Yes is possible. Would need real estate in that country though.What about getting a real estate mortgage as a non-resident with HSBC thanks to HSBC Premier status?
Any clue about that? Of course, in a juridiction where HSBC Premier is available.
Yes is possible. Would need real estate in that country though.What about getting a real estate mortgage as a non-resident with HSBC thanks to HSBC Premier status?
Any clue about that? Of course, in a juridiction where HSBC Premier is available.
You have 6 months after the new limit comes into force to fulfill the conditions for retaining Premier (if you hold Premier status already by that date).Will you cancel it in February? Or what to do now?
They changed to to 75k GBP a few month ago.I personally opened an HSBC Expat (Premier) account a few years ago, completely remotely. HSBC Expat is based in Jersey, and the minimum balance when I opened it was the equivalent of 50K GBP.
This might really work. But keep an eye on the withholding taxes.What is strange, is that you pay about 4% on TRY consumer loans while the time deposit rate is 7%. Sounds like you can get a consumer loan and then put it in a time deposit?
You have 6 months after the new limit comes into force to fulfill the conditions for retaining Premier (if you hold Premier status already by that date).
Maybe in August the TRY decreased enough to keep Premier with only 35 k$.![]()
HSBC Premier is a product/service package of HSBC Bank A.Ş. As of 10 February 2025 you should have savings or investments of at least TRY 2.000.000 or equivalent amount of convertible foreign currencies with our Bank (Wealth Criteria) to qualify for HSBC Premier Your balance may consist of TRY/FX Time or Demand Deposit, Precious Metals, Mutual Funds, Pension, TRY/FX Treasury Bills/Government Bonds/Eurobond and/or Equities. HSBC Bank A.Ş. does not provide any Investment Advice and Portfolio Management service. If your balance stays under than Premier wealth eligibility criteria during the consecutive 6 months, your Premier Customer status and benefits will cease.
Figured it out, the credit interest rates are monthly rates.This might really work. But keep an eye on the withholding taxes.
But will they really give you a 30k consumer loan as a non-resident?
It's only 65,000 EUR it's still worth it to keep the Premier account.By the way, the minimum relationship balance to get and maintain Premier will increase to 2 million TRY in February.
They won't go bankrupt. But at 3% interest, 60k USD still cost you 1800 USD per year.Once you have it, why not just open an account in another jurisdiction and then start paying the fee there? If it's 500 GBP per year or so, what's the big deal if you really like the account?
Might be less risk than keeping 65k in Turkey?
I did a lot of research on Google and after a while found this document:So if I have interest income or dividends in my HSBC Turkey account, do I have to fill a tax return in Turkey?
To be honest, I have a hard feeling entrusting more than 40 k$ to a single bank. So far I have spread my money over many banks. And 2 million TRY is way more than 40 k$.
(For example, what happens if HSBC Turkey freezes my account and I have all my money there?)
So I am still looking for a way to keep Premier until the TRY loses enough value.
As long as you are still Premier in Turkey, it should be easy to open an account in another country.
Would it be possible to open a Premier account in another country, which would allow Premier for a fee? Jersey or Singapore has an underfunding fee if the conditions for Premier are not met. But you remain Premier, if I understand correctly (in SG for max. 1 year).
So I would still be Premier worldwide as I retain Premier status in Jersey or SG by paying my underfunding fee, right?
If so, which country has the cheapest underfunding fee?![]()
I think most HSBC charge about 50 USD if you do not meet the requirements. I think it will probably be possible in Turkey too.To be honest, I have a hard feeling entrusting more than 40 k$ to a single bank. So far I have spread my money over many banks. And 2 million TRY is way more than 40 k$.
(For example, what happens if HSBC Turkey freezes my account and I have all my money there?)
So I am still looking for a way to keep Premier until the TRY loses enough value.
As long as you are still Premier in Turkey, it should be easy to open an account in another country.
Would it be possible to open a Premier account in another country, which would allow Premier for a fee? Jersey or Singapore has an underfunding fee if the conditions for Premier are not met. But you remain Premier, if I understand correctly (in SG for max. 1 year).
So I would still be Premier worldwide as I retain Premier status in Jersey or SG by paying my underfunding fee, right?
If so, which country has the cheapest underfunding fee?![]()
You can try Malta or US or somewhere where there is a governmental asset protection scheme.If you are worried about having 40K in a single bank account (especially in a large international bank like HSBC), then it probably means you are not yet at the level to truly optimize your international banking setup. Just keep a few basic retail bank accounts in your country of citizenship and your current and/or previous country of residence. Add an IBKR account, and that should be more than enough for now.
Most of my accounts are already offshore, and I am not worried about 40k in a single bank account.If you are worried about having 40K in a single bank account (especially in a large international bank like HSBC), then it probably means you are not yet at the level to truly optimize your international banking setup. Just keep a few basic retail bank accounts in your country of citizenship and your current and/or previous country of residence. Add an IBKR account, and that should be more than enough for now.
In Turkey, there is no underfunding fee. They simply withdraw the premier status if you don't meet the requirements.I think most HSBC charge about 50 USD if you do not meet the requirements. I think it will probably be possible in Turkey too.
Thank you for your suggestions.You can try Malta or US or somewhere where there is a governmental asset protection scheme.
This one?(Btw, if I remember right Turkey has asset protection only for Turkish citizens)
But which banks went down?I have been involved in 3 bankruptcies so far. All of them were 5 figures. And I have been able to sleep at night without being angry at myself.
Ui! My information seems to be outdated and there seems to be a protection for foreigners now.
Two were in Europe and the well known EPB.But which banks went down?
I had three in Europe: Satabank (Malta), BNC10 (Spain), FlowBank (Switzerland). BNC10 owes me money that I will probably never see again.Two were in Europe and the well known EPB.