Offshore bank account: Why not Switzerland [#6]

I was privately asked why I’ve chosen Caribbean bank, not some bank in Switzerland.

Well,  the answer is simple. Swiss banks are great, but the problem is… They don’t need/want my money.

They prefer not to deal with small clients. And my amounts are tiny for them indeed :). Required minimum for most Swiss bank accounts is 300K-500K CHF that is a lot more than my entire net worth, so I am just not their client.

And even if I was wealthy enough to afford these required minimums, it still is not a great deal because these banks currently pay hardly any interest. Quite the opposite, they charge you to have your money with them. The same is true for many other Western banks, but they have no such ridiculously high enter barriers.

My current plan is to maintain offshore balance at ~10K USD and decide later whether I’m interested in any of their brokerage services / mutual funds etc. Such account could also be helpful to do some cross-border funds transfer if I need any.

Basically, at this point I’m not strongly motivated putting lots of money offshore even before I understand what regulatory restrictions I might be a subject of.

Read: Part [#5] of the offshore bank account story

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