Offshore Bank Account Hong Kong:
Hong Kong was a respected international financial center for many decades. And, in some circles, it still is.
But, as we’ve shared in other articles, Hong Kong has lost its luster.
In this article, we’ll take a closer look at whether non-resident banking in Asia, specifically if open a bank account in Hong Kong as a foreigner, is worth considering or if you should look into other banking options elsewhere instead.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- Opening an Offshore Bank Account in Hong Kong 101
- Who Should Consider Opening in Hong Kong?
- Alternatives to Opening a Hong Kong Bank Account
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Opening an Offshore Bank Account in Hong Kong 101
Opening an offshore bank account in Hong Kong as a foreign non-resident requires careful consideration and preparation. Applicants need to meet specific account opening requirements, have a suitable client profile, and make a qualifying deposit. Banking in Hong Kong, however, is not a suitable option for every client type, and in most cases, there are other alternative banking options to consider.
Hong Kong was an interesting offshore banking jurisdiction for decades because it blended the benefits of the “offshore world” with the transparency of the “onshore world”.
It did this by offering corporate structuring options that could lead to a zero-tax environment along with the transparency of a developed market.
That said, the transfer of ownership to China has raised concerns in recent years, specifically the crackdown on Hong Kong by Chinese authorities.
However, Hong Kong continues to act as a regional financial hub and is still seen as a transparent and business-friendly territory. Albeit, a Chinese-controlled one.
So, if you’re looking for offshore banking in Asia (or China), Hong Kong might be worth considering.
If you would like to see how Hong Kong stacks up against other alternative Asian banking options, such as opening a Korean bank account, you can click this link to get more information on this now.
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Who Should Consider Opening in Hong Kong?
Both individuals and businesses can consider banking in Hong Kong.
On the individual level, as a non-resident, you’ll be looking at either premier or private banking, which typically requires a deposit of at least US $100,000 or currency equivalent. However, there are some exceptions.
In terms of business accounts, it’s important to point out that Hong Kong banks are surprisingly difficult to open accounts with – even if you have a Hong Kong entity.
Instead, companies that want to bank here need to provide proof of their connection to Hong Kong and their need for a banking relationship.
To be clear, simply registering a Hong Kong company is not considered a sufficient reason to open a Hong Kong bank account. Banks want to see that the company has economic substance and real ties to Hong Kong.
Fortunately, there are alternative banking options available for Hong Kong companies. If you have a non-resident company that has banking requirements in Vietnam, you might consider opening with American banks in Vietnam instead.
Whatever the case may be, if you are struggling to open accounts for your Hong Kong company, don’t hesitate to contact us to discuss the available options.
Alternatives to Opening a Hong Kong Bank Account
If you are looking to bank in Hong Kong but don’t have any ties to Hong Kong that actually require you to domicile your accounts here, it might be worth considering alternatives instead.
Fortunately, there are many alternatives to choose from…
If you’re looking for a bank account in Hong Kong because you need a competent international bank to help to invest and manage your money, you might want to consider other private banking hubs. This includes banking hubs in Asia, Europe, and the Americas.
If the above sounds like you, here are a few jurisdictions you might want to consider instead of Hong Kong:
- Guernsey
- Isle of Man
- Jersey
- Singapore
- Switzerland
- United States
On the other hand, if you are considering Hong Kong for business banking, you may want to consider one of the following business banking jurisdictions instead.
- Cyprus
- Lithuania
- Panama
- Singapore
- United Kingdom
- United States
Of course, before choosing where to open business accounts, look at where your business has the strongest ties, as this will impact your chances of opening accounts.
Frequently Asked Questions
Here are the answers to some of the most frequently asked questions about opening an offshore bank account in Hong Kong.
How Much Money Do You Need to Open an Offshore Bank Account?
The deposit required to open an offshore bank account in Hong Kong varies depending on the type of account you want to open and the bank you’re considering. For example, in some instances, foreigners can open accounts in person with a few thousand dollars. However, remote opening with banks that focus on premier and private banking activities will usually require a deposit between US $200,000 and $1,000,000. However, there are some exceptions.
How Do I Legally Open an Offshore Bank Account?
Offshore banking is 100% legal. If you would like to open an offshore bank account in Hong Kong, simply follow the normal account opening procedures and submit all relevant documents. Importantly, you should confirm any reporting requirements for offshore accounts with your country of citizenship (and residency) to ensure that you are compliant at all times.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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