Many facilities and brokerage firms offer private banking services that provide safekeeping of securities, investment advice and lending opportunities for their wealthiest customers. There are offices offering these services all over the world. Some specialize in the creation of offshore accounts that offer wealthy clients increased privacy and asset protection as well as investment opportunities and tax advice. Global private firms typically have security asset minimums varying from $500,000 to $5,000,000. If you are looking to open a private bank account offshore, then Singapore is looking better and better as the prime location for doing just that. Here is why:
Why Consider Private Banking in Singapore?
Reason 1: Friendly To Investors- The past few years Singapore has been working to develop and promote the island as an offshore financial center. Singapore is recognized in the global offshore banking industry as having an investor friendly regulatory environment and legal system.
The extent to which Singapore has succeeded in wooing the private market is evidenced by the number or non-Asian financial institutions that have opened offices in Singapore. For example, HSBC Republic the private flagship of the HSBC group Asia-Pacific, Credit Suisse, the well respected Swiss giant, and Societe Generale Private Banking a division of Societe Generale Group (the fifth largest bank in Europe) are all growing their Singapore offices. These offices are popular with wealthy Asians as well as wealthy Europeans and North Americans looking for offshore banking opportunities.
Singapore’s best accounting firm regulatory and legal systems are considered as some of the most investor friendly anywhere in the world. The regulations stress accountholder’s privacy an important consideration for many offshore investors and Singapore’s private banker’s commitment to delivering quality professional and personal service is unique among private banking locales. Depending on your private banking needs one of Singapore’s many private banking offices may well prove to be an ideal private banking opportunity for you.
Reason 2: Rapid Growth And Economic Stability- Singapore is the South East Asian center for finance, commerce, and business and is a major contributor to the region’s economic growth and stability. Singapore is the home to many private firms and private divisions of global banks.
In fact, Singapore’s private investing sector is growing so quickly the city now has a school called the “Wealth Management Institute” graduating professionals specifically trained for the challenges of modern private banking.
Reason 3: Multi-Service Private Banks- These banks offer financial and personal services on a range of issues designed specifically to serve those with sizable assets as well as traditional banking services such as credit and debit facilities, mortgages and loans. The staffs are also qualified to assist with estate planning, income and personal tax advice as well as securities and assets investments. Other services offered through Singapore private banks include internet banking, electronic and wire transfer services, trustee services, funds management, credit and trade finance letters, foreign exchange and corporate administration. These Singaporean institutions are distinguished by the efficient, effective services they provide and the courteous style and manner in which their staff delivers these services.