TOP 4 safest countries for banking
Switzerland, the Netherlands, Norway, and Singapore are the safest countries to bank in. They are home to the world's best banks. In addition, these countries boast stable economies and developed banking system. Deposits are securely protected by the government.
Switzerland is known for its advanced banking traditions, high level of security, and confidentiality. That is why it rightfully occupies the first places in the ratings. The list of the best banks for foreigners includes:
- Migros Bank;
- Aargau Cantonal Bank.
Switzerland is known for having strict confidentiality laws, and the officials can fine a bank for disclosure of information without a client's consent. But there is a nuance.
The country has signed an agreement with the OECD on the automatically exchanging of tax information. More than 100 countries have also signed it. So if you want to use Swiss banks to evade taxes, you can not do this if your country is one of these states.
As for opening a bank account in Switzerland, the local institutions are focused on working with foreigners, but many nuances make it difficult. Each applicant is carefully checked, so it is better to act through our representative.
The Netherlands is one of the safest countries for banking operations. Three of the 50 largest banks in the world are located there. Among them are the following institutions:
- ING, the country's largest bank.
- Bank Nederlandse Gemeenten - #3 in the world in terms of security in 2019.
- Rabobank - second largest in the Netherlands, #25 in the world for security in 2015.
If you are considering opening a bank account in the Netherlands, you must not worry about the safety of your money. Deposits are protected up to €100,000 - the EU minimum.
Norway is home to one of the safest banks in the world, Kommunalbanken. The list of the best financial institutions also includes DNB Bank, Bank Norwegian AS, and Handelsbanken. However, it is worth noting that opening a bank account in Norway for a foreigner takes time. Most institutions only open savings accounts and require a deposit of $110,000.
One of Norway's advantages is that since 2020, local banks have started using a new infrastructure for real-time payments called Straks 2.0. It allows customers to transfer money between Norwegian accounts without limits quickly. A government-level security system is also being developed to provide increased protection against cybercriminals.
Singapore is where wealthy people from Switzerland move their finances, as local laws provide a higher level of privacy.
The most reliable offshore banks to open an account in Singapore are the following ones:
Singapore has an extensive banking system of more than 150 banks. Five of them are locally incorporated, while the rest are international entities. Many of them provide world-class corporate banking services. Among Singapore's advantages is that many banks allow non-residents to open an account remotely through a representative.
Where is the best place to open an account
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