Many banks will close your account if there is no acitivities for a year or two!! So it is not good to open too many unless you use them periodically at least once a year!!
Unbanking is not really practical, especially for 7 and 8 figure entrepreneurs. Sure you can use stable coins, but you still need a bank to load funds. And you will need banks to pay rent and other living expenses unless you are in a country that has made Bitcoin a national currency. Plus most people are not comfortable with cryptocurrency making traditional finance more preferable.
Using Bitcoin ATMs? But you still need a bank account to have debit or credit card to purchase stuff online. Bitrefill doesn't cover all merchants in the world.
Banks in Panama could be really cool or they could totally suck, it really depends on how are you making your money, they hate everything related to crypto, but in my case I receive almost all of my money through bank transfers and with their respective receipts, so I had a pretty good experience with them.
I recently bought a bell pepper farm in Panama. This was for a completely lawful, honest purpose. It was a pain in the ass. They wanted documentation of where the money originated, etc...The American government is spying on honest U.S. citizens. My father fought the Nazis, only to learn Nazis are ruling the USA.
I am British and live in the UK and have money there and also in the US (in IRA). I recently got Irish citizenship (thanks Mum!) and am considering opening an account there, but have not yet investigated. Any further afield would be beyond my comfort zone. The CBDC stuff seems incredible and yet is discussed NOWHERE in the traditional media. Shame on them. World is getting very scary!
Banking in Colombia is terrible. Best place in Latin America/Caribbean is Panama, but still difficult. Best places for a Nomad Capitalist are Switzerland and Singapore.
This is the first of your streams sir, which addresses the core of the problem. Not the country is the guarantor of your wealth, but its banking system. I understand your American banking safety belief, but in Europe and else the bank accounts are regularly and arbitrarily blocked constantly. Please do the legwork for us - where our money are treated best? We cannot keep Money in physical art like billionaires do.
You can still bank in Hong Kong but the thing is that they don't want you to be American and they don't want you to deposit some small amount that causes them trouble. They want you to deposit at least over $125K to take you seriously. Otherwise, they want you to be a resident.
@@adsupermusone8875 It's not a rule but generally speaking, banks aren't super keen on taking small accounts from overseas because they just don't see the benefit to them. If you're American, no one wants to open your account in Hong Kong except for Citibank.
@@saifalarabi4491 For personal accounts it is not that common for something like this to happen. It's smooth to use and as long as there aren't too many weird transactions. Things differ if you're American. Overseas banks just don't like Americans.
@@harisadu8998 Is it safe to transfer tens of millions of USD from overseas to there, HSBC HK for example? Or will they block your account until they satisfy their curiosity with asking tons of questions and delay your business?
To get off Grey list Belize no longer have offshore companies, and not provide high privacy, not call themselves offshore now. So surprised you keep mentioning them. Always enjoy your videos for many years now.
Andrew, I lived in Colombia up til 2008 and had about five accounts with various banks. Stay away from the smaller poor banks. In addition, most of the banks will have an offshore entity or in the case of Scotia Bank, an extensive international network. Initially open an account with a good bank like Scotia or BanColombia. Then open an account with the offshore branch of that bank. Transfer funds from your home country to BanColombia Caymans or Scotia Panama. You then wire it to Colombia with no problem!
Hello Michael! Are you talking about Scotiabank, the Canadian bank? I also want to move from Canada to Colombia soon. I'm looking for a good account to access it in both countries. :)
@@alxcvdo7 I live in Vancouver and do some of my banking at Scotiabank. I asked them if I could start up an account in the Caribbean and transfer funds back and forth. They told me it was not possible because their offshore banks are "siloed". This means they are independent businesses in foreign jurisdictions. While they may still have common ownership you don't get the benefits you would expect as an account holder with an "international" bank. BTW, I got the same reply from RBC.
@@garymiles9609 any bank in other countries, are run as independent businesses. However, you definitely have an advantage coming to them as a client, within the family. The transfers I spoke of with Scotia Bank. Are only to facilitate the deposits INTO the Colombian account. They still are a wire transfer. They still incur the same fees. Only Scotia Colombia, will accept a wire from another Scotia Bank. With far less questions!
What about this one world movement of CBDC's. No one will be able to do business without an ESG Score. Where can one go to function, & operate a business without the mark?
@@davidrichards1741 so what there's still lots of mining operations in china you want to escape the leviathan? Sooner or later he will catch you will you fight or submit? I choose to fight always
Yup, Swiss bank accounts are rather hard to open for non-Swiss residents. Smaller Swiss banks also don't do business with US citizens indeed, thanks to FATCA...
I can second your thoughts on the Estonian banks - I formed a corporation via the eResidency and discovered the bank (LHV) had many hidden fees - especially around currency, merchant banking, holding any form of debit card. It made the entire operation not worth it.
I have a corporate account with Banistmo Panama , I’m closing it.They barely speak English and for every simple question they put me on hold because the person is incompetent and cannot give me answers about taxes and fees etc.I just can’t process in my mind how these employees operate with corporate accounts there .No thanks
Happy with their regular account services. I just use the chat + google translate and haven't had any issues. Would like a few more options with them, but highly capitalized and good as a second out.
St Kitts is a place that used to get lots of drug money / cartel money so it got lots of agency investigations. If i had money it wouldnt be my pick because people who want to dominate everything would already have it on their list ?
German banking for business is a disaster! Compared with UK banking where you get a visa debit card with a standard account but in Germany you won't. You can only apply for a credit card. However there are some online banks now who are offering debit/ credit card with standard accounts but limited facilities!
Swiss banks... burnt their fingers with the US some time and the whole financial industry has been litterally attacked, sometimes covertly, by some influential nations or entities that want to safeguard and promote their own system...; so even if some Swiss bankers can be perceived as arrogant, it is a sign of caution... or maybe weakness?
A little off topic, but how has the war in Ukraine effected the cost to live in Eastern Europe? I know you're a big fan of Georgia, but I assume it's pretty much impossible to rent there given the number of Russians and Ukrainians living there.
I posted on my Twitter that chatter from a Russian couple in Georgia is that all Russian men under 40 have been ordered back to Russia within 30 days (presumably for the draft). Passports will be cancelled if they do not return.
I’m born in the USA, acquired Salvadoran citizenship through parents. I’m dual citizen. What’s your opinion on me opening an llc and bank account in El Salvador?
Andrew, out of Switzerland, Liechtenstein and Luxembourg which would you choose to house your funds? I remember a few years ago Switzerland would give you citizenship if you opened or bought a business with a min. of 10 employees, is that program still in operation. Do Luxemburg or Liechtenstein have any similar programs? Also, do you work with Diplomatic Passports?
Residents of Slovenia recommend use EU digital banks like Revolut, not slovenian, because bad service, hard to opening non residents especially from 3rd party countries. Every transaction more than 3-5000 eur can bring block account for visiting office, as i heard. And i if i understand right, slovenian banks hate money not from local business. A few years ago it was huge story about big $$$ penalties for iranian money in slovenian banks
I wish to start practising Wallets in Countries with weird Banking experiences so kindly suggest a suitable plan and to pay for your services I would sell my plan to ten people
@@SolarCrown I do live in Montenegro. If you need a company here and a company bank account, that's the worst of all, I had one. Generally, the best by far is Erste, however, they don't like to open bank accounts there for foreigners. Literally, I have my company shares at Erste Hungary, and the Montenegrin branch weren't opening an account for me. CKB is dogsh*t, they are having extremely high fees. I have my accounts now with Prva Banka, and it's like a joke. I don't have mobile banking. I don't even have a bank card for my company account, only for the personal one. I have to go to the bank personally for each transaction, wait in the line OUTSIDE of the bank, even in rough weather, usually at least 1 hour but sometimes much more, up-to 3 hours. I write these checks to do bank transfers. When I had a bigger transaction (around 15k EUR) the whole bank was checking my balances. Man it was like a tax authority checking on you. I was transferring on that day nearly 1% of the entire balance of the bank. ITS A JOKE HERE! So, the best is to keep yourself as far from these banks here as possible. One of my friends tried to do it in the legal way (which doesn't make sense in Montenegro, the laws are just like the rules of a kindergarten afternoon game, and nobody should obey these) and he opened a company here, and was working for the US. The banks in Montenegro collectively decided from one moment to another to close all external transfers here (happened like 6months ago), and he wasn't able to receive or send money abroad. Now he is closing his company here (which is also a hassle) and opening a US one. It's illegal to receive salary inside of Montenegro to a non-Montenegrin bank account (a joke, again). But again, the laws are just for those who are stupid enough to give a fuck in the country of gun and cocaine smuggling. Andrew said it right, when he claimed that Montenegro is nowhere near to join the EU and they have absolutely no intention to do so. Just one last story: once I was in the bank, and the secretary of the bank (who was dealing with me) told me that we have to be quick because a criminal is coming. I asked him "A criminal?". She replied immediately "I mean a politician."...
I have followed many YTubers who are expats in Mexico and they have a lot of hands on experiences. I have seen a couple of comments whereby expats had their money taken out of their bank accounts by the Mexican gov't and they had no recourse. IDK if true. Did you know that if your passport from your home country is revoked you cannot stay in Mexico even with a permanent residency?
There's also Cuenca, which is a fintech solution if you just need simple things done and don't want to mess with all the requirements. All you need is your res card.
@@queserasera1674why would your passport be revoked? And why would the Mexicans throw out a permanent resident, when US and Canadians only need proof of Citizenship to visit and not a passport? Also the government can not come in a steal your money from your account. The only past issues were in the 80’s. Many foreigners had USD deposits, that the government converted to Pesos at the official exchange rate.
@@michaelreid8857 What proof of citizenship are you referring to in your first question other than a passport from another country? A gov't can revoke your passport as they see fit. I see people moving to Mexico from US because they are concerned that US will require them to have the Jim Jones Juice. If US (or any gov't) requires this and you don't comply they can revoke your passport. Mexican gov't requires non-citizens to have a valid passport from their native country in order to stay in Mexico. You can find this info by googling it. The Mexican gov't will take the side of the US gov't (or any other gov't) over an individual. People moving to Mexico, especially if one has invested time and money (such as buying a home) need to be aware that unless they have Mexican citizenship the Mexican gov't can oust them from the Country if their passport from another country is revoked. As I stated in my original posting, I cannot personally attest to the two people who stated they had the Mexican gov't confiscate the money in their bank account. However, what recourse would you have, as a non-citizen, to get that money back? Zero, zip IMO.
@@queserasera1674 I never heard of this. Can you look in your video feed history and provide a video link? I have heard of bank privacy being weak, and people finding out about your financial status and transactions. Also does anyone have any idea which Mexican (or any Latin American) banks are crypto friendly?
The banks in PR think everyone is a drug runner. I opened an acct there 20 yrs. Ago an had to have a relative of my ex-wife vouch for me before they would open acct. Absolutely a joke.
Sounds good but how do you access finance without a bank involved? Crypto exchanges in Australia are connected to offramp bank accounts. I genuinely dont know how people live & buy stuff with crypto. 😢
