In the time of Genghis Khan, Mongolian ambassadors, noblemen, and officials would travel through the vast Mongol empire carrying a “Gerege.”
It was essentially the first passport.
But instead of a little book, Gereges were made of wood, bronze, silver, or gold. They guaranteed the holder safe passage, protection, and access to special privileges wherever they went.
In fact, if the holder of a Gerege was not allowed to pass or obstructed for any reason, the individuals responsible would be swiftly put to death by the Khans.
Brutal, but effective.
The Gerege helped the Khans increase trade, diplomatic, and important financial relations with countries around the world. With it, they established relations with the Vatican and formed trade routes throughout Asia – including the most famous trade route of all: the Silk Road.
Today, trade is easier, communication is immediate and you don’t have to travel the world in order to sell your wares.
But there’s still one privilege that is heavily dictated by the passport you carry, and that is… banking.
So which passports are the modern-day equivalent of Genghis Khan’s Gerege?
In other words, which passports are most useful for account opening, and which ones will bankers roll out the red carpet for?
The short answer is first-world countries that are not on high-risk or sanctions lists and don’t impose burdensome and expensive reporting requirements on banks catering to their citizens.
How Can You Know if Your Passport is High-Risk?
If you’re carrying a high-risk passport, chances are you already know it. And if not, any banker you speak to will probably let you know when you first apply for an account.
But what are bankers actually looking for when they are examining your passport and citizenship?
Here are some things bankers will look at:
- Are you from the United States?
- Does your government impose restrictions on financial assets?
- Are you required to complete burdensome and expensive reporting obligations?
- Has your country been sanctioned or has it been previously sanctioned?
- Is the country considered “high-risk”?
- Is your country considered a “conflict zone”?
- Does your country sell citizenship by investment or offer immigrant investor programs (golden passports)?
- Is the country unrecognized by the global community? (e.g. Liberland, Somaliland, etc)
Any of the above will likely result in you getting a red flag on your application as a potentially high-risk applicant to the bank. Most of the time, unless you approach the application strategically, high-risk applicants do not get bank accounts open, nor can they unlock the advantages of offshore accounts.
But that’s for another article. We run through the Unlucky Passport Club in another article and talk about the options that you have available to overcome such challenges.
Now, let’s take a look at the passports and citizenships from around the world that bankers often view as being the more desirable and lower-risk…
The Usual “Lucky” Passport Suspects
These are the nations that are known for stability, rule of law, and strong economies. They tend to have strong financial sectors and are generally favored around the world. This respect can come from economic or political stability, the financial health of the country or its citizens.
- Austria
- Canada
- Germany
- Luxembourg
- Lichtenstein
- Switzerland
- Singapore
- UK
The Commonwealth Lucky Passport Countries
Many former British colonies, current British dominions, and British overseas territories carry a level of clout when it comes to account opening.
Here are the Commonwealth countries that fall into the Lucky Passport Club:
- United Kingdom
- Canada
- Australia
- New Zealand
Collectively, these make up ‘CANZUK,’ and represent the biggest, most developed, and established nations of the Commonwealth.
Still, there are some British overseas territories and protectorates in the Caribbean that are more high-risk than others. This is due to their propensity for corruption and illegal activities.
Asian Lucky Passport Nations
Asia is home to many different countries at different stages of development and with different levels of financial clout. The most reputable jurisdictions here are developed and part of the global economy.
- Japan
- Singapore
- South Korea
- Malaysia
- Hong Kong
The European Lucky Passports
If you hold a passport from any developed European country, especially one that is prevalent on the world stage, you’re also in the Lucky Passport Club.
This, however, doesn’t include the smaller, less developed European countries that have corruption problems, smaller financial sectors, and aren’t as integrated into the international community (e.g. Ukraine, Belarus, Latvia, Kosovo, Armenia, etc).
Lucky Passport Club members from Europe include:
- France
- Germany
- Belgium
- Austria
- Denmark
- Finland
- Italy
- Spain
- Sweden
- Netherlands
- Norway
- Portugal
- Ireland
- Greece
- Malta
- Monaco
- Czech Republic
- Iceland
- Hungary
- Slovenia
Surprise Lucky Passport Exclusions
Insiders might wonder why we completely skipped over some of the big-name nations such as the United States, China, or Brazil. Well, instead of just leaving them without comment, head over to The Unlucky Passport Club to see what gave them this undesirable title.
How Can You Start Opening Accounts Now?
If you’re ready to start opening accounts, 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.
You can learn more on the products page from the main menu above.
