Anyone who really wants to protect their wealth needs bank accounts outside the EU. Not because there is anything to hide, but because a creditor cannot have an account outside the EU frozen with the European Account Preservation Order, which works across borders within the EU and without warning. (The UK and Denmark do not take part in this order.) That makes such an account a fundamental element of any serious asset protection strategy. Here is an overview of the most important jurisdictions.
Georgia
Georgia is one of the simplest and cheapest options for a non-EU bank account. An account can often be opened without a minimum deposit and with minimal fees, in some cases also by power of attorney from abroad. Order a Georgian bank account directly →
Serbia: no CRS, within Europe
Serbia is one of the most attractive options: it lies in Europe, with no long-haul flight and no great effort. What matters: Serbia does not take part in the Common Reporting Standard (CRS). Serbian banks do not automatically report account data to tax authorities abroad. Accounts can be held in EUR, USD, CHF and Serbian dinar. Opening an account usually requires a visit in person, which is no obstacle given how close Serbia is. Order a Serbian bank account directly →
North Macedonia: no CRS, within Europe
North Macedonia is the second non-CRS option close at hand. North Macedonia does not take part in the Common Reporting Standard (CRS); account data is not automatically passed to tax authorities abroad. Accounts can be held in MKD, EUR, USD, GBP and CHF. The deposit guarantee covers up to EUR 30,000 per depositor and bank. For clients who want to hold an account outside the European exchange of information without travelling to the Caribbean or to Asia, North Macedonia is one of the most pragmatic solutions.
Singapore
Singapore has one of the most stable and secure banking systems in the world. Accounts for non-residents are possible but usually require a visit in person and a minimum balance. Singapore is a CRS member, but offers first-class asset protection and access to Asian markets. Order a Singapore bank account directly →
Many of our clients open a Singapore account in combination with a residence in the Philippines. The Philippines offer an attractive residency programme for international entrepreneurs, a combination that links access to the Asian financial system with a favourable tax domicile. Philippines residence: all the details → | Order the Nomad Starter Package →
Hong Kong
Hong Kong offers access to one of the deepest capital markets in the world. Accounts for non-residents are possible but require a visit in person and strict KYC checks. Hong Kong is a CRS member, but levies no capital gains tax or inheritance tax.
Isle of Man and the Channel Islands (Jersey, Guernsey)
The Isle of Man and the Channel Islands of Jersey and Guernsey are British Crown Dependencies outside the EU. This is where the major British banks, Barclays, HSBC, Lloyds and others, have their international branches. These institutions offer accounts for non-residents with first-class deposit protection and the backing of a major British bank. Both jurisdictions are CRS members, but levy no capital gains tax and are internationally recognised wealth management centres.
USA: no CRS, but with structure
The USA is not a CRS member, a unique advantage for non-US citizens. A US bank account, however, is more than just opening an account: the key is building a US credit score, which opens up access to business credit cards, credit lines and the largest financial system in the world. This first requires setting up a US LLC, through which an ITIN is then applied for and creditworthiness built up step by step, a process that takes several months but pays off in the long run. The full process explained →
Dubai (UAE)
Dubai offers a first-class banking system with international reach and levies no personal income tax. Accounts for non-residents are possible but require extensive KYC documentation. The UAE is a FATCA and CRS member.