Everyone ought to consider opening a Hong Kong bank account and moving a portion of their savings there. This is the most important step, for some key reasons:
- First, most western banks are sitting on hundreds of billions of dollars in losses to their asset portfolios, not only from the sub-prime debacle, but also from sovereign default issues. Hongkong has never had a banking failure. Opening a bank account in Hong Kong is very straightforward, much more so than in the US, UK or Europe.
- Second, Hong Kong banks typically make it easier to diversify your currency exposure. If you want to get out of the dollar or euro, for example, a single bank account in Hong Kong lets you diversify into over a dozen different options. Chinese Renminbi, Singapore Dollars, Australia Dollars, Pound, Euro, etc.
- Last, to open a bank account in Hong Kong all you require is passport number/ travel documents and proof of address. It is not necessary to be resident in Hong Kong or have a work visa in Hong Kong and it's perfectly possible for a tourist to open a bank account in the city.
- Convenience - stay with the same bank, no matter how many times you move country
- Choice of currencies - a wide selection of multicurrency savings and investments to help you grow your wealth
- Expat expertise - specialists who can help you structure your investments and choose the right foreign exchange solutions
- Tax efficiency - banking offshore could be a tax efficient way to manage your money
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