Why Hong Kong is the Best Country to Open an OFFSHORE Bank Account
Updated on December 2016
A number of important factors contribute to make Hong Kong one of the most dynamic offshore havens in the world today and one of the best countries in the world to open an offshore bank account.
As a prudent businessman, it is important that you have a part of your savings in a safe and reliable offshore bank and Hong Kong remains a safe bet for your offshore banking needs.
The reasons are many. We highlight the key ones here:
- Hong Kong banks are much healthier than their Western counterparts, who do not often have sufficient capital and liquidity base.
- Hong Kong banks typically make it easier for you to distribute your currency exposure risk, so you do not denominate all your savings in a single currency that can be devalued.
- Banks in Hong Kong are NOT regulated by your home government. Majority of Northern American and European governments have a number of monetary and fiscal policies implemented, which could hurt your business. The risk of capital controls, exchange controls or freezing of assets by your home government is eliminated when you choose to bank with a reliable bank in Hong Kong.
- Hong Kong is close to a fast growing China, and the rest of Asia. If you do business in any of these countries, you will not need to worry about capital importation when you have an account with a Hong Kong bank.
- Hong Kong is also the destination of choice for those who have moved their European and North American accounts because of the privacy issues prevalent in these countries in recent times. Your identity is protected in a Hong Kong bank account and the origin of the source of your funds are hardly looked into.
- An additional benefit for banking in Hong Kong is the ability to hold funds in a variety of currencies and exchange currencies as quickly as possible.
- Interest rates in Hong Kong are great. Tax laws are favorable to foreigners. You don’t pay taxes on capital gains, inheritances, dividends or interest on deposits. You only have to pay the local income tax. Further, profits that you make outside Hong Kong into your Hong Kong domiciled bank account are generally exempt from taxation.
- Offshore banking strategy is very popular because Hong Kong has an excellent reputation as a financial center. The procedure of opening a bank account in Hong Kong is quick and straightforward.
- Offshore banking in Hong Kong is SECURE and has a very good reputation. Foreign customers and suppliers banking in Hong Kong enjoy a REAL protection of their privacy.
- By increasing the cash flow from the west to east, offshore banking in Hong Kong is booming. In addition, Hong Kong banks are seen as the ideal financial partners by customers, suppliers and investors.
A Hong Kong offshore bank account is like an insurance policy. It gives you an alternative to unhealthy banks and banking systems and business-limiting regulations of most European and North American governments. It is also less prone to frivolous lawsuits and allows you pay for medical care abroad.
Having an offshore bank account affords you more financial possibilities. Your freedom to transact financially is limited when you bank only in your home country, but an offshore bank account greatly increases your financial options. Hong Kong, with its safe and efficient banking system, remains one of the best places to enjoy and express this financial freedom.
- Further, signing up for merchant banking services in Hong Kong is relatively easy. You can have your Hong Kong PayPal account set up 3 days after opening an offshore bank account in any of the numerous banks in Hong Kong!
Your main aim: Decrease your exposure to the western markets
Do you desire to expand your business exposure to Asia and reduce your dependence on the already saturated western markets? Then Hong Kong is the first choice to consider in order to open an offshore bank account.
Hong Kong is an ideal banking base for a trading company. The stability and rule of law are excellent. Consequently, Hong Kong will continue to be one of the best financial hubs in the world.