Singapore Expats

bank account for foreigners

Discuss the different banking options, rates, offers and perks.
Post Reply
User avatar
ecureilx
Immortal
Immortal
Posts: 9817
Joined: Fri, 20 Aug 2010 5:18 pm

Re: bank account for foreigners

Post by ecureilx » Sun, 05 Apr 2015 4:08 am

tiebushan wrote: If you're rich, you'll be vulnerable to blackmail, jealousy, etc. Hey, that guy is rich and I'm poor, and therefore I must get some of his money.
You see in Singapore kidnapping is dealt with by death sentence

And blackmail ... the culprits are caught very fast and severely punished and punishment like caning, while being severely criticised in other countries, in Singapore .. punishments ... including death penalty ... serve as a great deterrent .. I hope you know in Singapore law possession of a live bullet round is punishable by death penalty and likewise threatening anybody with a knife results in extremely painful caning and severe jail sentences ... no kid gloves there ...

So the system works fine in Singapore

If you want secrecy etc etc ... maybe you just should look for another country than trying to tell how to run THIS COUNTRY

That's just my 2 cents ...

Ps, what secrecy in Asia ? In nearby countries anyone who challenged the rulers find all their personal information suddenly available to anybody and their assets frozen /.forfeited promptly ...unlike in Singapore

Heck some nearby countries vilified the relatives of accused and suddenly the relatives assets were being questioned as Ill gotten and forfeited in some cases with no due process ....

tiebushan
Member
Member
Posts: 23
Joined: Tue, 07 Jan 2014 2:56 pm

Re: bank account for foreigners

Post by tiebushan » Sun, 05 Apr 2015 10:48 am

ecureilx wrote: You see in Singapore kidnapping is dealt with by death sentence

And blackmail ... the culprits are caught very fast and severely punished and punishment like caning, while being severely criticised in other countries, in Singapore .. punishments ... including death penalty ... serve as a great deterrent .. I hope you know in Singapore law possession of a live bullet round is punishable by death penalty and likewise threatening anybody with a knife results in extremely painful caning and severe jail sentences ... no kid gloves there ...

So the system works fine in Singapore
This is about inter-nation account information sharing, not just limited to Singapore. Once the information is released, any person/organization with the right connection/resources can get a hand on that information.
Studies have also shown that even death penalty doesn't really work, there are tons of research backing this. Severity of punishment may reduce the crime a bit, but not that effective. I'm not one of those abolitionist who are trying to erase death penalty. I don't care if trillions of people getting executed every millisecond, so long it doesn't have negative impact on me or my wealth. The only thing that concerns me is that even death penalty doesn't stop the more "adventurous" extortionist/blackmailers from trying to extort money whenever they can. "I'll take my chances" attitude is the basic nature of criminals to begin with.
ecureilx wrote: If you want secrecy etc etc ... maybe you just should look for another country than trying to tell how to run THIS COUNTRY

That's just my 2 cents ...
I'm not yet familiar with the latest situation in Singapore and THAT'S WHY I'm asking around in this forum and many others. This is called doing research. I'm researching Singapore because in the past, Singapore guarantees ironclad banking secrecy and protection against any government trying to take its citizens' wealth to avoid bankruptcy. Because this is human nature, when they're backed into a corner, they just want out, law and justice be damned, so long I can get out of my debt, I'll just steal others' money. And so, I need to protect myself in case this does happen. And of course, Singapore is not the only country I'm researching. Dubai and Hongkong are the other Asian countries I'm researching among other European countries.
ecureilx wrote: Ps, what secrecy in Asia ? In nearby countries anyone who challenged the rulers find all their personal information suddenly available to anybody and their assets frozen /.forfeited promptly ...unlike in Singapore

Heck some nearby countries vilified the relatives of accused and suddenly the relatives assets were being questioned as Ill gotten and forfeited in some cases with no due process ....
And that's why I said that I thought Singapore is one of the advanced countries in Asia. And about Singapore's neighbouring countries where there are magicians really good at making things and/or people disappear, everybody knows about this, and they're not in my research list, so they're irrelevant in this discussion.

User avatar
JR8
Immortal
Immortal
Posts: 16522
Joined: Wed, 24 Mar 2010 12:43 pm
Location: K. Puki Manis

Re: bank account for foreigners

Post by JR8 » Sun, 05 Apr 2015 11:16 am

I wouldn't put my money in Singapore, why do you want to do so?
'Do it or do not do it: You will regret both' - Kierkegaard

User avatar
ecureilx
Immortal
Immortal
Posts: 9817
Joined: Fri, 20 Aug 2010 5:18 pm

Re: bank account for foreigners

Post by ecureilx » Sun, 05 Apr 2015 5:05 pm

tiebushan wrote:And that's why I said that I thought Singapore is one of the advanced countries in Asia. And about Singapore's neighbouring countries where there are magicians really good at making things and/or people disappear, everybody knows about this, and they're not in my research list, so they're irrelevant in this discussion.
To give you a simple reply, Singapore is Developed, and advanced, but it is still in Asia, and have to play by some Asian rules of the play, if you know what I mean.

And should PAP go out and another party come in, you never know, this being Asia, all the policies maybe flipped 180 Degree, old enemies remembered, or new friends minted, and in the process old problems may be brought up, unwanted information shared with the wrong parties, all just for the sake of doing it .. if you are looking so far ahead.

While we are throwing ideas in this forum, the fact is, a lot of people have confidence in SG Inc to move their money here



Except JR8 of course :P :-k :-k

User avatar
Wd40
Director
Director
Posts: 4590
Joined: Tue, 04 Dec 2012 10:53 am
Answers: 1
Location: SIndiapore

Re: bank account for foreigners

Post by Wd40 » Sun, 05 Apr 2015 5:39 pm

tiebushan wrote:
Wd40 wrote:Do you have any plans to do some money laundering? Why do you care about banking secrecy?
banking secrecy = privacy.
Every Australians and every other civilized people from advanced civilization hold this thing very dearly. This is the cornerstone of our democracy. I know most of Asian countries don't really consider this an important issues, and they should, and I always though Singapore as one of the advanced Asian countries.
without banking secrecy, it's easier for anybody to know if you're rich or poor. If you're rich, you'll be vulnerable to blackmail, jealousy, etc. Hey, that guy is rich and I'm poor, and therefore I must get some of his money. And if you're poor, you'll be laughed at and treated as a failure. So without banking secrecy, everybody loses.
This statement is too narrow-minded because banking secrecy is not always related to illegal activities. If you live in a bankrupt country and the government decides to "acquire" the rich guys' money with any means necessary, banking secrecy can at least prevent them from compiling a list of people to harass for money.
I thought Cyprus was also developed and advanced as it is part of Euro. Look what happened to their bank deposits

http://www.bloombergview.com/articles/2 ... ating-them

User avatar
JR8
Immortal
Immortal
Posts: 16522
Joined: Wed, 24 Mar 2010 12:43 pm
Location: K. Puki Manis

Re: bank account for foreigners

Post by JR8 » Sun, 05 Apr 2015 8:29 pm

ecureilx wrote:While we are throwing ideas in this forum, the fact is, a lot of people have confidence in SG Inc to move their money here
Except JR8 of course :P :-k :-k
Perhaps one might move one's wealth here if one had to. Or because you imagined it was safer here than wherever it currently is. But neither of those apply to me. For all the 'almost Swiss' metrics, the sense of random demonstrations of absolute state power leave me unsettled. They might serve to keep the locals on their toes, and toeing the line (sorry :)), but I don't have to submit to the darker-side risk that comes with it.
'Do it or do not do it: You will regret both' - Kierkegaard

User avatar
ecureilx
Immortal
Immortal
Posts: 9817
Joined: Fri, 20 Aug 2010 5:18 pm

Re: bank account for foreigners

Post by ecureilx » Sun, 05 Apr 2015 10:27 pm

JR8 wrote: Perhaps one might move one's wealth here if one had to. Or because you imagined it was safer here than wherever it currently is. But neither of those apply to me. For all the 'almost Swiss' metrics, the sense of random demonstrations of absolute state power leave me unsettled. They might serve to keep the locals on their toes, and toeing the line (sorry :)), but I don't have to submit to the darker-side risk that comes with it.
That should let the previous poster think hard about Singapore's banks ....

User avatar
JR8
Immortal
Immortal
Posts: 16522
Joined: Wed, 24 Mar 2010 12:43 pm
Location: K. Puki Manis

Re: bank account for foreigners

Post by JR8 » Sun, 05 Apr 2015 10:36 pm

Wd40 wrote:I thought Cyprus was also developed and advanced as it is part of Euro. Look what happened to their bank deposits
http://www.bloombergview.com/articles/2 ... ating-them

Well WD40, there you are! This is a precise parallel with my earlier point.

I.e. The EU thinks there's dirty money in Cypriot banks (likely correct! ther's apparently a lot of dirty Soviet/North African money there), so when some Cypriot banks fail they haircut ALL Cypriot bank deposits. That includes British pensioners with money deposited there etc.

Now, Cyprus is a small island, whose main industry is banking and tourism (sound at all familiar?).

No Cyprus isn't 'developed' in the sense you mean. It's a dodgy sand-dune of a tax-haven island, and always has been. The EU admitted it (mainly via Greece being a member), but it's long been shadowy financially. And a prime target for the EU since that's where a LOT of EU funds flee to escape EU taxation and control.
'Do it or do not do it: You will regret both' - Kierkegaard

tiebushan
Member
Member
Posts: 23
Joined: Tue, 07 Jan 2014 2:56 pm

Re: bank account for foreigners

Post by tiebushan » Mon, 06 Apr 2015 11:19 am

Wd40 wrote: I thought Cyprus was also developed and advanced as it is part of Euro. Look what happened to their bank deposits

http://www.bloombergview.com/articles/2 ... ating-them
I agree with JR8 about Cyprus, it's shady and suspicious, suited for crime organizations or tyrant despots, not for businessmen. it's equivalent to puerto rico in Europe.

@JR8:
so you also don't feel 100% confidence in putting your wealth in Singapore? btw if I may inquire, are you Singaporean or PR holder?
thanks

User avatar
JR8
Immortal
Immortal
Posts: 16522
Joined: Wed, 24 Mar 2010 12:43 pm
Location: K. Puki Manis

Re: bank account for foreigners

Post by JR8 » Mon, 06 Apr 2015 12:08 pm

tiebushan wrote: @JR8: so you also don't feel 100% confidence in putting your wealth in Singapore? btw if I may inquire, are you Singaporean or PR holder?
I think it's about relative-virtues. If I came from say Switzerland, why would I want to move my brokerage account and holdings from there, to here? Flipside: If I came from somewhere that's politically volatile and risky, then why would I not want to move them here? I'm from somewhere closer to the former than the latter, so you see how the opinion is ready-made for me.

If I were starting out my career, and had my career and wealth-accumulation ahead of me, then I would probably be very happy to start out holding my assets locally. But my family are nearing the end of that path... maybe 5-7 years off. I think we're lucky to have what we need for something of a comfortable retirement. I can't rewind 30 years and start again if that asset-pot gets slammed. So, per the financial strategies that used to form part of my job (then selling them to our private clients), I've gone almost the whole path from accepting risk to achieve returns at the early stages, -to- now wanting to go towards 'risk-off', as further growth is not required, but protecting the existing pot value/income-stream is the foremost priority.

So one inevitably comes to having to consider risk. Either way I can't avoid it as I did stints in Financial Risk Management, and Enterprise Risk Management (ERM), so it's rather in my bones. So it's natural to take an ERM approach to my pension pot, identifying and considering all known and possible risks, and seeking to minimise them. It follows that there is no virtue in increasing potential risk, where nothing of compensating/+ value is gained from it.

I'm neither SC or PR. I have neither CPF nor local investments. I'm a stay-at-home LTVP-trailing-spouse.
Last edited by JR8 on Mon, 06 Apr 2015 12:12 pm, edited 1 time in total.
'Do it or do not do it: You will regret both' - Kierkegaard

User avatar
ecureilx
Immortal
Immortal
Posts: 9817
Joined: Fri, 20 Aug 2010 5:18 pm

Re: bank account for foreigners

Post by ecureilx » Mon, 06 Apr 2015 12:09 pm

tiebushan wrote: I agree with JR8 about Cyprus, it's shady and suspicious, suited for crime organizations or tyrant despots, not for businessmen. it's equivalent to puerto rico in Europe.
How do you rate Malta ? Malta has been hosting more than a few Billionaires who are 'tax' residents there ..

User avatar
JR8
Immortal
Immortal
Posts: 16522
Joined: Wed, 24 Mar 2010 12:43 pm
Location: K. Puki Manis

Re: bank account for foreigners

Post by JR8 » Mon, 06 Apr 2015 1:33 pm

ecureilx wrote: How do you rate Malta ? Malta has been hosting more than a few Billionaires who are 'tax' residents there ..
I'm no expert on 'dodgy' offshore islands, but I'm unaware of it having the reputation of Cyprus. Malta is perhaps like a 1/2-size SG-en-Mediterranean Sea :) Popular holiday destination, especially amongst the older-set/retirees, who like things sunny, warm, dry, slow and steady.

Cyprus, I don't know it well enough to try and encapsulate. It's split in two halves (politically). It was previously wholly a Greek territory, until the Turks invaded the north in the early 80's. So the island is now split into two halves, with border controls etc.

The northern Turkish half is relatively undeveloped, certainly compared to the south. I once went there on a shagging holiday... er, sorry, I mean a 'singles holiday', long ago now :) It's very beautiful undeveloped and historic, I stayed in the capital Kyrenia on the coast. A Roman settlement, with exquisite picture-postcard harbour, quayside al-fresco dining etc, overlooked by an incredible and huge hilltop Crusader-era castle.

Cyprus as a whole wasn't only a great holiday destination before the advent of long-haul holidays becoming an expectation, it was off-radar enough that it came to house some ill-gotten gains, and legit-gains seeking low-key sanctuary. I know three people with financial affairs there, an Iraqi who fled Saddam Hussein, a Libyan who fled Gaddafi, and an Indian dentist who is settled in the UK. IFAIUI all their affairs are via the Greek side of the island.

Greece is long in the EU now, and hence that side of the island has had to seriously clean up it's act. The north-side is another matter and arguably something of a wild-west. Turkey has no extradition treaty with the EU, so Northern Cyprus has become a regional redoubt for EU gangsters/criminals. Whereas Marbella (etc) in Spain used to be the black-money location of residence for crims, N. Cyprus might now be. There are more than a few household-name fugitives holed up there. Gangsters, money-launderers, bank-robbers etc. Sometimes the UK tabloid papers go over there and 'out' another one who is not keeping a sufficiently anonymous lifestyle.

.... hmmm... so with Turkey lined up to accede to the EU, and EU-law, what of N.Cyprus and it's dodgier residents and banks, where's the next stop? Hehehe.... that's going to interesting to see. It'll have to be somewhere with no extradition treaty. Where will it go, in this increasingly transparent and regulated world [grabs popcorn, sits back and waits for the show...].

So back to Malta. The question reverts again, what would be the aim of putting assets there? If it were so that say, any reporting of assets/profit were left to you, rather than the financial institution being required to do it on your behalf, then there are options. It's an evolving and pretty specialist topic. You could draw up a list of top-10 tax-havens and study the pros and cons of each. Switzerland used to be a default choice, less and less so as it's being forced to shed it's secrecy. ... Luxembourg, Channel Islands, Isle of Man, Liechtenstein, Cayman Islands, Belize, Panama? The answer is 'shifting sands' and merits professional advice.

I inherently dislike incurring 'Professional fees', lawyers, accountants, building surveyors and so on. Much can be DIY'd with some sweat and homework. But I think that final decision re: 'Which tax-haven?' is quite probably one worth paying for advice on.

Reminds me of the outplacement mentor I had c15 years ago. Ex FX-trader himself, sharp as a box of razors. He built up a significant portfolio of property that he effectively handed to the council/Housing Association, for them to rent and meet their legal obligation to house the 'homeless'. Each property he bought, he handed over, and reckoned on the council having paid back the purchase price in 5-6 years. Rinse-repeat-rinse... he already owned over 100 such properties, and was by no means done. His tax structure was elaborate, properties owned via Isle-of-Man trust funds, housed via Channel Island Ltd-Co shells. His accountants he said cost him something unimaginable like £2000/hr (15 years ago!) for strategic advice. I still remember their name, it's hard to forget, being almost like something from a comedy sketch, 'Cohen, Cohen, and Cohen'. Who knows, maybe one day if it merits it I'll go and check 'the brothers' out... :lol:
'Do it or do not do it: You will regret both' - Kierkegaard

User avatar
JR8
Immortal
Immortal
Posts: 16522
Joined: Wed, 24 Mar 2010 12:43 pm
Location: K. Puki Manis

Re: bank account for foreigners

Post by JR8 » Mon, 06 Apr 2015 1:40 pm

In news this week:

----
Cyprus’s Limits on Cash Transfers Abroad to End
By THE ASSOCIATED PRESS APRIL 3, 2015
Cyprus’s last remaining restrictions on transferring money abroad will be gone next week, the country’s president said on Friday. President Nicos Anastasiades said the lifting of the restrictions on Monday would represent the full restoration of confidence in the country’s banking sector. Cyprus, one of the 19 countries that uses the euro, introduced the limits to prevent a run in March 2013 when it received a multibillion-euro international rescue in a bid to halt a slide to bankruptcy. Mr. Anastasiades also announced more than 300 million euros worth of infrastructure projects and employment plans to lift the Cypriot economy.
-----
http://www.nytimes.com/2015/04/04/busin ... .html?_r=0
'Do it or do not do it: You will regret both' - Kierkegaard

x9200
Moderator
Moderator
Posts: 10073
Joined: Mon, 07 Sep 2009 4:06 pm
Location: Singapore

Re: bank account for foreigners

Post by x9200 » Mon, 06 Apr 2015 3:05 pm

How about Gibraltar? Cyprus got its reputation already for years. Gibraltar with big gambling industry and recurring question on money laundering but being a part of EU and British overseas territory (with Spain being very happy) is far more intriguing.

User avatar
ecureilx
Immortal
Immortal
Posts: 9817
Joined: Fri, 20 Aug 2010 5:18 pm

Re: bank account for foreigners

Post by ecureilx » Mon, 06 Apr 2015 3:33 pm

x9200 wrote:How about Gibraltar? Cyprus got its reputation already for years. Gibraltar with big gambling industry and recurring question on money laundering but being a part of EU and British overseas territory (with Spain being very happy) is far more intriguing.
maybe off thread, but Spain is happy with The Rock being under the Brits ?

I thought they have been dying to get their hands on Gibraltar .. including occasional blockades of cars/show of force etc. etc.

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Credit Card & Banking in Singapore”

Who is online

Users browsing this forum: No registered users and 18 guests