Cayman Islands banking secrecy is one of the most mischaracterized and misunderstood aspects of the offshore banking world. In large part, this is due to Hollywood movies, mainstream media, and left-leaning government initiatives aimed at “cracking down” on offshore banking
How to Open International Private Bank Accounts in Top Jurisdictions
How to Open International Private Bank Accounts
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Private Banking Guide
Our Step-by-Step Formula for Private Bank Account Opening
Private banking offers much more than an international bank account and diversification...
In this article, we're going to share some of the powerful ways that our members get the most value from their private banking relationships--shaping the way they not only open accounts but also unlock value.
So, whether you want to access favorable financing, turn illiquid assets into cash flowing investments, or leverage private banking to get a second citizenship, it's all covered below!
Table of Contents
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International Private Banking 101
International private banking refers to a private bank that offers specialized banking, investment, and wealth planning services to high net worth individuals, families, entrepreneurs, and businesses with at least US $1 million in investable assets.
That said, depending on the country and bank, international private banking can take on different meanings. And, it can also be accessed with a much smaller deposit.
For example, in some countries private banking may simply refer to banking for non-residents, international clients, and cross-border families with complex needs across multiple jurisdictions.
In other countries, private banking may refer to banking that facilitates client investments into specific (or niche) asset classes.
And while US $1 million is a common figure for accessing private banking, prospective clients can often open an account for much less — sometimes as low as US $100,000.
As a result, the private banks you consider may offer a variety of international solutions. These can range from tax planning, succession, and estate planning structures. Or, they may include financing, investments, investment banking services, specialized advisory, and much more.
Alternatively, on the lower end of account opening, you may find that private banks do not offer much more than a checking account with a fancy debit card. But, even these banks offer benefits to some clients.
Here’s a look at several private banking jurisdictions that you may already be considering:
Why Private Banking is so Attractive
Why do so many sophisticated and successful entrepreneurs, business owners, and investors use private banking? It’s not because they like being able to say they have a private bank account. It’s because they are able to unlock tremendous value when they have accounts with the right bank.
But, in order to find the right bank and unlock value, you need to know which benefits you’re actually interested in. With this in mind, let’s take a look at the benefits that private banking can offer.
Not surprisingly, the benefits of private banking are entirely dependent on the applicant, the chosen bank, and how each individual plans to use the available banking services.
That said, here’s a quick overview of some of the benefits to expect from international private banking.
Benefits of International Private Banking
- Dedicated private banker offering personalized service
- Quickly open accounts for businesses and wealth planning structures
- Better terms and lower fees (when negotiated correctly)
- Flexible lending arrangements for individuals, businesses, and other assets
- Yacht and aircraft financing
- Commercial financing options for business owners and entrepreneurs
- Access to private capital raised from the bank’s other private clients
- Exclusive investment opportunities, products, and services
- Real estate financing and international mortgages
- Tax and estate planning
- Family office support services
- And more
There are many other benefits to international private banking. However, banks vary dramatically in terms of service offering, areas of expertise, banker quality, level of personalized service. So, which banks have the best combination of benefits ultimately depends on the specific needs and priorities of each client.
For this reason, it’s best to start by clearly defining your objectives for international private banking. Then take the next step and start identifying the banks (and bankers) that best match your needs.
Of course, there are a broader range of benefits that you can access when banking internationally as well — we’ll cover those in the following few sections.
Safer Banking Systems
Safe banks are the byproduct of safe banking systems.
Singapore, for example, has never had a bank failure… ever. And that’s mainly due to the fact that Singapore’s banking sector is very well-managed and is fiscally responsible. But Singapore is only one example of many.
Sound banking systems legally require banks operating within their borders to be financially healthy and be fiscally responsible.
Such banks can’t carelessly spend depositor funds. They have to have certain capitalization and liquidity rates. Private banks that don’t follow the rules lose their banking licenses and cease to exist.
In reality, while Hollywood, the media, and government agencies would like you to believe international private banking is unsophisticated and shady, it’s actually the opposite.
Since many private banking jurisdictions rely heavily on financial services, it’s critical that their private banks are fully compliant, efficiently operated, and regulated in a manner that is sustainable and makes financial sense.
After all, one banking scandal can ruin the entire economy. So regulators, bank owners, managers, and employees all have a vested interest to make sure that everything continues to work properly and legally.
Better Service & Banking Options
One of the fastest growing reasons that people looking to open international private bank accounts is the poor level of customer service that they receive from banks in their home country.
In fact, customer service is often non-existent. The only time you ever get attention from the bank is if they flag a transaction and have questions for you.
But service isn’t just about being treated like a customer. It also comes down to what you’re being offered… or not offered.
Private banks are still competing for your business. These banks value their customers and recognize that having satisfied customers is crucial to the long-term success of their bank– and that is significant!
Unlike retail banks that operate in densely populated areas, international private banks actually have to attract business. That tends to result in better service, greater attention to detail, and more responsive support.
Open Private Bank Accounts With The FREE 'Private Banking Starter Guide'
Open Private Bank Accounts With The FREE 'Private Banking Starter Guide'
How to Start Opening Private Bank Accounts
If you’re ready to start benefiting from the offshore banking world as a non-resident then the next step is to open a non-resident offshore account.
Here are the steps to opening an international or offshore bank account:
To help you get started, we’re giving you our Private Banking Starter Guide for FREE right now… but this is a limited time offer. So grab it while it’s available!
Warning: Important Private Banking Considerations
It’s important to understand that you’ll undoubtedly face some issues when opening private bank accounts internationally. The reason for this is a combination of regulatory pressure, compliance oversight, and the nuances of opening accounts in foreign countries.
But there are also important considerations that can drastically impact your ability to benefit from private banking as well, and that’s where we’re going to focus our attention.
Today, it’s up to wealth owners to determine which banks actually add-value. Likewise, they need to be able to determine which banks have reasonable fee structures. Of course, they also need to know which banks have the benefits and the specialized services they require.
With this in mind, it’s critical to fully understand all of the moving pieces related to international private banking before opening accounts.
In this section, let’s explore one of the most important (and often overlooked) aspects of private banking: fees.
If you’re interested in international private banking, you must become an expert at scrutinizing fees. Private banks not only have different fee structures, what they charge for certain services varies dramatically.
Likewise, knowing what’s normal, which fees are inflated, which fees are 100% negotiable, where the hidden fees are, and how to protect yourself – can make all the difference between a profitable or a painfully expensive international private banking relationship.
People who don’t have the right information going in and don’t know where to negotiate are not only charged higher fees than usual, they’re also often charged hidden fees and commissions, given unclear mandates, and murky fee structures. So, be careful.
We help GlobalBanks Insiders navigate the traps of private banking fees. We do this by helping them navigate which banks are best suited to their requirements. This includes identifying banks that offer reasonable fee structures and clear mandates.
How to Open the Best Private Bank Accounts?
To open the best possible private bank account you need to be pragmatic, understand what banks want to see in a customer, and apply to banks where you can actually meet their requirements.
When approaching account opening, try to work with bankers and make life easy for the compliance team. In other words, make it easy for them to “tick” their boxes. After all, they’re not the enemy. They’re just trying to do what regulators tell them to do while they try to avoid being penalized.
In other words, don’t go into the process thinking you are entitled to a private bank account just because you can meet the minimum deposits — that’s not how it works!
Certain private banks prefer clients with different income streams, prefer certain nationalities, require particular minimums, or have varying degrees of openness towards non-resident private banking clients altogether.
Knowing your private bank’s preferences and sensitivities beforehand is key, especially if you’re trying to open an account with a lower minimum deposit than they may typically require.
In other words, unless you know which private bank (and even banker) to speak with, you could very quickly find yourself wasting a lot of time and money trying to open an account.
So you need to prepare carefully and strategically before setting foot in a private bank or interacting with bankers.
You need to clearly understand your private banking goals. And you need to know the benefits that you’re actually trying to obtain.
That means you need to be aware of the risks and disadvantages of the bank, bank account, and more.
You know, those little, hidden “cons” that no one talks about– like hidden fees, internal policies, restrictions, and compliance quirks.
And that’s where we come in…
How GlobalBanks Can Help
Over the years, we’ve seen a growing number of private banks in traditional private banking hubs work hard to meet the requirements of prospective clients from international markets.
These international private banks often tailor their offerings to appeal to the very unique needs of their non-resident and international clients.
But it’s important to note that the country you choose to open a private bank account in is as important as deciding where to live, or where to buy an investment property.
You wouldn’t buy a house or move your family to a war-torn neighborhood. So don’t put your money there!
That’s why our team has spent thousands of hours analyzing banks, speaking to bankers, digging through paperwork — all to identify the best private banks and private banking countries for you to open accounts!
We talk to bankers, regulators, compliance officers, economists, advisors, and, of course current customers to understand what’s really going on behind closed doors, inside of the world’s most secretive industries.
Through our research, we’ve discovered several banks in multiple jurisdictions that are hidden gems and will open private bank accounts for non-residents from pretty much every country.
Yes…opening an international private bank account as a non-resident can be complex. But, we’re going to simplify it for you.
At GlobalBanks, our goal is to help you find and open the private bank accounts that you need as fast as possible!
We do this through our premium membership platforms.
If you’re interested in private banking but you’re not a GlobalBanks member and you’re ready to start opening bank accounts, you’re only a few clicks away from having all the information and tools you need at your fingertips.
When you join GlobalBanks, you get instant access to our archive of Banking Intelligence Reports including proven strategies for opening accounts all over the world, details on bank preferences and sensitivities, customer case studies, and information on what not to do.
You also get access to the GlobalBanks Database which includes easy-to-digest bank profiles, analyst insights, account opening contacts, and unique opportunities at over 250 banks in 50+ countries.
PLUS, if you choose to become a GlobalBanks USA or GlobalBanks Insider, you’ll also receive real-time analyst support including direct banker introductions.
The only question is, are you ready to start opening accounts?
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Still Need More Proof?
If you’re not ready to unlock the power of GlobalBanks, you can still access more great content from GlobalBanks for free.
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