Offshore Banking Jurisdictions

Offshore Banking in Singapore

Singapore is one of the world's leading offshore banking centres, and its financial sector has developed a reputation for security, stability and reliability. Singapore has very strong client confidentiality laws, and is refusing to exchange customer information with Organisation for Economic Co-operation and Development (OECD) member countries. For additional illustration of this, the Singapore is among countries which refused to sign information disclosure agreements related to EU Savings Tax Directive.

Singapore offshore banking has an excellent image - bank accounts are good to both your customers and your suppliers. The offshore bank account procedure is rather easy, and it is not required to travel to Singapore for opening the offshore bank account. Like other reputable offshore banking jurisdictions, Singapore has strict customer due diligence requirements, and every customer is properly identified before opening the offshore bank account even if this process is done remotely.

Offshore bank accounts are opened in Singapore primarily for tax reasons, because the country has the lowest tax rate in Asia. If tax advisor assists customer with setting up the proper asset protection structure, interest earned in Singapore can be tax free. Another issue is investing in the world's fastest growing economy - China, because Singapore banks have very close relations to China financial system thus allowing offshore investor of offshore businessman to get very close to China, at the same time working with offshore bank in Singapore.

Singapore also has the local offshore investment opportunities. It is the fastest growing Asian hedge fund centre, and more than 100 hedge funds are based in this offshore  jurisdiction, managing assets of 17 billion US dollars.

Like in Panama, there are many international banks having their offshore subsidiaries and branches in Singapore. Besides local offshore banks, customers can open offshore bank account in Singapore with Bank of Scotland, Credit Lyonnais or Credit Suisse.

Singapore banks can provide customers with full range of offshore banking services. However, when choosing the bank it is important to take into account that there are three types of banking licences in Singapore: full licence banks, restricted licence banks, and offshore banks. In total, currently there are 117 banks in Singapore.