These days, nearly every adult can open an offshore bank account by connecting with a credible introducer such as us.
The internet has removed the exclusivity of having offshore bank accounts and has made it possible for each person to use and maintain an offshore bank account while not having to pay huge processing costs. One of the factors that make offshore banking attractive is the increased privacy and confidentiality while banking.
Privacy and secrecy of Hong Kong bank account
Banking privacy and secrecy is a major concern for many offshore clients. It’s a priority that you and your cash are secure. Many Hong Kong banking institutions allow secure and private offshore banking accounts. The privacy and financial safety policies of Hong Kong banks are favorable to clients and are secure.
Safety and privacy is essential to how these banks operate. Offshore banking safety and privacy is regulated by law, meaning the law limits any information to be shared with a third party, including the government of the account holder’s country of residence (check our Hong-Kong non-resident bank account option). Naturally, laws permit Hong Kong banks to provide information in cases of extreme criminal acts or terrorism.
Banking confidentiality is not to be taken lightly
Which Hong Kong banks have the best safety, security and confidentiality policies? A company like us has the answer at our fingertips and we can provide you with this information.
Privacy protection in Hong Kong is becoming more difficult
With the coming of new laws and government regulations, and societal pressure, protecting the secrecy and confidentiality of bank customers is becoming very difficult for Hong Kong banks.
Despite this shift to greater transparency in offshore banking operations, it is still possible to protect your privacy and financial security in Hong Kong through the use of careful documentations and procedures.
This should be handled by experts due to the intricacy involved
Hong Kong bank secrecy
The recent introduction of the Automatic Exchange of Information (AEOI) in many countries, which requires banks to automatically communicate your bank account details to tax authorities, has led to concerns that the privacy and secrecy of Hong Kong bank accounts will be jeopardized.
Although Hong Kong is not a party to the automatic exchange of information, it is predicted that a new law that has similar provisions to the AEIO will be put to vote at the end of the year. Please note that Hong-Kong signed the CRS with United Kingdom and Japan (= data exchange between these countries).
Naturally, many customers will not appreciate having their banks share their financial information with their countries of residence, not only because of the negative tax implications, but because the wealthy may be exposed to such threats as blackmail and kidnapping.
However, until a law similar to the Automatic Exchange of Information becomes effective in Hong Kong (which is increasingly looking unlikely in the present period), Hong Kong remains a safe and secure place to have your offshore bank account.