Our article ‘How to Open an Offshore Bank Account in Singapore’ continues to be one of the most popular articles on the Q Wealth blog – even though, as regular readers will know, some things have changed since it was written. So, here’s an interesting case study…
We now have an excellent banking contact in Singapore who is able to assist readers with opening bank accounts in Singapore for offshore companies (Nevis LLCs are particularly popular and efficient in this regard) Paid-up members are welcome to contact our office any time for a referral to our Singapore banking facilitator. It is possible, in some cases, to open your Singapore commercial bank account without even having to travel there, though visiting the bank in person is recommended.
However, you can also do it yourself, if you wish. For example, I received the following feedback the other day from a reader who had followed our advice and done just that. I thought it was particularly interesting given that he is a former US citizen who had renounced his nationality. I’ve redacted the name of the bank as most banks don’t like to have their name in print, but again, paid Q Wealth members can get a referral through o this bank.
“Thought you might be interested to hear that my mother and I (the Q-Wealth subscription is in my mother’s name) traveled to Singapore earlier this month to open individual savings accounts at [name of Singapore bank]. What was interesting was that we were never asked for bank references or bank statements or utility bills. [Name of Singapore bank] did indeed claim we would need those when I inquired via email prior to the trip, but when we walked into a random office in Singapore without an appointment all we were asked for were our passports and drivers licenses. I had only my Dominican Republic passport since I renounced US citizenship a year ago, but I still was able to use my US drivers license as proof of address (the young lady never asked for my Dominican cedula nor any other Dominican ID).
Incidentally, although I renounced eleven months ago and my name was promptly published in the Federal Register (my legal name is now the Spanish version of my birth name), I am still waiting for my CLN. But the same embassy that had processed my renunciation has granted me a 10-year H1B visa despite the CLN not yet existing. Go figure.”
So as you see, this reader followed the best course to free himself of his home country tax obligations and diversify internationally. He acquired a second citizenship, changed his name, renounced his US citizenship, obtained a US tourist visa, and opened a bank account in Singapore…. all on his own and without encountering resistance. He did this totally legally and transparently, following the relevant regulations, and remains on excellent terms with the government of his home country, so he can visit as and when he pleases. Life is really not that difficult! It’s a good thing Q Wealth is here to help you by giving you practical advice and information on such matters.
If you are not yet read our numerous free reports explaining how you can break free from taxes and government regulations, I recommend you surf around our site and read these reports to get an idea of the Q Wealth philosophy.