Banking in Singapore vs. Switzerland

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Singapore vs. Switzerland Which one is better for you?
If you’re a high-net-worth individual looking to lower your taxes while living in a beautiful European country, Switzerland may be a great option for you.
Some may see Switzerland as a bit boring and past its prime as the world’s go-to economic haven, but it is striving to establish itself as a leader in cryptocurrency with pro-crypto policies, maintaining its reputation as a low tax country that protects intellectual property rights, all while still offering top-notch banking services - though not in the spy movie ways of old. It is one of the least corrupt countries in the world, and that is saying something.
Singapore is touted as not only one of the richest countries in the world but also one of the safest and most peaceful. And this year, it ranked 1st in the 2021 Index of Economic Freedom, making it the freest economy in the world.
How does a country reach such a status? By providing low taxes, having good management, and giving people what they want.
And what do people want?
They want to make smart investments and get returns on those investments.
In this video, Andrew compares Switzerland and Singapore and tells you what's best for you.
00:00 Start
1:00 The Best Banks
1:48 The Best Banks in Switzerland
2:11 Banking in Switzerland
4:20 Banking in Singapore vs. Switzerland
5:44 Minimum Deposit
6:16 How to Invest as a Foreigner
7:24 Banks with the Best Services
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

Опубликовано:

6 сен 2022

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Комментарии : 172

@nomadcapitalist Год назад

Singapore vs. Switzerland. What's better?

@rubensnogueira5838 Год назад

Both?

@saigonexile531 Год назад

Singapore

@roysnabilie8345 Год назад

Singapore

@matthewsongloong9573 Год назад

I live in Switzerland, I think I get paid better here

@rubensnogueira5838 Год назад

@@matthewsongloong9573 and probably has a bit more space, huh?

@saigonexile531 Год назад

I have an account with DBS in Singapore for about 7 years now and am happy with the service, etc.

@p.m.8316 Год назад

as a non-resident? do you need to deposit a lot of money? DBS stock is doing good btw.

@abdulrazakbendjema9778 2 месяца назад

How much money did you need to deposit?

@marketingteam3128 Год назад

Completely on. Legacy is out. Besides, labour cost being so high in legacy brands, makes the service horrible, and maintenance costs high.

@Floorguy1000 Год назад

Appreciate the direct information. You are absolutely right about "brand " value...I have been disappointed so often about a "brand" I have lost count. I'm an informed person who doesn't want to get snowed. Again, very much appreciate the information.

@udn9930 Год назад

In Switzerland, park the money in a Cantonal (public) bank: the deposits have unlimited State guarantee (this means that you lose your money only if the Canton, not just the bank, goes bankrupt… not gonna happen in Zürich). Apart from the one in Geneva canton, they don’t have the 100k limit as private banks (UBS, JB, CS, etc.) do.

@NDG-ms5mx 7 месяцев назад

That's true. And the smaller cantonal banks tend to be more flexible and not so restricted from big compliance.

@rod-ji8nc 3 месяца назад

Hearing the oppinion of a well informed centered individual is always a pleasure. Thank you for the informative video.

@jamesa4958 Год назад

Thank you

@user-rj3hc3ey4x 2 месяца назад

Brand is a reputation. Reputation is a quality guarantee. Quality is what u pay for , to avoid trail and error.😮

@johntheaccountant5594 Год назад

Switzerland lost its credibility when the Swiss Banks immediately gave details of the accounts of Americans when requested by the American government. As a result of that, people moved their accounts and financial affairs to Singapore.

@muffemod Год назад

Yea Swiss banks are history now. That was decades ago. Now the gig is up over there, has been for quite a while.

@Davos-st8ok Год назад

You sound clueless af. Singaporean banks literally do the same under FATCA.

@CryptocurrencyInsider Год назад

@@muffemod Swiss banks are still used by HNWI because of the stable environment. But they won’t help you hide dirty money.

@vasionok Год назад

You think Singapore doesn't do FATCA? They are very aligned with the US.

@coolguy5555551 Год назад

I think Andrew forgot to mention the "Swiss Bank Program" with the US Department of Justice.

@vktravellog1242 Год назад

This is why I went to singapore

@slamtilt01 Год назад

@@Bambotb tracking bad actors

@Christina_Yang1217 2 месяца назад

Doesn’t Singapore report your info to the US as well?

@brankelly1921 7 месяцев назад

The kind of information and insight i'd pay for. Thanks so much!

@nomadcapitalist 7 месяцев назад

We appreciate your positive feedback! If you're interested in learning more and seeking assistance with banking, citizenship, or residencies, consider becoming our client: nomadcapitalist.com/apply/

@toddhayes3506 Год назад

Great Job

@ahss6275 Год назад

Excellent information and approach , Andrew 👌👏👏👏👏👏🍻🍻🍻

@MyLatinLife Год назад

Great overview!

@nomadcapitalist Год назад

Thank you.

@shahfaisal8510 Год назад

Excellent

@nomadcapitalist Год назад

Thanks.

@anthony9971 Год назад

Andrew you've helped me so much in my financial and nomadic journies abroad. Cant wait for your book on purchasing international properties to come out ;)

@nomadcapitalist Год назад

We appreciate that. Please share your opinion about the book here: www.amazon.com/dp/B09F16Q6G8?geniuslink=true

@TheR0yalBeast Год назад

Can’t speak for Singapore but Swiss Banks & culture is definitely not a service oriented culture. I think it’s not that the Swiss are lazy or uninterested it’s just they are not keen on customer service.

@TheR0yalBeast Год назад

@@thanksforyouruploads | can't explain it. It is something you need to experience to understand. Some of it is incentives based i.e. U.S. tip culture. Some traditions and norms.

@christheswiss390 Год назад

Depends on the customer. Swiss companies can often choose. Or they decide to choose. Because money is not everything. Especially when 15% of your entire POPULATION (every 6th person) already consists of millionaires (no, it''s not the US, nor is it Singapore - it's the other one, the one that chooses its customers wisely). Choosing my customers carefully was always beneficial for both the supplier AND the customer. Business relationships of >20 years were standard. Have you ever wondered why so many countries turn down ONLY US citizens and customers? Perhaps a dose of honesty could help you understand that dire predicament. Your name sort of gives you away. I'd probably be angry as well as an american, but mainly at my own government for being such nasty and hypocritical pricks to the rest of the world, so that everyone else treats me as a pariah. Love how they also chase their proud citizens ruthlessly around the globe for tax income not even earned on their US turf. Oddly enough, I never hear americans complain about this medievel pursuit of US citizens across the globe just for more, more, more tax income. It's actually quite pathetic and only very few SH countries around the globe resort to this desperate money grab by all means available. BTW: the Swiss government NEVER hunts down its citizens around the globe to pry tax funds from their earnings abroad. Just that one freedom alone sounds like FAR BETTER "customer service" than what americans allow their government to get by with! 🤣🤣

@TheR0yalBeast Год назад

@@christheswiss390 Your comment is irrelevant to my point. I don't understand why you posted this? Please consider moving your comment to the main comment thread.

@Imhim247 Год назад

I find it cool some countries will still allow you to keep your US Bank and open account in their countries

@tombanks8680 Год назад

Nice Bill Burr impression.

@SwissBankingLawyersZurich442 7 месяцев назад

You are right: private banker are product pushers not consultant

@mitrarambhai9186 Год назад

Thanks for the break down….. love the Swiss impersonation…lol

@ladlem3 Год назад

The whole "banks are safe" concept is somewhat misleading, remember Bear and Lehman. Any bank can fall. So don't bet too much on banks.

@Ryan_Winter Год назад

Swiss banks have a hard time failing, what is probably the reason why they aren't as good as they could be. Back in 2008 the UBS was in real trouble, the government handed them 60 billion USD to right their ship. Probably not that impressive when you look at the "bail outs" the US government does, but if you consider how tiny Switzerland is compared to the US, then you can see how strong that safety net is.

@beachboys1991 Месяц назад

Working with Swiss banks is one thing. However, when working with external asset managers you oftentimes receive a more personalized service. Therefore, do you also work with asset managers or with banks only?

@money3ss 7 месяцев назад

U can open account remotely without going to Spore

@medmuckersmedia3185 Год назад

It's good that you've compared SG vs Swiss in the same video. Unlike HKongers who still think SG are their rivals in Banking.

@caronridge6912 Год назад

They're not rivals because SG is focused on ASEAN whilst HK is focused on East Asia and particularly Greater China. HK is more regional with way more assets. The Chinese have the most investable assets in the world at $130-trillion whilst the US is second with $90-trillion. Singapore, London, Tokyo and the rest are less.

@medmuckersmedia3185 Год назад

@@caronridge6912 I would also say Switzerland is also not mentioned in the same breadth as NY , London Tokyo. Think deeper.

@caronridge6912 Год назад

@@medmuckersmedia3185 They all serve different purposes. But the future will be the physical markets after the overleveraged & manipulated paper markets blow up. The paper energy and paper metals markets in the centers you mentioned are a farce, fraudulent, and very disconnected from the physical markets because they've been politicized & weaponized. There's no "there" there anymore. Just a matter of time before the physical markets bury western paper "markets". Read Credit Suisse guru Zoltan Pozsar for more.

@xBLUMONKEY Год назад

Loving the videos. Can you shed light on getting a second passport as a felon? I made a mistake in my youth and am still paying for it, looking to leave the states at some point

@muffemod Год назад

You can leave the states with a US passport.

@consultante1650 11 месяцев назад

I think Paraguay just reject killers, pedophiles and rapers as I read. But maybe you have jewish ancestors. Isrealhell takes all criminals.

@michaelyucon588 Год назад

It’s pretty much not possible for US citizens to park money in Swiss banks.

@adventuresfloridatothailan5217 Год назад

I'm moving to thailand . Where is best place to banking? Are there banks from usa in Singapore?

@mariongreen9065 Год назад

use a foreign entity to open a bank account in Switzerland like a private express trust

@Rainy_Day12234 Год назад

Cayman Islands

@lucasantelo7366 Год назад

You accurately captured the nature of Swiss folks. So nebulous, oder?

@benkim2016 Год назад

There must be some embezzlement by employees in both!!

@hanrsk1052 Год назад

Which Singapore Banc is offering accounts for non residents? Walked in at Standard Chartered some time ago when I was visiting and they refused.

@leonardchua12345 11 дней назад

Standard Chartered is a British bank. Try DBS

@nayanmipun6784 16 дней назад

Could you talk about Dukascopy bank

@sammygoh Год назад

What can a Singaporean that is working overseas and cannot bank in Singapore since they are planning to tax Singaporean when we bring our money home.

@matthewsongloong9573 Год назад

There's that joke about Swiss banks where the teller says it's no shame to be poor when someone tries to quietly deposit a million... It's all quite discrete over here. Private bankers do tend to manage assets indeed, and sometimes do lose money... There's a certain way of life here (like it or not) that somehow still tends to work: low inflation of only a few percents while other countries...

@tstcikhthys Год назад

* discreet

@matthewsongloong9573 Год назад

@@thanksforyouruploads With an average Swiss income or higher, I would say yes, although I also prefer free toilets (which are here too!)

@SwissTanuki Год назад

I have 5 swiss bank accounts and I will not change that. Also I'm Swiss living in Switzerland.

@wendyshoowaiching4161 10 месяцев назад

No Bank is Safe Enough. Any Bank where government and civil law can interfere is not consider safe. If I have over US$1 B. I would open my own private bank (self manage) at my own terms and insured the capital (loss)

@antb533 Год назад

Sepa sucks from CHF... Personally I think UK or CAD offshore banks are better.

@dragasan Год назад

Banks; where the customer is the bank. 😄

@giuliomariani8933 Год назад

Where’s that?

@jazzmancoltrane Год назад

Mauritius or Liechtenstein

@TA-wx1fc Год назад

Long term? I would rather hold an account in Singaporean dollars. The Swiss will suffer the same energy crisis as their European neighbours in the coming months/years which will have serious repercussions on their industry and consequently it will affect the strength of their currency. + Their largest banks such as Credit Suisse and UBS have recently had to reshuffle their leadership after billions in losses on leveraged finance.

@fynngachter7758 Год назад

As a swiss i can say the gouvernment said there may be cuts on the energy but i believe we can easily sustain all our energy needs for the winter.

@TA-wx1fc Год назад

@@fynngachter7758 yes but your gas reserves are mostly stored in Germany, so your situation will depend on the situation there and the decisions of the German authorities. It would be naive not to consider that the Germans can hold back on gas deliveries to Switzerland in the name of “continental solidarity” if the situation becomes dire. And we all saw how that solidarity worked during covid. + the energy crisis will go beyond winter as long as the sanctions are held and OPEC continues to refuse to increase output.

@vasionok Год назад

How do you have bank account in Singapore if you are not resident? I thought residency is required.

@mjmf1430 9 месяцев назад

Non residents may be able to open bank accounts with some banks in Singapore but these customers may not have access to the full suite of private banking services services (investments, fund transfers, etc) as the resident counterparts due to taxation and residency laws.- from a Singaporean.

@ronpep2456 Год назад

Can you open a bank account in Singapore remotely? I tried it and it didn't work

@jim-ce5kt Год назад

NO!

@CliveLancaster Год назад

Switzerland has opened its books to other countries for tax and can't recommend any financial advice they give from experience.

@samtheman9002 Год назад

The question is can the Swiss hold out against the WEF. I think that was answered when they broke their neutrality and sanctioned Russia.

@caronridge6912 Год назад

No chance... In which country is the WEF and "Davos" located?

@beammie2858 Год назад

Are there any bank in Singapore that requires less than 250K SGD?

@mjmf1430 9 месяцев назад

For private priority banking membership in Singapore, highly unlikely. Cheers- a Singaporean.

@ubermenschen3636 Год назад

Since Henderson lives in Malaysia, what percentage of his banking is done in Malaysia?

@alexanderp.1391 Год назад

He lives everywhere

@caronridge6912 Год назад

Malaysia is a very good place for banking, waay better than US and Canada. But you must have a malaysia visa to be able to have a bank acct in malaysia. Numerous international banks are in malaysia, including the singapore banks.

@HigginsLawLLCWinterHaven Год назад

I thought he banked in Singapore

@caronridge6912 Год назад

@@HigginsLawLLCWinterHaven I think he banks at OCBC in Singapore, and so probably at OCBC in Malaysia too as they're fairly seamless and easy to move assets back & forth between the two - for no charge. All singapore banks have ops in Malaysia, including Private banks now like BOS that require 7-figure minimum deposits.

@LimbovitschHaim4Mir 8 месяцев назад

careful with CiMB malaysia, stilling funds of clients, regularelly !

@JLW667 Год назад

0:28 Perhaps use both

@steltoronto7553 Год назад

Andrew how can Singapore be more open when you can open an account ONLY if your vaccinated ??? 🤔 That's not very open in my opinion !

@caronridge6912 Год назад

You don't have to be vaxxed to open an account, but yes a foreigner must be vaxxed to enter singapore. Same as for the US and switzerland. It's so dumb!

@JoshuaHoe Год назад

That's a first. Never heard of such a thing 🤔. I just checked some Singapore bank websites and they didn't state that?

@steltoronto7553 Год назад

@@JoshuaHoe Nevermind what's a first and the websites..... Listen to Andrew when he puts out a video on Singapore. To enter that country you have to be vaccinated to open an account you have to go in person . No VAXXXX no account ! 🙂👍

@JoshuaHoe Год назад

@@steltoronto7553 I am a Singaporean anyway 🤣. Yeah I seen the requirements now in the immigration website and you are right. Because in order to apply for/renew a work pass and come work in Singapore, u must be fully vaccinated first. 🤔

@steltoronto7553 Год назад

@@JoshuaHoeSpot on my friend. 🤣👍

@ubermenschen3636 Год назад

Don’t bank In Switzerland; it bends backward to satisfy FATCA and IRS .

@vktravellog1242 Год назад

Exactly!

@Shadowguy456234 Год назад

Welllll considering I moved here to work... 😅

@LimbovitschHaim4Mir 8 месяцев назад

to compare Swiss vs Singapore it is like to compare diск vs finger !

@saifalarabi4491 Год назад

How about HK? Are they still keeping real secrecy? Where's the banks that they will not block your account just because you transfered a big load of money?

@caronridge6912 Год назад

I think it depends on the bank there. HK is great because the dumb west broke all its extradition & cooperation treaties with HK, so now your funds are safe there from your home govt who can't do bleep with your funds in HK on behalf of your govt. But on the other hand, english is much worse in HK than in SG and CH.

@arisioz Год назад

HK was invaded by the PRC almost 3 years ago. Might as well store your money in Liaoyang Rural Commercial Bank.

@ericeverson5956 Год назад

Don't take this in a "gay way", but what are you eating for breakfast, Sir. You look great. WOW!!!

@HigginsLawLLCWinterHaven Год назад

recently.married

@praveensomashekar82 Год назад

Credit Suisse failed.

@merrykrichtsamt Год назад

Who can trust Switzerland after the Credit Suisse disaster? The regulator in the country is a joke.

@YasinNabi Год назад

Passive income is the only way to become millionaire... work on your passive income streams .... a fellow creator, subbed ^^

@shawnmcdonald9070 Год назад

Are there any countries in Africa that are worth a look for us nomad capitalists? Morocco perhaps?

@redx11x Год назад

Rabat is nice

@hymnofashes Год назад

I want the citizens of some country to pay for services I use, but I don't want to pay any tax myself. I want to receive, but not give. Please help me!

@keffinsg Год назад

The Native Americans already paid for all your services by giving you (involuntarily) their lands. Go parasitise somewhere else.

@HigginsLawLLCWinterHaven Год назад

usa

@arisioz Год назад

It gets even worse when you get to understand that profits made by Singapore are used for the invasion of Taiwan and beyond. Let's not forget that Singapore is simply the PRC's tax haven tentacle.

@xxxs8309 Год назад

Switzerland debt to GDP ratio is much lower than Singapore

@caronridge6912 Год назад

Yes, but Singapore has way more assets and less NET debt. Most importantly, the debt in Singapore is like the debt in China - used for constructive purposes like industry & infrastructure. Whereas Switzerland is a high-tax, welfare state.

@caronridge6912 Год назад

@@thanksforyouruploads Thanks for the ego boost, but I live in singapore, and actually I'm a girl - not a guy - lol.

@user-hs2hd7wp9g Год назад

Lmao, can tell that someone was rejected by Swiss banks and is butthurt about it

@IslamicRageBoy Год назад

Prestige 😂. The Swiss can go have fun no longer being neutral. Europe is done

@arisioz Год назад

Thankfully! At least the only reason why Europe is still relevant ain't their oil and their filthy secular monarchy.

@s_u_n_j_a_y 4 дня назад

🤣

@billballer7779 Год назад

The main problem with having your money in Singapore is that it is surrounded by countries that could decide to invade at any moment. Switzerland is a land-locked country right in the centre of Europe, so you'll have plenty of time to move your money elsewhere if it were to be attacked.

@SriRam-fp1kt Год назад

That's not true, lol. Singapore has the strongest military in SEA plus none of the countries surrounding it are capable of that. To add, Singapore is pro-US hence US submarines in SEA will be behind their backs in a jiffy.

@kronos77 Год назад

This makes absolutely zero sense. Both could be invaded at the same rate.

@harisadu8998 Год назад

Always think about the most fringe possibilities, right? Furthermore, your money is not sitting there as cash in a vault.

@harisadu8998 Год назад

@@svensulzmann4282 Please also remember that both countries are conscription countries meaning that both have armies that are half decent as well.

@billballer7779 Год назад

@@SriRam-fp1kt The countries could join forces to form some sort of military alliance, it doesn't need to be an individual state attacking. Singapore is not in NATO, so I wouldn't put too much faith in the United States intervening. At least Switzerland is surrounded by neighbouring countries that are in NATO.

@giuliomariani8933 Год назад

Yes sure, Singapore…..but you will be dealing with Singaporean employees, managers who have only rules in their totally conditioned minds. No flexibility, no vision, no real customer view but rather company indoctrination, limited product offers for investment, extreme burocrazie to the level of stupidity. With a medium Swiss bank you will get personal friendly service together with intelligent flexibility.