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Best Singapore Banks for Offshore Banking? (EU citizen & resident)
- Thread starter FreedomSearcher
- Start date
HSBC Turkey also became crazy from 2025.
Probably the main reason is that they changed rules in Turkey and only two state owned banks can open accounts if you don't have Turkish residence permit/ citzenship. Ziraat and Vakiflar.
From this point HSBC Turkey started to be crazy with foreigners.
What nonsense are you talking about? Have you looked the Tier-1 capital ratio of these banks up? The history? Etc.
You clearly have zero experience in Private Banking.
You clearly have zero experience in Private Banking.
What about other banks like OCBC, DBS?
1. Can I open an account with USD 100,000 deposit?
2. Can I open an account on a company BVI/Nevis where I am a sole shareholder/director?
3. Can I open an account on Nevis foundarion in Singapore?
Thank you!
You can, but you need more money for them to be willing to accept you.
Also you don’t need a foundation for that amount.
1. Depends on citizenship and residence. 100,000 might be on the lower end of the scale.
2. Depends on how much money you're bringing and the risk profile of the company.
3. Depends on how much money you're bringing and the risk profile of the foundation.
Very few banks will rule you out based on just the jurisdiction and type of entity. However, you have much more of an uphill battle if your company is incorporated in a typical tax haven and secrecy jurisdiction like BVI or Nevis. You need strong redeeming qualities.
What protections do Singapore banks provide against hacking losses? Both (1) in terms of the technology used by them (for example in Thailand 2FA implementation is usually a joke compared to Western standards) and (2) in terms of a potential "security guarantee" by them reimbursing you for losses without your explicit fault (such as by big U.S. brokers like Fidelity or Charles Schwab)? Thank you.
Out of interest what does Fidelity offer in terms of security guarantee? And how much of their $15trn assets under administration is covered by the security guarantee?
Like I thought its complete garbage guarantee and not worth the proverbial paper its written on.....lol. That coverage is as good as US healthcare insurance coverage for expensive treatment when you need it - they will wriggle out of paying you especially if you have a big brokerage account. They will blame you, your computer, full moon etc and you will have hard time proving it is not your fault...lol.
Common sense would also tell you that with $15trn AUA there is not enough free money in America to cover a major cyber attack on the platform i.e ransomsware. Best to be realistic about that coverage and how they will wriggle out of paying you anything.
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What if I have a claim?
We will ask for your cooperation with our investigation and may require you to take follow up actions. For example, we may ask you to have a professional computer security company clean your computer hard-drive. We may also ask you to file a police report, provide an affidavit, take steps to recover the funds from a wrongdoer known to you or sign a release. Fidelity will investigate each claim and determine the applicability of the Customer Protection Guarantee and any reimbursement amounts based upon the facts of your situation. We do not cover taxes, legal fees, lost opportunity costs, consequential/nonmonetary damages, or other amounts that have been or are eligible to be reimbursed, for example, by a depository bank, outside investment provider or through insurance.
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