Mundo's top 5 banking choices you should keep on your radar
International entrepreneurs, perpetual travelers, and modern businesspeople look for the best banking to protect assets. This is only natural considering the very essence of their activities. Banking offshore is convenient for everyone, but those individuals particularly involved with cross-border businesses and operations find it more than necessary: for them, nothing short of the best banking in the world will do.
Opening a bank account in a foreign jurisdiction is a serious choice. The bank account in question must bring you solutions instead of problems and this is why you need to choose carefully. Here is a piece featuring Mundo's top 5 banking recommendations.
Banking compare: advantages of international bank accounts
But first, let's go back to the basics and summarize why is international banking convenient. Only by knowing what you need and what you're looking for you can choose the best banking in the world for your specific needs.
Access to wider opportunities
With an account in a different country, you have access to a whole new financial structure. Thus, you can take advantage of possibilities that otherwise would be unavailable to you. Think about real estate investments, distressed assets, simplification of international transactions, and simplification of currency exchange.
With a bank account in American dollars, for example, you can get transfers for international commerce more easily, and vice and vice versa, you can make payments with lower exchange fees. Naturally, this will depend on the particular case but the general principle still applies.
Diversification and asset protection
The best banking to protect assets is the one that offers more reliability. However, the key to asset protection is not finding the one and only, the most secure place. Any good financial expert knows that there is no such thing as a risk-free country as risk exists anywhere although at indifferent levels. The actual key to asset protection is diversification which means putting your money in as many jurisdictions and currencies as possible. It goes without saying that a bank account abroad is an essential part of the equation.
Mundo's top 5 banking options
Now let's dive deeper into the core of our article, describing what Mundo considers its top five banking options for the modern investor and nomad capitalist.
“The bridge of the world”, “the land of birds and butterflies”. Whatever you want to call it, Panama has earned a solid position in the international financial arena and so has its banking sector. Here you'll find a wide variety of international banks that are more than willing to help both residents and foreigners. Managing your account remotely is quite easy thanks to the banks’ advanced online banking platforms. Definitely one of the best banking options in Latin America.
This gorgeous island stands out because of its simplicity of opening accounts. Moreover, Mundo is in direct contact with experts and agents right on the island which means that we can make the processes much easier and expeditive. Here you have the possibility to send your documents only digitally saving yourself the travel and expenses of international post services.
Besides, Nevis has quite an attractive tax system and is home to one of the most powerful trust legislations in the world. Recently we've mentioned Nevis in our foundation versus trust article.
While the US can be quite ominous for Americas, for foreigners it's, in the editor's opinion, a financial haven, maybe the only one that's left. This is the best banking to protect assets being one of the only countries that have not subscribed to the CRS. Since they implemented FATCA and other similar measures for the residents and citizens, they haven't subscribed to this standard thus opening an interesting gate for foreigners. Keep in mind that this won't work if you have a green card or an American passport even if you don't live on American soil.
Since Puerto Rico is officially part of the US, it comes with the same advantages but with other benefits as well. The Mundo editorial team likes to see Puerto Rico as the perfect combination of a solid financial sector backed by a trustworthy economy in perfect combination with the flexibility of the Caribbean. If you want to know more about this option, check out one of our latest articles about opening a bank account in Puerto Rico. Read this article and you'll understand why Mundo considers Puerto Rico as one of the top 5 banking jurisdictions for the international investor.
A jewel of the east, Hong Kong is quite a unique place, in this sense, very much like Puerto Rico. Hong Kong offers the best of two worlds having very close connections to continental China while maintaining one foot on the Western world with all its advantages. One of our favorite characteristics in Hong Kong is that it's possible to open a bank account and company 100% remotely. Thus, you will be accessing one of the best banking options without leaving home.
Disclaimer: the reader should keep in mind that this article is merely a general description of the best banking options. For detailed information on requirements, fees, and conditions please appoint a formal consultation with an expert. Likewise, Mundo recommends consulting with tax experts on each jurisdiction involved before making international financial decisions.
Choose the best banking options for you with the help of your Mundo representative
At Mundo, we are in touch with the best experts in each jurisdiction where we offer services. This is why we can offer a very necessary banking compare structure so that you can choose the most suitable option. While the best banking in the world can be Panama for some, for others, it can be Hong Kong. Those that have no relations with the US may want to choose Puerto Rico as the best banking to protect assets. On the other hand, if your main goal is to establish a safe trust then Nevis might be the way to go. Either way, the first step is to get in touch with your Mundo representative and get the advice that you need.
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