post date:** [January 28, 2020, 4:08pm UTC](https://community.nomadgate.com/t/offshore-account/18224/4 "2020-01-28T16:08:23Z")
If you have an identity outside your country, you can open a bank account and put money there. If you don’t have a foreign identity you need to start a business offshore and open a bank account and put money there to run the business. Security investment may be one of your businesses. We can do both ways above. Wilson ---
**Author:** ![RMFF](https://community.nomadgate.com/user_avatar/community.nomadgate.com/rmff/32/637_2.png) [@RMFF](https://community.nomadgate.com/u/RMFF)\ **Post date:** [January 28, 2020, 5:18pm UTC](https://community.nomadgate.com/t/offshore-account/18224/5 "2020-01-28T17:18:01Z")
@alecazzi there are some US banks that allow non-US residents to open and invest in stock market, bonds, funds, etc. I’ll leave below some links for your personal research. To open a account in US it’s most likely that you need to travel US in person, but there are some places you can open online, for example: Charles Schwab, TD Ameritrade, DriveWhealth. > **[The World’s Best Bank Accounts for International Travelers and Nomads](https://nomadgate.com/best-banks-international-travel/)** > > You might not know it, but your bank is costing you thousands per year in hidden fees. These are the few that don’t charge you an arm and a leg to travel. > [@The World’s Best Bank Accounts for International Travelers and Nomads](https://community.nomadgate.com/t/the-world-s-best-bank-accounts-for-international-travelers-and-nomads/2947/18): > > I finally opened an account with [N26](https://nomadgate.com/go/n26/community/auto/), as my parents live in Italy. I’m still struggling though to find the best way to deposit from Mexico. About the exchange rates, I’m not sure they use the MasterCard official rates, because I read in the contract that they use the Deutsche Bundesbank table > [@Banks you can open an account in the US as a tourist](https://community.nomadgate.com/t/banks-you-can-open-an-account-in-the-us-as-a-tourist/668/2): > > Sergio, I’m Brazilian as well, and first would like to ask: Do you mostly need to PAY in USD or GET PAID in USD? If you just want to hold or spend USD, options like [Revolut](https://nomadgate.com/go/revolut) card are the best ones. If you want to pay into US accounts, open a [Transferwise](https://nomadgate.com/go/wise) virtual account. BTW, people can even transfer money from US accounts to you. [Revolut](https://nomadgate.com/go/revolut) and [Transferwise](https://nomadgate.com/go/wise) allow you to switch to USD anytime, to benefit from currency fluctuation. If you really need a standard US bank, check this post: The gu… > **[How to open a US Bank Account as a Tourist / Non Resident](https://bkpk.me/how-to-open-a-us-bank-account-as-a-tourist/)** > > A lot of business happens in the USA. As the largest economy in the world, this comes as no surprise. If you work with US businesses, chances are, they would want to pay you through local methods. Some businesses might be setup to use Paypal or... [https://international.schwab.com/public/international/us\_investing](https://international.schwab.com/public/international/us_investing) > [@Banks you can open an account in the US as a tourist](https://community.nomadgate.com/t/banks-you-can-open-an-account-in-the-us-as-a-tourist/668/4): > > Thank you very much for the reply, guys! Sorry for taking so long to talk back, a lot of stuff happening here. Thank you very much for the link from the US Government, is good to show this to them, I think it might help. Well, so that you can understand my situation, what happens is that from time to time I get a wire transfer from an investment bank to an account. It could be a Brazilian one, but the fees are crazy high and the currency exchange is always unfavorable. So what I did is that I… > **[How to Open a US Bank Account as a Non-Resident](https://nomadcapitalist.com/finance/open-us-bank-account-non-resident/)** > > Are you looking to revamp your offshore strategy? Surprisingly, the US is one of the easiest countries to open a bank account as a non-resident. > **[How To Open A Bank Account in U.S., As A Non-resident Non - citizen, Wells...](https://www.reinisfischer.com/how-open-bank-account-us-non-resident-non-citizen-wells-fargo-bank)** > **[Open a US Bank Account as a Non-Resident: How to Guide - Check in Price](https://checkinprice.com/us-bank-account-non-resident/)** > > How to open a US bank account as a non-resident non-citizen in 2018? Check our guide below on banking in the US even if you live abroad [https://www.nerdwallet.com/blog/banking/bluebird-prepaid-debit-card-review/](https://www.nerdwallet.com/blog/banking/bluebird-prepaid-debit-card-review/) [https://www.nerdwallet.com/blog/banking/undocumented-immigrants-bank-accounts/](https://www.nerdwallet.com/blog/banking/undocumented-immigrants-bank-accounts/) > **[How to open checking account | Capital One](https://www.capitalone.com/bank/money-management/banking-basics/how-to-open-a-checking-account/)** > > Looking for an account that fits your needs? Learn the 5 steps you'll need to follow and the requirements you'll need to meet to open a checking account. [https://www.investidorinternacional.com/como-abrir-uma-conta-bancaria-no-exterior-parte-5/](https://www.investidorinternacional.com/como-abrir-uma-conta-bancaria-no-exterior-parte-5/) (in portuguese, use Google Translator to read it.) [https://drivewealth.com/](https://drivewealth.com/) I’ve opened a account on Schawb and DriveWealth. Drive Wealth is a quicker process, but they offer limited products compared to Schawb, on the other side on Schawb you will fill a longer form and need to pass by phone interview to answer some compliance questions like the origin of the money that you are moving to US and other regulatory questions. I hope this helps you. ---
**Author:** ![michelini](https://community.nomadgate.com/user_avatar/community.nomadgate.com/michelini/32/2977_2.png) [@michelini](https://community.nomadgate.com/u/michelini)\ **Post date:** [January 29, 2020, 3:19am UTC](https://community.nomadgate.com/t/offshore-account/18224/6 "2020-01-29T03:19:04Z")
> [@alecazzi](#): > > hi am from lebanon, and we are in the beginning of a big banquing crisis. am looking for a way to preserve my money in an offshore account having low fees and allowing me to deal with broker investment in USA So sorry to hear you are having issues there. US banking is really great for non Americans as there are privacy and also no tax due if you are not present in America. > **[How to Open a US Bank Account Overseas as a Non USA Citizen](https://www.globalfromasia.com/opening-us-bank-account/)** > > Gain invaluable insights into the intricate process of opening a US bank account overseas as a non-US citizen. Know the requirements and essential tips here. There are ways to do it without physically going to USA to apply, but of course there are fees for those banker agents. Wish you all the best in this crisis. Mike ---
**Author:** ![asia2](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/a/54ee81/32.png) [@asia2](https://community.nomadgate.com/u/asia2)\ **Post date:** [February 9, 2020, 4:14pm UTC](https://community.nomadgate.com/t/offshore-account/18224/7 "2020-02-09T16:14:44Z")
As mentoned /Schwab are good choices USA if you do not mind reporting to your home country. it all depends if your country of residence has a double taxation treaty DTA with the USA, Review your relevant DTA as most have recipricol agreements to share infomation which links with FACTA,. if the DTA specifically states “not including the territories” then you could consider territory islands as these probably wont be reported. Guam, Puerto Rico etc or consider.broker accounts like interactive brokers who I think Schwab bought out maybe some on here, dont just stick with the USA [https://brokerchooser.com/broker-reviews](https://brokerchooser.com/broker-reviews) stay away from forex brokers ---
**Author:** ![alecazzi](https://community.nomadgate.com/user_avatar/community.nomadgate.com/alecazzi/32/3065_2.png) [@alecazzi](https://community.nomadgate.com/u/alecazzi)\ **Post date:** [February 10, 2020, 8:11am UTC](https://community.nomadgate.com/t/offshore-account/18224/8 "2020-02-10T08:11:41Z")
thank you duncan i will explore the different options you sent me and keep you up to date, by the way is there any of them i can have an account online without having to be there in person? ---
**Author:** ![alecazzi](https://community.nomadgate.com/user_avatar/community.nomadgate.com/alecazzi/32/3065_2.png) [@alecazzi](https://community.nomadgate.com/u/alecazzi)\ **Post date:** [February 10, 2020, 8:36am UTC](https://community.nomadgate.com/t/offshore-account/18224/9 "2020-02-10T08:36:05Z")
Thank you Wilson for your answer, do you have a specific place for opening an offshore business online with that can facilitate the process with low fees as for withdrawals and taxes? ---
**Author:** ![alecazzi](https://community.nomadgate.com/user_avatar/community.nomadgate.com/alecazzi/32/3065_2.png) [@alecazzi](https://community.nomadgate.com/u/alecazzi)\ **Post date:** [February 10, 2020, 8:44am UTC](https://community.nomadgate.com/t/offshore-account/18224/10 "2020-02-10T08:44:46Z")
Mike MICHELINI, Thank you for your valuable reply, do you have specific names for these banks who allow us to open account without being there in US? ---
**Author:** ![asia2](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/a/54ee81/32.png) [@asia2](https://community.nomadgate.com/u/asia2)\ **Post date:** [February 11, 2020, 2:35pm UTC](https://community.nomadgate.com/t/offshore-account/18224/11 "2020-02-11T14:35:56Z")
It is possible to open a Bank Account in CAMBODIA remotely without travelling I did it a few months back, no ATM card unless you travel there but still ok for international banking. I top up my Singapore pre paid card no problem fixed term deposit 4 to 5% USD basic account 0.5% for Individual and business ---
**Author:** ![asia2](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/a/54ee81/32.png) [@asia2](https://community.nomadgate.com/u/asia2)\ **Post date:** [February 12, 2020, 6:46pm UTC](https://community.nomadgate.com/t/offshore-account/18224/12 "2020-02-12T18:46:25Z")
sorry as per PM I forgot the link Offshore CAMBODIA Bank without travelling there. some guidance on what they have available. huge Bank good feed back from local expats before I applied. pm me if you need further information or help. Details for opening from overseas scroll down the page of this link see `overseas` after notarising MT999 method is best, if you are not close to Cambodia Embassy in your country > **[Deposits](https://www.acledabank.com.kh/kh/eng/ps_deposit)** > > Invest your money with ACLEDA Bank is a smart choice to earn your extra income. if you click on the ”Deposits" on left of the page you get the full list of accounts availabe. you will need a current or savings account first before opening a Fixed Term Deposit Account and ask them for the form for authorisation by email. Use the Enquiry Application Form > **[Application Forms](https://www.acledabank.com.kh/kh/eng/appform_deposit)** happy travels if any one applies be intetested how you get on ---
**Author:** ![spc](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/s/bbce88/32.png) [@spc](https://community.nomadgate.com/u/spc)\ **Post date:** [February 12, 2020, 9:11pm UTC](https://community.nomadgate.com/t/offshore-account/18224/13 "2020-02-12T21:11:36Z")
> [@asia2](#): > > fixed term deposit 4 to 5% USD In-country you can get up to 8.5% on USD deposits in some of the financial organizations. Well worth the flight. ---
**Author:** ![asia2](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/a/54ee81/32.png) [@asia2](https://community.nomadgate.com/u/asia2)\ **Post date:** [February 13, 2020, 1:05am UTC](https://community.nomadgate.com/t/offshore-account/18224/14 "2020-02-13T01:05:51Z")
YES on some of the micro finance banks I, did notice when trying to find one for remote banking,had to pick myself up after reading the rates. all banks are risk but suppose if. you spread it around to a few and tie your selff in for.a.while then why not. I prefer 1 year rolling so can pull out with minimal penalty think it drops to interest paid and reverts to base rate. Also thinking Acleda less likely to fail compared to microfinance banks. I read forieign investors mandatory 14% tax on interest, but that is neglible on 5% or even 8% when banks elsewhere are negative interest rates or charging you for looking after your money every month. western world paying for QE and borrowing from the future! massive ponzi ---
**Author:** ![spc](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/s/bbce88/32.png) [@spc](https://community.nomadgate.com/u/spc)\ **Post date:** [February 13, 2020, 2:46am UTC](https://community.nomadgate.com/t/offshore-account/18224/15 "2020-02-13T02:46:28Z")
> [@asia2](#): > > thinking Acleda less likely to fail compared to microfinance banks. Some MFIs are extremely successful and maintain larger business operations than most banks, and so are just as unlikely to fail. Note that Acleda itself started out as an MFI. The largest MFI at the moment has around $1.5B in deposits, which makes it the 4th biggest deposit holder in Cambodia among both banks and MFIs. The first 3 are Canadia, ABA, and Acleda, in that order. > [@asia2](#): > > I read forieign investors mandatory 14% tax on interest Residents only pay 6% withholding tax, and it is quite easy and inexpensive to get the required paperwork to register as a resident with almost all banks/MFIs. > [@asia2](#): > > I prefer 1 year rolling […] on 5% Acleda’s rate is only 4.5% for 12 months, not 5%… ---
**Author:** ![asia2](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/a/54ee81/32.png) [@asia2](https://community.nomadgate.com/u/asia2)\ **Post date:** [February 13, 2020, 8:42am UTC](https://community.nomadgate.com/t/offshore-account/18224/16 "2020-02-13T08:42:47Z")
only 4.5% splitting hairs … my other Bank is 0.03% plus they charge me for breathing in their direction. 😃 Which is the microfinance that you refer to ---
**Author:** ![Danish\_Malik](https://community.nomadgate.com/user_avatar/community.nomadgate.com/danish_malik/32/5496_2.png) [@Danish\_Malik](https://community.nomadgate.com/u/Danish_Malik)\ **Post date:** [January 12, 2022, 12:12pm UTC](https://community.nomadgate.com/t/offshore-account/18224/17 "2022-01-12T12:12:28Z")
I m using the [trading broker](https://tradingbrokers.com/) platform recently.