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Best Countries to Hide Money 2024
International banking is legal in most countries when it is done properly. The best countries to hide money will be the ones that allow you to store and save your assets, and maybe even grow them. Offshore banking or banking in countries to stow away your funds is legal when done for the right reasons and declare on your tax return with your home country.
It is not just for the wealthy. There are some capital gains that can be made tax-free, so declaring it on tax returns doesn’t necessarily mean it will be taxed.
The Best Countries to Hide Money
The top five best countries to hide money are as follows:
- Cayman Islands
- Switzerland
- Belize
The Cayman Islands is home to most of the world’s hedge funds, so it is no surprise that it would also be a great place to hide or store money. This country is known for its tax benefits when it comes to money, as taxes can be avoided through many of the banks here. At the same time, this country also offers confidentiality that many other countries do not in banking, and this is an appeal to the wealthy.
Swiss banks are world-renowned as being among the most professional and discreet in the world. There are only secrets here. You can keep your money here safely, and the Swiss economy is safe enough to keep your own economy secure.
Singapore is another country that is a tax haven for the wealthy, or anyone that has something they just want to put away. This is a good country to hide investment money in or to protect assets that you don’t want to advertise to the world. Singapore banks also offer some of the most expert advice and financial management.
The Chinese banking system is also considered one of the top financial centers of the world, and it should be because it is integral to the global economy. Hong Kong specifically is where the wealthy go to the bank, and it is considered the third-best banking systems on Earth after New York and London. The banking here can be integrated with banks at home through banks such as HSBC with branches all over the world.
Belize is an excellent country to save cash in, and it offers perks that some other international banking systems will not. One is its high-interest rates. Rates can be seen as high as 24 percent in Belize, and online banking makes banking in Belize very easy.
- Financial Secrecy Index (FSI) is a combined metric. Each country is first given a financial secrecy score which ranges from 0 (no secrecy) to 100 (full secrecy). These scores are then combined with the volume of international customers exploiting this secrecy to determine the final FSI score. The secrecy ratings are broken out for the table below.
- Different sources use different methodology to determine which countries are the 'best' at hiding money/financial secrecy. As such, the list created by the Tax Justice Center differs from that of Statrys, Best Citizenships, and so on.
- Countries may be considered good places to hide money for a variety of reasons. Switzerland is known for its devotion to protecting the privacy of owners of financial accounts. The United States, by comparison, is known for the ease with which 'shell' companies used to obscure wealth can be created.