Retirement Abroad

Banking

Exclusively Banks

This a list of banks that offer good offshore services. The first few are of British origin although with the tenuous position banks were in after the Global Financial Crisis there were mergers and takeovers. Some names which were well known English banks are now owned by European organisations.

This typically English and familiar name, Alliance and Leicester International is now part of the Banco Santander S.A. of Spain. This Bank provides very comprehensive details of its identification requirements and of the source of funds and income details needed to open an account. Simply follow the "Account Opening" arrows and tabs on the various pages to see the information required.

Both Lloyds Bank TSB and Barclays Bank are well known for the provision of offshore services in the Isle of Man, Jersey, Guernsey and Gibraltar. Each is easily approachable in the United Kingdom and there is no need to go through fee demanding intermediaries.

The HSBC Has already been mentioned with respect to offshore services.

The Union Bank of Switzerland, Credit Suisseand the Swiss National Bank are all banks from the traditional home of private offshore banking.

Austrian banking is a little more obscure than any of the above organisations unless one is fluent in both written and spoken German. The Raiffeisen Zentralbank Osterreich AG or RZB does provide an English version of its web site.

Belize is a centre for offshore banking and company formation services. The three major offshore banking institutions here are the Atlantic International Bank Ltd., the British Caribbean Bank International Ltd., and the Caye International Bank. These banks offer accounts with minimum deposits as low as $1000 in the cases of the first two mentioned and $5000 so far as the Caye International Bank is concerned. English is the national language of Belize. A good account of the whole Belizean banking system is given at this site. The Government's banker is the Central Bank of Belize.

Panama is also a major offshore and financial centre but The Dominican Republic is not. Unfortunately the latter has been favoured by criminals who derive funds from the smuggling of drugs and people. The Republic is a transshipment place for such cargoes to Europe and North America. The proximity of Puerto Rico affords a close destination for smuggling operations involving both goods and people and entry to the U.S.A.from there. Now only one overseas bank operates in The Dominican Republic.

Another bank that has been advertising its services recently is the Euro Pacific Bank Ltd. This comes as close as is possible to the “old style” of offshore banking. It is not for U.S. residents or citizens because it does not comply with U.S. Reporting requirements. Accounts can be opened online with as little as $500 or $5000 without a fee.

References to more banks will be made as this site develops and more information comes to hand.

The following is not strictly concerned with banks but it does have relevance to banking, money, transfers and payments. It is a development in dealing internationally with funds. It is the currently expanding use of digital currency. Details of this system which eliminates banks and governments from the transfer of funds can be found at this site or for a graphic demonstration of this monetary phenomenon go to this "you tube" video. Although interesting the use of Bitcoin may not yet be a practical solution to financial difficulties likely to be encountered by retirees.