High-net-worth private banking can offer foreign non-residents (and their businesses) some incredible benefits that normal banks can’t offer.
From enhanced privacy to dedicated wealth management and even special financing for yachts and art purchases there are a lot of perks to private banking.
But, as you can imagine, it’s not easy to get in. Even if you have the assets, you still need to know where to go to get the best treatment possible.
Read on in this article to find out how to find the best private banking solutions for you and your particular client profile.
High-Net-Worth Private Banking
High-net-worth private banking comes with excellent benefits and is always a good choice for those who can afford it. But to get the best that private banking has to offer, you need to know where to go. Read on as we cover the best jurisdictions for high-net-worth private banking today.
In this article, we’re going to cover exactly how to unlock the unique benefits of high-net-worth private banking and the key things that you, as a non-resident, need to know on how to access it.
Here’s a look at everything we’ll cover in this article…
Table of Contents:
- Benefits of High-Net-Worth Private Banking Services
- Top 3 Countries for High-Net-Worth Private Banking Services
- How to Qualify for High-Net-Worth Private Banking Services
Before diving in, if this is your first time visiting GlobalBanks, download your FREE Private Banking Starter Guide. It’s designed to help you navigate the complexities of private banking while unlocking as much value as possible through the best international private banks.
Benefits of High-Net-Worth Private Banking Services
There are many attractive benefits of high-net-worth private banking services that foreign non-residents can take advantage of. And, as you can imagine, the more money you have, the more benefits you can unlock.
For now, let’s look at the most common benefits non-residents can unlock when accessing high-net-worth private banking services.
Benefits of High-Net-Worth Private Banking Services:
- Enhanced privacy
- Dedicated personal wealth advisor
- Reduced fees on products & services
- Sophisticated customer service
- Long-term wealth management
- Wider range of investment products
- Customized investment options
- Asset wealth management services
- Retirement planning
- And more…
As you can see, there are many benefits to accessing high-net-worth private banking services. And, depending on your client profile, you can even unlock other unique perks.
For instance, some banks may offer private banking services to their clients such as special financing for yachts, aircraft, and expensive art pieces. In addition, they may provide guidance in acquiring international mortgages and real estate financing.
If you’re interested in learning more about these special perks, you can check out our article “Most Exclusive Private Banks in the World” for additional information.
If you’re already sold on the idea of private banking, the next step is to choose where to bank.
To help you get started, let’s look at the top 3 countries for high-net-worth private banking services.
Top 3 Countries for High-Net-Worth Private Banking Services
When it comes to picking the best country for high-net-worth private banking services, there are many to choose from.
The best fit for you will depend on your client profile, if you can meet the account opening requirements, and how much you’re able to deposit.
Of course, it’ll also depend on the specific private banking services you’re looking to tap into. This is because not all banking jurisdictions offer the same banking products and services.
With this in mind, we’ve compiled a list of the top countries where foreign non-residents can access high-net-worth private banking services. We’ve also included the minimum deposit levels non-resident individuals must meet.
This should help you to think about where you want to (and can) access private banking services in relation to deposit requirements.
Deposit Considerations Based on Countries Offering High-Net-Worth Private Banking Services
[Note: if you need help navigating your options and choosing a country that is best suited to your client profile, banking needs, and offers the banking services you’re after, get started right now with GlobalBanks IQ – our international banking intelligence platform.]
| Country | Low-Minimum | Bank Preference |
| Switzerland 🇨🇭 | $1,000,000 | $3,000,000 |
| Singapore 🇸🇬 | $1,000,000 | $3,000,000 |
| United States 🇺🇸 | $1,000,000 | $2,000,000 |
| Liechtenstein 🇱🇮 | $500,000 | $1,000,000 |
| Monaco 🇲🇨 | $500,000 | $1,000,000 |
| United Kingdom 🇬🇧 | $500,000 | $1,000,000 |
| Austria 🇦🇹 | $300,000 | $1,000,000 |
| UAE 🇦🇪 | $300,000 | $500,000 |
| Andorra 🇦🇩 | $200,000 | $500,000 |
The Low-Minimum refers to the lowest deposit amount that you will be able to open an account with, in this jurisdiction. It is only possible to get in at these levels if you know specifically which banks to go to and which bankers to speak with and/or have a reference or introduction.
Otherwise, the Bank Preference column lists the standard deposit level that you can expect when trying to open a private bank account in any of these jurisdictions.
Let’s look at the top 3 countries in more detail…
High-Net-Worth Private Banking in Switzerland
At the top of the list is Switzerland, known as one of the best banking jurisdictions in the world. It is home to some of the best banks in terms of financial stability and management. These banks specifically cater to a wide range of high-net-worth individuals, including wealthy philanthropists, European royals, powerful families, and celebrated entrepreneurs.
As you can imagine, account opening in Switzerland does not come easy.
To get in, you need to know which bank, branch, and even banker to approach. You’ll also need to meet the bank’s asset threshold and be willing to invest a sizeable amount into its investment management services.
Opening an account in Switzerland is ideal if you’re looking for sophisticated financial services, specialty investments, and/or a private account manager who will provide expertise and guidance on how to grow and protect your assets.
But, remember: high-net-worth private banking services vary dramatically. Even from bank to bank. So, bank (and banker) selection is critical to accessing the specific services you’re after.
To learn about how you can access high-net-worth private banking services in Switzerland, check out the articles below. Or, if you’re ready to start opening accounts in Switzerland today, check out GlobalBanks IQ to find out who to contact and step-by-step instructions on how to get your account started.
High-Net-Worth Private Banking in Singapore
Singapore is also another excellent banking jurisdiction for individuals looking for high-net-worth private banking services. Singapore has an excellent reputation for being a well-managed, stable, and conservative banking jurisdiction.
And, if you’re able to successfully open a private bank account here, you’ll be able to tap into a number of lucrative private banking services. Including top-notch financing solutions and wealth and retirement planning.
So, it’s no surprise, many high-net-worth foreign individuals (and their businesses) are flocking here to open bank accounts.
However, opening a private bank account in Singapore is extremely difficult, especially if you’re not aware of the account opening quirks and requirements before applying.
Fortunately, we cover the entire account opening process for non-resident individuals and foreign business owners in our members-only report “Banking in Singapore: Global Banking at Its Best (And How to Get In)”.
You can access this report immediately when you join GlobalBanks IQ.
High-Net-Worth Private Banking in the US
Yes, non-resident individuals and foreign business owners can also access some great high-net-worth private banking services in the US.
When you open a private bank account in the US, you unlock a wide range of banking products and services. Including, but not limited to, wealth management planning, customized banking solutions, and one-on-one account management.
One feature many foreign non-residents are attracted to, in particular, is US credit cards. This is because US credit cards offer non-resident individuals and businesses profitable rewards that can’t be accessed anywhere else in the world.
No other country even comes close.
Of course, to access US credit cards and unlock the private banking services you’re after, you must choose the right bank before you start applying. This is no easy task. Fortunately, GlobalBanks can help… more specifically, GlobalBanks USA.
GlobalBanks USA is the number one US bank account opening service available anywhere. It helps foreign and non-resident individuals (and their businesses) open bank accounts in the United States.
This includes the direct one-on-one support you need to find and open accounts with real brick-and-mortar banks that match your client profile and banking needs, and offer the high-net-worth private banking services you’re after.
Now, if you’re not sure if these are suitable options for you, don’t worry. As you can see from the table above, there are other jurisdictions to choose from.
If you’re interested in learning more about any of the countries mentioned in this section, we cover these banking jurisdictions and more in our premium members-only report “Private Banking Secrets: Make Money Like the Super Rich”.
This report will help you identify where you can access high-net-worth private banking services based on your client profile and specific banking needs.
You can access this report immediately when you join GlobalBanks IQ.
That said, to access high-net-worth private banking services in any of these mentioned banking jurisdictions, you need to know how to qualify. More on this below.
How to Qualify for High-Net-Worth Private Banking Services
Knowing how to qualify is just as important as knowing where to open. This is because not all banks offer private banking and wealth management services.
And, as we illustrated above, deposit levels can vary dramatically between banking jurisdictions.
But, like banking anywhere, you’ll need to meet specific requirements to successfully access high-net-worth private banking services.
So, in addition to the general banking requirements, such as application forms, personal identification, and proof of income, you’ll also need to meet certain financial requirements:
- Verification you can support the initial deposit
- Proof you have at least $1mm in investable assets (the specific amount will vary from bank to bank)
- Expectation you’ll use bank products and services
Of course, depending on the country and bank you choose, these specific requirements can vary.
So, before applying, it’s critical you do your homework. This means, understanding the specific services, products, benefits, and fees the bank has to offer. That way, you can make an informed decision on whether or not it’s a suitable option for your client profile.
With this in mind, if you want to start unlocking the benefits of high-net-worth private banking services today or you want to know whether or not you qualify, here’s how to get started…