Question US Citizen seeking offshore bank for short-term deposit of 1.1M USD

[tahoeskier]

Hi Everyone,
I'm new here and first send my deep appreciation to all the great experts on here sharing such valuable advice. Thank you for all you do helping so many people like me.

I'm seek your advice where to open offshore bank account for this situation.

• I'm US citizen live in USA
• Within a week, my sale of mainland China real estate asset will yield RMB equivalent 1M USD (925K EUR)
• China bank confirmed I can wire that money to bank account outside of China. We wish to move it immediately out of China.
• I need safe offshore bank account fairly quickly (7 days) that can hold that money for several months while I set up offshore company from which to later purchase USA real estate
• At this moment, only asking your advice on best offshore bank for this immediate need. Thank you. (I will create separate post later to ask your advice how set up offshore company that will ultimately receive these funds)
• I need this offshore bank account only for one-time movement of this amount. I'm not someone who will be doing repeat transactions similar to this on a regular basis.

Thank you so much for any advice you can offer me on this!

-TahoeSkier

 

[Davis123]

You can Try First Caribbean Bank British Virgin Island.

Offshore Company formation takes an average of 2 days and I can introduce you to the bankers and the account opening takes 2 days max.

I can put you on to direct contacts (Lawyer for company formation and Banker in First Caribbean to open account) there

Or I can direct you to other options in BVI if it's a onetime transaction.

What about a personal account in BVI ? Will that work for them or only business accounts ? Some don't like the extra paperwork with IRS due to complex expensive offshore paperwork and costs when one is not trying to evade taxes ? It seems people are ready to sell you a company account but for us this is an expensive headache.

 

[JackAlabama]

Maybe open an account in HK? Plenty of Hong Kong banks will open an account right on the spot (DBS HK, BoC, Citibank HK) and it will be easier to explain the source of funds to them.
But you will need to get on a plane and fly there (not sure if even possible right now). Not sure if they will deal with US citizen either.

DBS and OCBC are both great banks but I am not sure they will open within such a short time frame. You could speed it up by flying to them but I think SG is still closed to visitors right now.

Not an easy problem to solve.

HK is generally still a good place for banking. I enjoy it to this day despite the bad news basically never stopping since 2019, services went on uninterrupted and they even arranged for physical mail delivery during the corona s**t of some docs.

They tend to not like USA passport that much to be frank here.
Some banks there (if not most?) prefer if you have been referred to them, which I was. With others you can be lucky and they will accept you especially if you are keen putting a 6 digit sum into the "relationship" and don't do a hmm "pump and dump" one nightstand.

Said banks opened within short days, which I know from personal experiences with friends. But we have 2021 and you cannot even travel to HK at this point for over a year now

Maybe OP could contact one of the many lawyers in HK and see if they can play escrow or have a bank for said purposes. After all, it is the best spot to do business with China, still.

 

[IT'd]

Just answered a near similar question. I'm Kenyan and standard chartered bank does allow remote opening of an account via their app. It's pretty much self explanatory and their support is top notch. Give it a go at SC Mobile - Standard Chartered Bank Kenya

 

[Silvio]

Just answered a near similar question. I'm Kenyan and standard chartered bank does allow remote opening of an account via their app. It's pretty much self explanatory and their support is top notch. Give it a go at SC Mobile - Standard Chartered Bank Kenya

NICE, Do they open for non-residents as well?

 

[CaptK]

NICE, Do they open for non-residents as well?

Yes they do, I did recommend this in another thread

 

[Davis123]

Yes they do, I did recommend this in another thread

I tried it and never heard from them

 

[stayh4ppy]

Just answered a near similar question. I'm Kenyan and standard chartered bank does allow remote opening of an account via their app. It's pretty much self explanatory and their support is top notch. Give it a go at SC Mobile - Standard Chartered Bank Kenya

I triee to register but they ask for Kenyan ID when register...

 

[stayh4ppy]

I need to register for KRA PIN number...
But i dont understand well what is it...
For a compagnie yes but not for individual

 

[VESTANON]

I need to register for KRA PIN number...
But i dont understand well what is it...
For a compagnie yes but not for individual

Yoo, cant help but giggle, no way you can access an entity such as the standard bank, via registering for an app that gives access you non domicile bank acct.

KRA applies to everyone, individual or company...that right there is the equivalent of the US TIN No.

IDs are centrally registered moreso, all IDs issued are tagged to the KRA, and as such your tax files automatically opened.

Financial entities Globally, Thus Far are Lock,Stock and Barrel..No shortcuts when it comes to banking on whatever level, or jurisdiction.

 

[Davis123]

Yes they do, I did recommend this in another thread

No they don't. I tried many times but never got any replies back from them. So what do you suggest for US citizen based in UAE needing a personal account of UAE ? I am trying for outside UAE these days.

 

[csp dubai]

for american passport holder there is no way out , only take another passport it can be done in 1 mounth