Offshore Account also called OSA account. It refers to a savings account opened by the holder outside the country of residence. The service objects of offshore bank accounts are available to legal persons , government agencies, international organizations and other economic organizations .

What are the advantages of offshore accounts?

(1) An offshore account is equivalent to an account opened in an offshore bank, and funds can be transferred freely from the account without foreign exchange control.

(2) Deposits in offshore accounts are exempt from interest tax, and the actual net income of offshore deposits is relatively objective.

(3) The deposit interest rate of offshore account funds can enjoy preferential treatment. The deposit interest rate of offshore account is more favorable than the similar deposit interest rate of foreign banks, allowing flexible deposit and withdrawal. In particular, large deposits can be customized according to customer needs in terms of interest rate and maturity, which is flexible and convenient.

(4) Multi-currency accounts are provided, and funds can be transferred through the account.

(5) Online banking is provided for offshore accounts, which can be operated both domestically and overseas.

How to choose offshore bank account country?

Most people over the age of 18 can open offshore accounts, but different offshore bank accounts work differently for everyone because everyone has different demands and starting points.

A Country for the Wealthy - Singapore

The reason why high-net-worth individuals choose Singapore is because it is a stable and safe place to store assets. The country’s banking industry is strictly regulated, which means your wealth is well protected. Their bank also has the most advanced technology, both safe and easy to access your assets.

Singapore provides various wealth management services, funds, brokerage companies and accounts to manage your money. Singapore also has a range of trading platforms available.

Offshore bank accounts are available in a variety of currencies, reducing the hassle of the dreaded exchange rate. Singapore banks also have a skilled wealth management team.

Asset protection country-Switzerland

Switzerland has a history of strict privacy laws date back more than 300 years. Swiss law prohibits banks from disclosing any information about your offshore bank account without your consent. Bankers who violate the law may face up to six months in prison.

In addition, the authorities may fine them up to 50,000 Swiss francs.

Another reason why Swiss Bank is a popular asset protection bank is its safety as a low-risk investment, and Switzerland’s political and economic climate is stable.

The right region for your company - Hong Kong

As a business hub in Asia, Hong Kong's professional industries are booming and diversified. Hong Kong has a best financial system and a mature and regulated financial market. Hong Kong has the advantages of low tax rates. For bank account opening, you can choose HSBC, DBS Bank, Standard Chartered Bank, Citibank, Bank of East Asia, etc.

Tax-friendly country-Cayman Island

The Cayman Island enjoys a good international reputation and provides a full range of financial services to all types of customers. The local political and economic environment is relatively stable.

No taxes are levied on capital gains, companies, withholdings, property, wages or income. In addition, there are no foreign exchange controls, allowing free flow of funds in and out of the island in any currency. There is no reserve asset requirement.

Safe country-Germany

In the latest list of the safest banks in global finance, a German bank tops the list. Germany is a modern and developed country, account holders will have access to the most advanced online and ATM services. In many cases, you do not need to go to Germany to open an offshore bank account in person. Opening and maintenance costs are usually quite low. Some banks also offer the option of obtaining a Visa or MasterCard credit card.