Six Myths About Offshore Banking

Many people think they can't open an offshore bank account because of inaccurate information from the internet. Even worse, many people believe banking overseas is illegal because of Hollywood myths.

Here are six offshore myths debunked:

00:00 Start
0:53 It's illegal to bank offshore
1:37 It's all about tax evasion
2:54 Money offshore is automatically tax-free
3:51 Only the rich can do it
5:18 Offshore banks are all on tiny islands
6:10 Americans can't open accounts thanks to FATCA

-------
ABOUT NOMAD CAPITALIST

Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".

Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.

Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we've spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.

DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

[asterisk]

In 2016 I opened an account with Bangkok Bank in Thailand, with an initial deposit of 500 Baht, which was something like US$17 if memory serves. And I'm an American.

[TJasienski]

I wonder which Singaporean bank accepts 50k minimum. I recently asked HSBC, and they say 100-200k. DBS has even higher requirements. It's becoming really hard to open an account in developed jurisdictions.

[maverickcapitalist]

A great video once again! It would be interesting for you to do "opening a bank account in Russia". Russia is a surprisingly easy country to open a bank account as a foreign person, and has a very small list of requirements to get going. There are still a few banks in Russia that have that a "1" dollar or very small deposit requirement similar to Armenia. I also found banking to be more high tech in Russia then USA, which even today is very outdated and incredibly slow at tasks such as external transfers, wire transfers, ect... Like always interesting content on your channel.

[daveforgot]

I'm from the US. I'm not looking to hide money illegally but I'm looking to transfer my money out of the cointry to keep a low profile from potential creditors that might do an asset searches to see if I worth suing.
Is this still possible or is it not possible because of all the reporting requirements the US has to move my money over seas? And if it is possible what are the best Banks overseas to deal with to keep my profile as low as possible?

[m.t]

Hello Andrew,
What is the best country for American's to invest and have a bank account?

[royponpon]

Darn!! Now what am I gonna do with my suitcases full of illgoten cash?! Maby I can fit some more of it in that coffin I have Jimmy Hoffa buried in. 🤔
Seriously though, I love the videos Andrew. Please keep them coming.

[NWforager]

Info for people in Argentina would be super .

[sarartem]

Oh, explaining very clearly.
I can help you with personal and corporate banking in HK and China for non residents, are you interested in that?

[yassinallaoui]

It’s illegal to have money or any sort of property outside of Morocco if you’re a Moroccan citizen living in Morocco 😂😂 help they’re killing us