Your nationality and country of residence is the main and first information of a bank to decide if they would like to go further with an offshore bank account opening process
Each bank and financial institution determines a risk level for passport holders and residents in specific countries; usually their decisions are based on international organizations and official listings but could also be influenced by regional tensions. As example, the relations between Philippines and Hong Kong have an impact on Hong Kong bank account opening
for a Philippines resident.
The reasons of a bank account opening rejection are therefore not only linked to the KYC procedure, some legitimate businesses with proper documents are denied because of their location and/or the nationality and country of residence of the ultimate beneficial owner(s).
The below categories are not politically correct but reflect our Hong Kong bank introduction experts personal experiences for bank account opening of passport holders and residents in specific countries.
We classified the difficulty level to open a bank account in a foreign country as:
IMPOSSIBLE > high risk country with very low bank opening success rate although the customer could be a high quality customer profile.
VERY DIFFICULT > without a KYC expert to prepare the file with you during the bank opening will be nearly impossible to achieve
DIFFICULT > you will need the services of bank introduction and KYC specialists.
SIMPLIFIED > you will be able to prepare all the KYC documents yourself if your objective isn’t a bank opening for tax reasons, however if it is for tax planning, you should talk to a KYC specialist for your bank opening.
- High Risk
Afghanistan, Algeria, Belarus, Bolivia, Burundi, Cote D'Ivoire, Ivory Coast, Democratic People's Republic of Korea, North Korea, Democratic Republic of The Congo, Dominican Republic, Ecuador, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Guatemala, Guinea, Haiti, Honduras, Iran, Iraq, Kenya, Laos, Lebanon, Liberia, Libya, Myanmar, Nicaragua, Nigeria, Pakistan, Republic of The Congo, Sierra Leone, Somalia, Sudan, Syria, Turkmenistan, Uzbekistan, Venezuela
- Medium Risk
Albania, Angola, Argentina, Armenia, Azerbaijan, Bahamas, Bangladesh, Benin, Bosnia and Herzegovina, Brazil, Bulgaria, Burkina Faso, Cambodia, Cameroon, Central African Republic, Chad, China, Colombia, Comoros, Costa Rica, Croat, Cuba, Czech Republic, Djibouti, El Salvador, Gabon, Gambia, Georgia, Ghana, Greece, Guinea-Bissau, Guyana, Hungary, India, Indonesia, Italy, Jamaica, Jordan, Kazakhstan, Kiribati, Kosovo, Kuwait, Kyrgyzstan, Latvia, Lesotho, Lithuania, Macedonia, Madagascar, Malawi, Malaysia, Maldives, Mali, Mauritania, Mexico, Moldova, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Namibia, Nauru, Nepal, Niger, Niue, Oman, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Romania, Russia, Samoa, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Slovakia, Solomon Islands, South Africa, Sri Lanka, Suriname, Swaziland, Tajikistan, Tanzania, Thailand, Togo, Tonga, Trinidad and Tobago, Tunisia, Turkey, Uganda, Ukraine, Uruguay, Vanuatu, Vietnam, Yemen, Zambia, Zimbabwe
- Low Risk
Australia, Austria, Bahrain, Barbados, Belgium, Bhutan, Botswana, Brunei Darussalam, Canada, Cape Verde, Chile, Cyprus, Denmark, Dominica, Estonia, Finland, France, Germany, Hong Kong, Iceland, Ireland, Israel, Japan, Luxembourg, Macao, Malta, Mauritius, Netherlands, New Zealand, Norway, Poland, Portugal, Puerto Rico, Qatar, Republic of Korea, South Korea, Rwanda, Singapore, Slovenia, Spain, Sta. Lucia, St. Vincent and the Grenadines, Sweden, Switzerland, Taiwan, United Arab Emirates, United Kingdom, United States of America
Andorra, Anguilla, Antigua and Barbuda, Aruba, Belize, Bermuda, British Virgin Islands, Cayman Island, Cook Island, East Timor, Fiji, Gibraltar, Grenada, Guernsey, Isle of Man, Jersey, Liechtenstein, Marshall Islands, Micronesia, Monaco, Netherlands Antilles, Northern Cyprus, Palau, Palestine, San Marino, St. Kitts & Nevis, Turks & Caicos Island, Tuvalu, US Virgin Islands