Macedonia (officially the Republic of North Macedonia)
is a country in Southeastern Europe (Balkan peninsula) and a European Union candidate
since 2004. Despite carrying substantial risks, Macedonia can be considered
as an alternative offshore destination when looking for essential banking
services or company incorporation.
Georgia, a developing country in the
Caucasus region, attracts foreign investors and expatriates by her liberal tax,
labor and immigration legislation, business friendly practices, low corruption,
high security, mild climate and picturesque landscapes. Banking services
provided to international customers in Georgia are mainly focused
on traditional retail and business banking.
Although there is no formal requirement on having
a local bank account when getting a residency or buying a property in Greece,
the Greek government has implemented a number of restrictions on the use of cash,
so having a bank account can be useful in everyday activities.
Banking services in Greece are available not only to Greece residents,
but also to non-residents, both individuals and companies.
Initially focused on tourism, Bermuda has emerged info
international business and offshore financial center and has recently shown
steady progress in attracting companies and individuals working in FinTech space.
International banking services, provided in Bermuda include not only
traditional retail and business banking, but also private banking,
asset management, wealth management, wealth and tax planning,
trust adiministration, and online brokerage.
Andorra, a European micro-state located in the Central
Pyrenees between Spain and France, attracts international investors with its
stable economical and political environment, competitive tax framework,
solid banking and financial sector which accounts for about 20% of Andorra's GDP.
Andorran banks serve domestic and international customers and are specialized
in private banking, asset and wealth management,
as well as retail banking for both individuals and companies.
Spain attracts expats from around the globe, especially
those looking to retire, with the weather, the lifestyle, relatively low cost of
living as well as investment opportunities.
While it's possible to live in Spain without having a Spanish bank account,
there are cases when a local account can be useful or even required.
Malta, an archipelago in the Mediterranean Sea,
is an attractive expat and retirement destination due to its widely spoken English,
favorable taxation regime, low costs of living, stable currency (Euro), mild winters
and abundant sunshine. While it's possible to live on Malta without having a Maltese bank
account, there are cases when a local account can be useful.
In September 2009 Portugal introduced non-habitual tax
regime (NHR) to attract 'high value' residents which contributed
significantly to the growing of expat community in Portugal.
Portuguese banks are adapting to these changes in their clientele by offering
accounts in foreign currencies, employing English-speaking staff,
creating multi-lingual versions of their websites and remote banking interfaces,
and widely using online account opening procedures.
Despite carrying substantial risks and lacking innovative banking
products especially in private and investment banking, Montenegro is becoming
an increasingly popular offshore banking destination.
Montenegrin banks offer a variety of services for non-residents in retail and
corporate banking, know-your-customer procedures are simple and straightforward,
and Montenegro doesn't participate in Automatic Information Exchange.
Cyprus' favorable taxation, sophisticated legal framework and
strategic location makes it an attractive investment and living destination for
international clients, both individual and corporate.
While there are banks focused on domestic market only, several banks offer their products
and services to international customers, such services are called international banking
or international business banking.
Since 1960s, the Cayman Islands transformed itself
into a significant offshore financial center and a major supplier of
cross-border financial services, particularly in banking. However,
during the recent decade the financial sector of the Cayman Islands has been
shrinking due to the consequences of the financial crisis and tightening
Strategic location of Gibraltar, its favorable taxation regime, European standards of regulation make Gibraltar an attractive destination for international investors.
Banking sector traditionally dominated by British banks and focused on international private banking services is now extending to new business areas like digital wealth management and innovative payment infrastructure services.
The Channel Islands are a group of islands situated in the
English Channel, consisting of two British Crown dependencies:
the Bailiwick of Jersey and the Bailiwick of Guernsey. Over the recent decades,
banks have played a key role in the development of the Channel Islands
as an international financial centre.
The Isle of Man is a well established international
banking and finance center; banks operating on the Isle of Man cover
the areas of retail banking, commercial banking, private and expatriate banking
and offer their products and services to a broad range of clients.
Latvia is a small but an important offshore banking center in
the European Union. Latvian banks offer a variety of services for non-residents in retail, private and
corporate banking as well as online trading and brokerage, know-your-customer procedures are
simple and straightforward, several banks offer online account opening.