Best Offshore Bank Attributes

Looking for the Best Offshore Bank

What is the best offshore bank account is a very subjective matter that cannot be answered conclusively for everybody. What is certain is that you will need such an account if you retire abroad. Active steps must be taken to choose an organization that best suits your needs. The actual opening of an account need not done too early. It is important to investigate just what banks are available depending on the country chosen as your retirement haven.

Advantage should be taken of “Golden Rule” visits to countries to establish which local banks can deal easily with overseas counterparts that may become your best offshore banking choice. (Golden Rule — make no irrevocable arrangements until the country has been visited a least once and preferably a few times.)

Bank Ho!

The problem is to find a bank that can work with banks in your new country of residence and vice versa. It is preferable that business is conducted in your own language both at the local and international level. The offshore account may simply prove to be available at the bank with which you have conducted business in your “home” country. This may not be the best offshore bank choice. No feeling of loyalty should attach to your choice.

And So Do Banks

It is important to establish what features you need to have in an offshore bank account. Banks are not waiting eagerly for your business. Very few will make your choice easy by offering comparative information with competitors. You will have to make the moves, to ask the questions and to be sure that the answers cover your needs. You need the knowledge that this site provides to be sure that you make the right choice.

Bank Run is as Fatal as the Bulls at Pamplona

Choosing wisely will ensure that you have a financially safe and stable future regardless of future any in economic and political conditions. The ability to act swiftly is important if conditions change suddenly for the worse. This is essential in a retirement situation. Retirees usually have neither the time nor the opportunity to repair damage in the event of a banking catastrophe. It is vital to get the best offshore bank for your specific needs.

Features of the Best Offshore Bank

Two words sum up what you must have — privacy and security. Few banks provide both parameters and the extent to which either is available is constantly changing and diminishing. Your best offshore bank must rate highly for these two attributes.

This is particularly the case for those with American connections whether as citizens or residents. The reason for this is the Foreign Accounts Tax Compliance Act (FATCA). Most banks worldwide demur from the reporting requirements of the Internal Revenue Service of the U.S.A. They would rather not have customers from the U.S.A. and many are not offering accounts to Americans and are actively closing down such accounts that they already have. Similar provisions are being put in place across Europe with regard to government imposed reporting conditions to E.U. member countries’ tax authorities.

The question of the service provided by most banks and of the difficulties raised by FATCA are pursued on other pages on this site. It can only be emphasized to retirees (and others) that banks are businesses and the prime responsibility at all times is to their own profitability and the welfare of their shareholders. Any service to and the well-being of clients is secondary to these objectives.

At Least One Exists

The EuroPacific Bank fulfills the needs of most so far as privacy and security are concerned. It is not necessary to go personally to their premises in St.Vincent and the Grenadines to open an account. Their identification and security requirements for new clients are stringent but can be met by virtually everyone. They do not offer accounts to those with U.S.A. connections. Accounts in various currencies are available, including the U.S. dollar, and a card service is also offered.

The bank has advised that it it re-domiciling its operations to San Juan, Puerto Rico on 20th November 2017. Refer to the Bank's site for full details. In general banking operations for clients, old and new, will not be greatly affected. The restriction with regard to US citizens and residents will not change as a result of this move.

The bank’s own comments on privacy and security are worth reading.


We established our bank in St. Vincent and the Grenadines because we felt it was the place that gave you the most privacy protection in the world. St Vincent has a number of important features, which make it a unique jurisdiction for banking.

We want to ensure that your information stays between yourself and the bank. Be confident in our policy knowing you are protected by St. Vincent banking law. In many jurisdictions, your information is given to law enforcement without legal premise. We are bound by law to ensure that your information is only revealed when a proper court order is obtained. Whenever dealing with a 3rd party, or one of our partners, you can be sure that your personal information is protected. St. Vincent is an independent nation, free from formal ties to any Commonwealth partner. Unlike many other Caribbean jurisdictions with ties to the UK, France and others, St. Vincent has an independent and democratic governing system. St. Vincent banking law protects client personal information at the bank. The International Banks Act of 2004 ensures that individuals banking on the island would be ensured due diligence in the law. Banks are required by law to keep client personal information confidential.

The bank has no tax reporting requirements since St. Vincent has zero income or capital gains tax. St. Vincent has never historically engaged in income taxation and instead chooses to levy excise and consumption taxes to raise revenue. Although St. Vincent does not have tax reporting requirements, this does not preclude you from paying tax in your local jurisdiction. Please contact a local tax or legal authority for advice regarding your tax liability.


Euro Pacific Bank has taken a number of important steps to ensure the security of our banking clients. Using industry leading technology standards and highly attuned human verification processes, Euro Pacific Bank provides a transparent and secure banking environment.

While you may not know it, one of the biggest risks to banking clients is not online fraud, but the fractional reserve banking system. Euro Pacific Bank holds a 100% deposit ratio and is a transactional only bank. The bank makes no loans and does not engage in leverage or speculation with client assets. The bank utilizes 256bit SSL encryption certificates to protect all client sensitive material. Our software is PCI compliant and follows the latest in online security practices. Our servers offer triple-redundancy protection to ensure your information is always available. We offer clients the ability to communicate through PGP encrypted email, or internal virtual messaging to further our privacy offering.

Unlike major money center banks who have straight through processing (STP), our trained staff manually processes all outgoing transactions. This human verification process gives you an additional level of protection from electronic hacking. The knowledge of our clients combined with strong AML training substantially reduces the chances for fraudulent activity within your account.

This bank offers a variety of other services including mutual funds, managed accounts, brokerage and precious metal trading and storage. Customers can enjoy multi-currency accounts and gold and silver backed accounts. Online services are standard and pre-paid credit cards are available.

A consequence of the 100% reserve policy compared with the fractional reserve system operated by most commercial banks no interest is offered on standard accounts. From these accounts the bank earns its income from transparent and declared charges. You may feel that this is a disadvantage compared with other banks. Interest rates world-wide are still very low since 2008 and many other banks raise fees in addition to paying low (if any) interest rates to depositors. However, the people of Ireland, Greece, Cyprus and Zimbabwe found that the possibility of interest earnings and somewhat lower charges did not compensate for the capital losses incurred as a result of the failure of the fractional reserve system of banking. Bad loans, made with client’s money, caused the problems and neither bank nor government guarantees of depositors’ funds were worth anything.

There is safety and security in the policy of not lending any of your money to others for the benefit of the bank. Privacy and security are what you need your best offshore bank to provide.

Important Declaration

It is right and proper that you should know that the author of this page is an affiliate of EuroPacific Bank and earns a fee if accounts are established via links to the bank from this site.


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