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The best countries for your offshore account in comparison (2023)

In this article, we compare the best offshore account countries to give you an overview of the top options for financial privacy, tax advantages and international financial centers.
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When opening an offshore account, choosing the right country is of great importance. Low hurdles in opening, the highest possible security of your money, privacy protection and simple processes for multi-currency transactions are important key figures. Legal regulations, political stability and a good reputation of the country in the world also play into the decision to choose an offshore country. In the article we compare the best countries for an offshore account. You will find important key data about each country as well as helpful information to weigh your decision.

Criteria to determine the most suitable country for an offshore account.

To find out which country you want to open an offshore account in, you should take a closer look at each country in terms of the following points:

  • Political and economic stability of the country
  • Legal and regulatory framework
  • Tax advantages
  • Reputation of the bank
  • Reputation of the country in the world

In the following, we go into more detail on individual points.

Tax advantages and regulatory framework

By opening an offshore account, most people hope to gain tax advantages and less government control over assets and money transfers. With an offshore account, this is possible. Many countries, such as Dubai, entice people with 0 percent taxes on income, profits and capital gains. Likewise, other taxes such as corporate income tax or sales/value added tax are either not payable or are significantly lower than in the home country. A comparison of the tax systems is therefore the basis for both private investors and founders of an offshore company to decide in favor of an offshore account.

In addition, there are regulatory framework conditions such as the control and reporting obligation of transfers, facilitations in accounting or the granting of a certain degree of anonymity.

Reputation of the bank and the country

Wichtig bei der Entscheidung für ein Offshore-Konto sind zudem die Reputation der gewählten Bank, aber auch des Landes an sich. Ist das Land auf der schwarzen Liste der EU oder der OECD? Ist das Land in der Welt anerkannt? Unterhält es viele Handelsbeziehungen? Gibt es Handelsabkommen und Freihandelszonen? Wie ist das Prozedere bei der Eröffnung des Bankkontos und dem anschließenden Zahlungsverkehr? Sind Mindestsummen zu hinterlegen? Kann das Offshore Konto aus der Ferne eröffnet und verwaltet werden?

Stabilität des Landes und des Finanzsystems

Schließlich ist auch die Stabilität des Landes und seines Finanz- und Wirtschaftssystems von entscheidender Bedeutung. Politische Instabilität stellt ein Risiko dar. Drohende Aufstände, Revolten oder gar Kriege bringen auch Ihr Geld in Gefahr. Zudem ist es wichtig, dass das Land ein sicherer Hafen für Ihre Geld- und Firmengeschäfte ist. Eine stabile Währung, gute Infrastrukturen für die Geschäftstätigkeit und ein positives Wirtschaftswachstum sind Kennzeichen für ein gutes Offshore-Land.

The best countries for an offshore account in comparison:

Based on the above points, the following list of the best countries for an offshore account was created. With all these offshore accounts, you get all the services that are part of a modern bank today. These include debit and credit cards, multi-currency transfers, online banking, as well as investment banking, advisory services and wealth management.


Switzerland has always been considered one of the best countries for a foreign account. True, even here there is no longer a completely anonymous bank account. But the stable political and economic situation, the meticulous protection of data privacy and the highly developed banking system almost predestine Switzerland as an offshore country.

Area41.285 Square kilometer
Form of governmentFederal republic with direct democracy
Official languageGerman, French, Italian
CurrencySwiss franc (CHF)
Gross Domestic Product752 billion USD
Income tax17-45 % (canton dependent)
Capital gains taxO %
Sales tax /Value added tax7.7 % (reduced tax rate 2.5 %)
Corporate income tax/profit tax8.5 % (associations and foundations 4.25 %)
Property tax0.2 to 1.35 % (canton dependent)
Header tax50 CHF for natural persons
Real estate gains taxCanton dependent
Hurdles in opening the offshore accountMinimum deposit of CHF 500,000, comprehensive information
Number of banks>260


Liechtenstein has one of the strongest banking secrecy laws you can find in Europe. Like Switzerland, this small country is not part of the EU, but it is part of the European Economic Area. Politically stable and economically extremely powerful, Liechtenstein is ideal for an offshore account within Europe. There are no special hurdles for foreigners when opening an account apart from the minimum deposit.

Area160,5 Square kilometer
Form of governmentConstitutional Monarchy
Official languageGerman
CurrencySwiss franc (CHF)
Gross Domestic ProductCHF 6.688 billion
Income taxMaximum 8% state tax plus one municipal tax, total maximum 22.4%.
Capital gains taxO %
Sales tax /Value added tax7.7 % (reduced tax rate 3.7 %)
Corporate income tax/profit tax12,5 %
Property tax4 % as part of the acquisition tax
Hurdles in opening the offshore accountMinimum deposit of CHF 50,000, extensive information, on-site visit
Number of banks12

Hong Kong

Since 1997, the former British colony has been a special administrative region of China. Despite increasing restrictions on civil liberties, however, Hong Kong is still considered an attractive financial center. Banks, including many international institutions, are highly liquid and Hong Kong is a major trading hub between Asia, Europe and North America. There is strict banking secrecy and there are no restrictions on the capital market.

Residents7,34 Millionen
Area1113.8 square kilometer
Form of governmentSpecial Administrative Region of the People's Republic of China
Official languageChinese, English
CurrencyHong Kong Dollar (HKD)
Gross Domestic ProductHKD 362.8 billion
Personal income tax15 %
Capital gains taxO %
Sales tax /Value added tax0 %
Corporate income tax/profit tax3,95 %
Property tax0 %
Hurdles in opening the offshore accountMinimum deposit of 1,000 HKD, extensive information, on-site visit, local banks hardly ever sign contracts with non-residents anymore
Number of banksca 180

Dubai and United Arab Emirates

Dubai as well as the entire United Arab Emirates are the most important financial centers in the Middle East. Banking secrecy is relatively extensive, even though the country is part of the Automatic Information Adjustment (AIA). Economically and politically, the UAE is one of the most stable in the world. The banks are secure and highly modern. The country is very open to many innovative industries and investment opportunities. However, large capital deposits and a local visit is required for an offshore account in most cases.

Area83.600 Square kilometer
CapitalAbu Dhabi
Form of governmentFederal constitutional monarchy (de jure)
Official languageArabic
Gross Domestic Product359 billion USD
Income tax0 %
Capital gains taxO %
Sales tax /Value added tax5 %
Corporate income tax/profit tax9 %
Property tax0 %
Hurdles in opening the offshore accountHigh equity contributions, extensive information, on-site visit.
Number of banks52


Singapore in Southeast Asia is becoming increasingly important as a financial center. Political stability, good economic growth and low taxes make the country attractive. Assets remain untouched, are safe and the legal system is very investor friendly. Singapore’s banks are highly liquid, safe and have high capital ratios.

Area720.6 Square kilometer
Form of governmentParliamentary republic
Official LanguageMalay, English, Chinese, Tamil
CurrencySingapore Dollar (SGD)
Gross Domestic Product397 billion USD
Income taxMaximum 22 %
Capital gains taxO %
Sales tax /Value added tax7 %
Corporate income tax/profit taxStaggered, maximum 17
Withholding taxCertain tax rates for non-resident entities for miscellaneous income
Hurdles in opening the offshore accountHigh minimum deposits, careful verification, lots of information
Number of banks123

Isle of Man

The British colony of Isle of Man is a popular offshore financial center in the Irish Sea. With no foreign exchange restrictions or capital gains tax, the safe island is a white tax haven. The offshore sector has also made the Isle of Man considerably wealthy.

Area572 Square kilometer
Form of governmentBritish Crown Estate
Official languageManx, English
CurrencyIsle-of-Man Pound (IMP) and Pound Sterling (GBP)
Gross Domestic ProductAround USD 7 billion
Income tax10 – 18 %
Capital gains taxO %
Sales tax /Value added tax20 %
Corporate income tax/profit taxBetween 0 and 10 % (depending on industry)
Property tax-
Hurdles to opening the offshore accountHigh initial deposits, extensive information, on-site visit desired
Number of banks11


The Bahamas is not only a great place to vacation. The country is also an excellent offshore financial center. To open an offshore account, which can also be done online, you have to dig quite deep into your pocket. The account maintenance fees are also very high. However, it is worth it, because the Bahamas convince with economic and political stability. One third of the gross domestic product is generated by the financial sector. The banks are highly liquid and banking secrecy is a top priority under the CRS. If you want to combine the opening of an account with the establishment of a company, the Bahamas guarantee you absolute tax exemption for 20 years.

Area13.939 Square kilometer
Form of governmentParliamentary monarchy
Official languageEnglish
CurrencyBahama Dollar (BSD)
Gross domestic productAround USD 10 billion
Income tax0 %
Capital gains taxO %
Sales tax /Value added tax7,5 %
Corporate income tax/profit tax0 %
Property tax0 %
Hurdles in opening the offshore accountMinimum deposit of up to 50,000 USD extensive information, on-site visit not necessary
Number of banksUnknown, many local, international and small private banks


Panama is located in Central America and has long been considered one of the best countries to open an offshore account. However, the hurdles for opening have become somewhat higher for individuals without residency. Many documents and information are required. There are no direct taxes. Foreign exchange restrictions or capital movement restrictions are also unknown. Since Panama is linked to the economy of the USA, the country is very stable in economy and politics.

Resident4,4 Millionen
Area75.517 Square kilometer
CapitalPanama City
Form of governmentPresidential Republic
Official languageSpanish
CurrencyBalboa (PAB) and US dollar (USD)
Gross Domestic Product64 billion USD
Income tax15 % and 25 % (two income levels)
Capital gains tax10 %
Sales tax /Value added tax7%, 10% on alcohol
Corporate income tax/profit tax25% (if domicile is in Panama), otherwise 0%.
Property tax0 %
Hurdles in opening the offshore accountNo minimum deposits extensive information and disclosures for private individuals
Number of banks85


High discretion and no taxes on foreign business for offshore companies – this is Belize. The country is located on the border with Mexico and Guatemala. As far as it is possible under the exchange of information CRS, banking secrecy is strictly maintained. Banks must keep 24 percent of deposits on hand at all times. Assets are protected under the rule of law.

Area22.966 Square kilometer
Form of governmentParliamentary monarchy
Official languageEnglish
CurrencyBelize Dollar (BZD)
Gross Domestic Product2 billion USD
Personal income tax25 % (there are high basic tax allowances), different tax rates for companies according to sector
Capital gains taxO %
Sales tax /Value added tax12.5%, but many goods and services are tax-exempt
Corporate income tax/profit tax25% (if domicile is in Panama), otherwise 0%.
Property tax0 %
Hurdles in opening the offshore accountModerate minimum deposits, on-site visit encouraged, some banks offer remote service
Number of Banks5 Commercial banks


Seychelles is also one of the best countries for an offshore account. Basically, taxes are low in this politically stable country. No taxes are due on capital gains. Therefore, the country is attractive for investors and company founders. There is little regulation of banks and finance in Seychelles. Opening an offshore account is therefore very easy. However, information on the origin of the money must be provided.

ResidentsNearby 100.000
Area455 square kilometer
Form of governmentPresidential Republic
Official languageSeychelles Creole, English and French
CurrencySeychelles Rupee
Gross Domestic ProductUSD 1.5 billion
Income tax0% for offshore companies and freelancers
Capital gains taxO %
Sales tax /Value added tax0 % on foreign business
Corporation tax/profit tax0 % on foreign transactions, flat tax of 100 USD/year
Property tax0 %
Hurdles in opening the offshore accountNo minimum deposits, remote possible
Number of banksAt least 13 international banks for offshore accounts


When choosing an offshore account, various factors must be taken into account, such as political stability, tax advantages, legal framework, reputation of the bank and the country, and the stability of the financial system. Countries like the United Arab Emirates attract with attractive tax advantages, while regulatory framework and anonymity also play a role. The reputation of the bank and the country as well as their trade relations are also important. A thorough comparison enables the selection of the most suitable country for an offshore account.

Author: DLS Dubai
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