Today, I'm going to talk about the easiest countries to open a bank account.
My name is Rusodan, I'm a CFO at nomad capitalist, where we help 7 and 8 figurine to pronounce,
legally reduce their taxes, get second cities and ships, and go where they are treated past.
The first question here is how do we decide on what's easy?
We have a few criteria that we base our analysis on, which I'm going to share with you now.
The first question is, is it reliable? What are the chances that they freeze or close your account?
How is the banking regulated in this jurisdiction? Does it provide diversification here?
We usually think about some benefits you get when you're opening a foreign bank account,
such as holding assets in different currencies and hedging them.
Is the process easy? We think about how long it takes and if you can do it remotely,
do we have to provide original documents? Do we have to go in person?
The documents requirements are pretty important as well, because in addition to the standard documents,
you may be required to provide additional reports or statements and things like that.
In addition to the standard documents, you may be able to provide tax information and additional reports.
The next question is, is it accessible to nonresidents or only residents?
We take into consideration a fee structure and then in one time payment you need to make for
application process a language is an important part of this criteria as well,
and the minimum deposit requirement, because it's very important that you do not have to
maintain high balance, but sometimes it's a price that you have to pay for reliability.
It's important to note that this country and this bank can provide
operations with the countries that you want to be working with. Based on the criteria above,
we compiled a list of countries in which it is to open a foreign bank account.
So, in no specific order, there are Georgia, Belize, Cook Highlands, Cayman Island,
Singapore, UAE, if you are resident. Georgia is a country located in the Caucasus at the
intersection of Europe and Asia.
The official currency here is Georgian Lorry and the language is Georgian.
Though bank employees speak English in most cases, banking is very easy in Georgian banks provide
good services and are very reliable, because they have to comply with the national bank
of Georgian requirements. It is because you can open it remotely in most cases,
although we are not kept always at why to go in person when opening a bank account.
The process is really fast, it usually takes a DE and you can open the account,
and the next day you can pick up your debit card as well. Mostly it's free,
but you only need to have sufficient funds to maintain the for maintenance fees, which
vary from bank to bank. What's even better is that most Georgian banks offer private or VIP
client services, where for an additional fee you get VIP service, where you get no line to
waiting, just high level of service, your own banker, a list of benefits for local transactions
and preferential exchange rates, and so much more. Georgian banks are very user friendly
communication easiest and the process is really fast. I would also advise to get Georgian
SIM card for verification purposes, but you can switch back to the application or token
verification method later. The next country is Belize, the Caribbean country on the
northestern coast of Central America.
The official language here is English and the currency is Belize Dollars. It firstly is
because any individual or a company can open a bank account there, including US citizens,
banking minimums that are also quite low, so I like more expensive jurisdictions,
so you don't need a lot of money to bank there. While Belize isn't the best banking
jurisdiction in the world, it can be a good option for individuals looking to diversify their funds,
or even just to put a bit of money back for retirement. Since it's quite easy to maintain
a bank account there. English is an official language, so there is no language barrier,
and as banks in Belize are required to have a 24% liquidity ratio, meaning that they have
on at least a quarter of all deposits at all times, so you have some safety here as well.
The country's currency is packed to US Dollars, which means that you won't be dealing with
any unexpected currency nox dives. Hyperinflation or any kind of money grab likely
won't arise in Belize making it to a relatively reliable place to bank.
Document requirements are pretty straightforward as well, you need your identification,
application, profile addresses, and utility bills could work for this and KYC.
Additional documents may be required on the case by case basis as well.
The next country is the Cook Highlands.
Cook Highlands is a self governing island country in the South Pacific Ocean in
free association with New Zealand. First it's very easy because non resident can open a
bank account there, and remote account opening is also an option here, so we do not have to go
to cook highlands to open a bank account. You can open a cash or investment account online
and conduct transactional transactions electronically without being physically present in Cook
Highlands at all. Some banks accept naturalized copies of required documents and original account
opening forms, so we are opposed to a career. They usually have a $20,000 US Dollars minimum
balance requirement. The process is pretty fast, they also for precious metal account or investment
account for private clients. Document required are pretty straightforward as well, you need your
passport copy, CV, application, profile address, and some additional documents if they ask for it.
The Cayman Islands is a British offers territory where non resident can open a bank account.
Some banks even allow you to do so without visiting the islands at all.
The document requirements are pretty standard, however you need to submit several certified
documents as proof of your identity, your current overseas address and bank references.
They also inquire about the source of your funds. Of short language in Cayman Islands is
English, so pretty convenient in communication and overall access. They do not have a
required minimum deficit, but it may depend on the source of funds for some clients.
There are no opening fees, maintenance fees are waived in certain cases as well.
The next country we have is the UAE, but it is only for residents, and the process here is
pretty straightforward.
If you need any help, our team will be happy to assist you, feel free to go to
nomadcapitalist.com for more. If you want to hear more about banking in this country,
please leave your comments below.
