A Singapore offshore bank account is one of the most in-demand financial accounts available today. People worldwide want to access what they consider the most reputable banking jurisdiction and bank in Singapore for themselves and their companies.
In this article, we’re sharing our team’s expertise in helping members from around the world successfully open offshore bank accounts in Singapore. This includes opening offshore accounts as well as asset, investment, and wealth management accounts via private banking.
We break down your offshore banking options in Singapore in the sections below, including the client profiles who can’t and can open an offshore bank account in Singapore.
Of course, we also share the key reasons why many non-residents are considering personal accounts, offshore commercial banking, and even Singapore business bank accounts. That way, you can see whether your interests align with other people considering this top-tier banking hub.
Use the table of contents to continue exploring more information on how to open a Singapore offshore bank account.
Table of Contents
- How to Open an Offshore Bank Account in Singapore?
- Who Can Open an Offshore Bank Account in Singapore?
- What Are the Benefits of Offshore Banking in Singapore?
- Frequently Asked Singapore Banking Questions
- Ready to Unlock the Benefits of Singapore Banking?
How to Open an Offshore Bank Account in Singapore?
An offshore bank account in Singapore is accessible by foreign non-resident individuals and entities. Banks in Singapore, however, have restrictions on certain citizenships and residencies. Likewise, compared to other offshore banking jurisdictions, account opening deposits are higher and the account opening process is often more challenging.
Applicants must select a suitable bank, complete AML and KYC procedures, and make a qualifying deposit to open bank accounts in Singapore.
The deposit requirements typically start around USD 180,000, depending on the type of account you want to open. Applicants looking to access private banking in Singapore need to be prepared to meet higher deposit amounts, often in the range of USD 3,000,000.
Regardless of the level of deposit you make, there are important hazards and banking risks in Singapore you need to consider. Likewise, if you don’t select the right bank, the finance expenses and Singapore banking costs can be significantly higher and the account opening process is more challenging.
Applicants who navigate the account opening process unlock a banking jurisdiction that offers a layer of financial privacy through international banking. Privacy, of course, is just one of the many important advantages and benefits of banking in Singapore.
Like other offshore jurisdictions, the available assistance and banking services offered in Singapore are supplemented by a wide range of Singaporean service providers. The non-banking services available in Singapore include offshore company formation, estate planning, investment management, and much more.
This combination of services and remote opening makes Singapore a suitable jurisdiction for anyone seeking related banking services. We share details on the types of clients who benefit from offshore banking in Singapore in the following section.
Do You Want to Explore All Your Offshore Banking Options?
Who Can Open an Offshore Bank Account in Singapore?
Determining if Singapore is the right banking jurisdiction for you involves careful consideration. Each applicant must consider their client profile, perceived risk, the rationale for banking in Singapore, and ability to meet the basic opening conditions and banking requirements imposed by each bank.
Both foreign non-resident individuals and entities are suitable candidates for offshore bank accounts in Singapore. This includes individuals and entities with existing ties to Singapore, planned future ties to Singapore, and no ties to Singapore whatsoever.
It’s important, however, to point out that Singapore does impose unique account opening restrictions on foreign non-residents from many developed Western countries like the United States, Canada, United Kingdom, European Union countries, and elsewhere. Financial institutions in Singapore, however, are unable to support the investment activities of these clients.
Individuals with residency in sanctioned countries or countries that are generally considered blacklisted are also not eligible to bank in Singapore. Likewise, citizens of these countries regardless of their residency typically struggle to open accounts with financial institutions in Singapore in general.
The same goes for foreign non-resident entities that are registered in or operate from sanctioned or blacklisted countries. They also are not able to open an offshore bank account in Singapore.
There are important nuances when opening offshore bank accounts in Singapore for each client type. We explore offshore bank accounts in Singapore for individuals, companies, and wealth management entities in more detail below, starting with Singapore bank accounts for individuals.
Singapore Offshore Bank Account for Individuals
Foreign non-resident individuals are eligible to open offshore bank accounts in Singapore. There are, however, only a handful of accessible institutions and banks in Singapore that accept foreign non-residents, and as mentioned above, individuals from certain countries face restrictions when trying to open accounts here.
Selecting the right Singaporean banks to apply to is an important first step toward offshore banking in the country. This is especially true if you want to open an offshore bank account in Singapore with a lower deposit amount.
Not surprisingly, the biggest financial institutions, the largest banks in Singapore, are more challenging to access and are typically reserved for the least complicated client profiles. Applicants also need to select financial institutions that offer the services they require and have deposits they’re able to support.
It’s important to note that the most optimal institutions and best banks in Singapore are different for each applicant seeking offshore banking. Generally speaking, individuals seeking a jurisdiction with the following characteristics typically consider opening bank accounts in Singapore.
Why Should Individuals Consider Banking in Singapore?
- Highly reputable banking jurisdiction
- Some of the safest banks in the world
- Access to multi-currency accounts
- Possible to open an account 100% remotely
- Deposit insurance up to S$75,000
- Multi-language banking staff
- Stable banking, economic, and political environment
Access our free guide on how to establish an individual relationship through a personal bank account in Singapore. Alternatively, if you’re looking to open a business bank account, we discuss opening Singapore offshore bank accounts for companies in greater detail below.
Offshore Banking in Singapore for Companies
Opening an offshore bank account in Singapore for foreign companies is 100% possible. Foreign companies, however, generally have fewer financial institutions to choose from than individuals. Opening a bank account in Singapore for foreign entities has also become very difficult in recent years.
This is because companies need to demonstrate clear existing ties to Singapore to successfully open bank accounts. Existing ties include commercial relationships with Singaporean suppliers, Singaporean customers, Singaporean contractors, Singapore-based employees, or another requirement to have access to local dollars and the official currency of Singapore to support your business.
Before applying to open an account, it’s important to ask yourself the following questions: does your company have a clear rationale for opening a Singapore bank account, a requirement to transmit payments or just send money to Singapore, or other justification for needing to bank in the country?
Singapore ties, however, do not guarantee account opening. It instead is just one supportive factor in the account opening process.
The existing ties to Singapore, of course, do not need to be commercial. It’s also possible for the company to have a local Singaporean shareholder, director, or other non-commercial connection to Singapore.
Most companies find more accessible options elsewhere. This is especially true for offshore entities, which are asked to make very high account opening deposits to banks in Singapore.
All things considered, companies seeking a banking jurisdiction with the following characteristics typically consider Singapore as a suitable banking option.
Why Should Foreign Companies Open Offshore Accounts in Singapore?
- Existing ties to Singapore
- Strong economic presence in the region
- Seeking a highly respected offshore banking jurisdiction
- Able to make a qualifying deposit imposed by Singapore banks
- Desire to access some of the best banks in the world
Interested in establishing a commercial relationship through a business bank account in Singapore for an offshore entity? Click the link to access our free guide now. Alternatively, if you’re looking for a Singapore bank account for wealth management purposes, continue reading as the section below discusses this and more.
Singapore Banking Services for Wealth Management
Individuals looking to access one of the strongest wealth management jurisdictions available today typically consider opening accounts in Singapore.
It’s important to note that opening offshore accounts in Singapore for private banking and wealth management purposes does require higher deposits. This usually means depositing up to USD 3,000,000.
Financial institutions in Singapore are very particular about who they accept. Certain non-resident applicants are not able to open accounts in Singapore unless they make a very high deposit above the normal deposit requirements. This is because financial institutions in Singapore are among the best in the world and it’s no surprise that certain individuals still choose to meet these high deposit amounts to open private bank accounts here.
Applicants seeking private banking and wealth management with the following characteristics often consider opening a Singapore offshore account.
Why Should I Open Offshore Accounts for Wealth Management in Singapore?
- Singapore banks are among the best in the world
- Access to sophisticated banking & financial services
- Singapore has a strong rule of law & pragmatic bank regulation
- Access a wide range of investment & wealth management solutions
- Account opening is available to most nationalities and residencies
Access our free guide on establishing an exclusive relationship through a private bank account in Singapore by clicking this link here.
Alternatively, if you’re interested in exploring the benefits of offshore banking in Singapore, continue reading to see why Singapore is worth exploring further.
What Are the Benefits of Offshore Banking in Singapore?
The benefits of offshore banking in Singapore are similar to those available in other offshore banking jurisdictions. These benefits include remote opening, multi-currency accounts, online account management, and more.
Singapore, however, does have several unique offshore banking benefits to offer as well. These benefits include access to one of the most stable and reputable banking jurisdictions available, sophisticated investment and banking products, and some of the safest financial institutions in the world.
Here is a closer look at the benefits non-residents unlock when opening accounts in Singapore.
Benefits of Opening Accounts in Singapore
- Banks here are some of the safest in the world
- Account opening is 100% remote
- Access to investment & banking products
- Stable & reputable banking jurisdiction
- Guaranteed deposit insurance up to S$75,000
- Accepting most nationalities & residences
- Stable economic & political landscape
Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people exploring how to open a Singapore offshore bank account. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Bank Is the Best for Offshore Accounts in Singapore?
The bank that is best for offshore accounts in Singapore depends on the applicant applying. More specifically, their desired deposit amount, the financial services they’re after, and their client profile. Only a handful of financial institutions in Singapore consider opening accounts for foreign non-residents. Additionally, most Singapore banks have restrictions on the citizenship and residency that they accept. Therefore, to identify the best bank for offshore account opening in Singapore, each applicant needs to compare their profile to their available options.
Can I Open an Offshore Bank Account in Singapore?
Yes, you can open an offshore bank account in Singapore. Being approved for a bank account in Singapore involves meeting specific account opening requirements and having a suitable client profile. It’s important to note that not all financial institutions in Singapore accept foreign non-residents. This is why bank selection is critical to successfully opening an account as a foreign non-resident.
How Many Banks Are There in Singapore?
There are a total of 158 banks licensed to operate in Singapore, spanning a variety of different license categories. These license categories include local banks, foreign banks, offshore banks, full banks, wholesale banks, and merchant banks. The banks available to you will depend on your citizenship, residency, desired deposit, and the banking services you are after. However, if you are a foreign non-resident, it’s important to note that the bank selection will be limited to only a few banks.
Ready to Unlock the Benefits of Singapore Banking?
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