Offshore Bank Accounts In Singapore And Their Offerings

Industry analysts believe that in the next five years Singapore is expected to witness the fastest growing private banking sector in the world. There is no denying this fact that Singapore offshore bank accounts industry is rapidly increasing. The most important factor for this growth is considered to be the low tax rates prevalent in Singapore.

When in 2004 the Singapore government announced drastic changes in tax regulations, offshore banking became more attractive. In 2005, the limit on financial assets of nonresident investors of private banks in Singapore was raised by 25%. Singapore is also a better offshore banking hub because it is one of the A grade offshore centers not signed up with the European Union Saving Tax Directives.

The extent of success of Singapore offshore banking is such that many international offshore and financial players are planning to increase their presence and staff in Singapore to handle investments of their clients.

The financial sector of Singapore is creating a huge goodwill for itself in terms of stability, security and reliability. Singapore has very strict client servicing laws as far as the confidentiality of investment made by the client is concerned. The sharing of information is even refused to Organization for Economic Cooperation and Development (OECD) member countries.

Opening an offshore bank account in Singapore is considered to be relatively easy than in other countries. Banking facilities in all currencies (multi-currency banking) and online banking is provided by these banks. The best part of opening an offshore bank account in Singapore is that if a foreigner holds $5 million with any monetary institution regulated by the Monetary Authority of Singapore, he can apply for residency in Singapore.

Various banks providing offshore account facility in Singapore are:

  • Citibank Singapore.
  • Overseas Personal Bank.
  • United Overseas Bank Group Of Singapore.
  • Aberdeen Asset Management Asia.
  • Government of Singapore Investment Corporation.
  • Chartered Asset Management.
All these banks provide specialized services and take personal care of the investors. These offshore accounts take care of investments of investors as well as provide them with other financial help as well. They assist their clients by advising them in matters of wealth management, tax consultation, trust formation, asset protection, etc. All these services help in building better relationship with the clients and ensure better professional growth.

The scope of offshore banking in Singapore is increasing with tremendous speed and it is becoming one of the most fruitful financial sectors. Singapore offshore bank accounts are effectively attracting more investors and taking the economic growth of the country to the next level.