Countries Where You Can Open Anonymous Bank Accounts

If you want to open a 100% anonymous account, you would probably be disappointed to find out that it does not exist in the present-day world where there are too many technological devices that track any move you make and the trend for transparency is sweeping across the globe. However, you can still have more confidentiality in some countries and banks, and we are going to take a look at bank secrecy standards in this post. If you are interested in enhanced confidentiality, the best offers in the financial world, and access to the best banking institutions globally, please visit the portal of our trusted partners. Go to their site to find more articles and get regular updates on the world of global business and banking!

Anonymous Bank Accounts

A bank account is considered anonymous if it does not give access to its owner’s personal data, so you cannot trace who it belongs to. It is identified using a customer’s code or a multi-digit number. It was a perfectly legal way to keep your identity secret in earlier days, and the account owner’s name was kept in special archives kept in the bank’s safe. This information was in the hands of a limited number of senior officials who considered it a matter of honor to keep their clients’ information absolutely secret.

However, the financial world has undergone significant changes in the past two decades, which made it impossible to open a 100% anonymous account: this is an illegal practice. However, you can still keep your personal data private by opening an offshore account in a carefully selected jurisdiction, for instance, and probably complying with some additional requirements.

There are some jurisdictions where financial institutions focus on providing services to clients who wish to take advantage of the highest confidentiality available. Here are the recommended jurisdictions for customers who want to remain anonymous:

• Canada
• Nevis
• Switzerland
• Hong Kong
• Singapore
• Liechtenstein

These destinations have really high privacy requirements and they offer strong protection for your funds and deposits. What is more, they have the most stable banking systems in the world. The only thing to remember is that confidentiality will not help you if you engage in illegal practices, such as money laundering or tax evasion.

A Blow to the Bank Anonymity

It was back in the times of the 2007-2008 crisis that even the world’s strongest economies faced a lack of tax revenues. In 2007, the USA conducted an investigation and proved that UBS, a well-known Swiss bank, helped US citizens avoid taxes. Following that, the USA increased its pressure on Switzerland. The latter wished to remain the No. 1 financial jurisdiction in the world, so it had to prohibit the use of anonymous (numbered) bank accounts.

2010 was the year when FATCA was introduced, and in 2014 many states implemented CRS, an international FATCA analog. The subsequent Panama Papers leak accelerated the adoption of global information exchange requirements.

The CRS system elaborated to ensure proper payment of taxes helps over 100 countries automatically exchange tax information (for instance, provide data about the deposits opened by citizens with foreign banks). All these changes led to the complete disappearance of anonymous bank accounts.

However, this is not a problem if you intend to keep your capital in jurisdictions that guarantee confidentiality and reliable asset protection. What is more, there is nothing illegal in protecting your assets against theft, freezing, or forfeiture.

Here are some European jurisdictions that we recommend:

• Cyprus
• Andorra
• Luxembourg
• Liechtenstein
• Switzerland

If you are interested in the Caribbean region, opt for Nevis or Dominica. As for Asia, take a close look at Hong Kong, the UAE, and Singapore.

Offshore Banking: Benefits

People usually choose anonymous offshore banking to achieve the following goals:

• Reliable succession planning
• Currency risk mitigation and diversification
• Asset protection from unscrupulous business partners, relatives, competitors, creditors, or national/international regulators
• More privacy

If you open an offshore bank account, you strike the right balance between anonymity, safety, and protection.

Opening an Anonymous Swiss Bank Account

You can still take advantage of top-notch protection and confidentiality if you open a bank account in Switzerland, but you can no longer enjoy complete anonymity. You will get the maximum possible confidentiality if you use private banking services.

Swiss banks have become quite picky in recent years and they are not ready to onboard any customer, but their services are potentially available. You will need to complete KYC procedures, identify your personality, and provide a document to prove the legal origin of the funds you are going to deposit. Find out the minimum deposit requirements in advance as they may be quite high in some Swiss banks.

Payment Systems

If confidentiality is a top priority for you, you will hardly find a better option than a payment system. It will ensure a higher privacy level than most banks and provide almost a complete range of banking services to you – except for loans.

The main advantage of payment systems is the absence of data exchange with regard to the transactions made. Individuals and legal entities are free to set up accounts with these services, and they will have to undergo a much less strict compliance control than in the majority of banks. The opening process will take from 1 to 10 days. There are many countries that offer excellent payment systems, including Lithuania, Hong Kong, Great Britain, and others – you can follow the above link to search for related articles about particular payment systems.

Citizenship by Investment as a Viable Option

Have you ever thought of becoming an economic citizen of a low-tax jurisdiction? If you become its tax resident, you will not need to report to the authorities of your current country of residence, which means that you can remain anonymous.

Citizenship by investment has numerous benefits, including multiple business opportunities, a very high confidentiality level, and low tax rates.

As you see, keeping your money and identity secret is becoming harder and harder. However, there are still opportunities to get as much anonymity as you possibly can. You can follow the above link to get more information or use a live chat to speak to a competent financial advisor – it’s free!