Over the past several years I have been a very vocal critic of most western banking systems and their absolutely pitiful levels of solvency and liquidity.
There are, however, much safer jurisdictions in the world where the banks are strong, well-capitalized, and backed by a government with zero net debt.
Singapore is one of those places.
Now, as a rather unfortunate consequence of FATCA (the bank-crippling legislation passed by the US government in 2010), banking worldwide has become more cumbersome and compliance-oriented over the years. Singapore is no exception.
The rules have changed a lot just in the last year. So while I was in Singapore just a few days ago, I thought it was important to research the latest rules at various banks about how non-resident foreigners can open an account.
Bottom line: Singapore is still a very solid option for higher net worth individuals who can easily afford a $150,000+ minimum deposit, however there is still one option remaining with a very small minimum requirement (less than $5,000).
You can read more about banking in Singapore here.
P.S. The alert also includes a short video from the Safe House (precious metals storage facility in Singapore).
There are, however, much safer jurisdictions in the world where the banks are strong, well-capitalized, and backed by a government with zero net debt.
Singapore is one of those places.
Now, as a rather unfortunate consequence of FATCA (the bank-crippling legislation passed by the US government in 2010), banking worldwide has become more cumbersome and compliance-oriented over the years. Singapore is no exception.
The rules have changed a lot just in the last year. So while I was in Singapore just a few days ago, I thought it was important to research the latest rules at various banks about how non-resident foreigners can open an account.
Bottom line: Singapore is still a very solid option for higher net worth individuals who can easily afford a $150,000+ minimum deposit, however there is still one option remaining with a very small minimum requirement (less than $5,000).
You can read more about banking in Singapore here.
P.S. The alert also includes a short video from the Safe House (precious metals storage facility in Singapore).
Over the past several years I have been a very vocal critic of most western banking systems and their absolutely pitiful levels of solvency and liquidity. There are, however, much safer jurisdictions in the world where the banks are strong, well-capitalized, and backed by a government with zero net debt. Singapore is one of those places. Now, as…
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