Ukraine
You might think that Ukraine is totally out of place on a list of offshore banking countries. And you’d be right… in the sense that it is worlds apart from the safe haven status of countries like Switzerland.
However, Ukraine currently offers some of the highest deposit yields on earth, with some banks paying up to 18% on one-year CDs. In a world starved for yield, adventurous depositors might seek refuge in a place like Ukraine.
Now, I’m a big fan of claiming higher interest rates in offshore jurisdictions. There’s no reason not to earn as much interest as you can, provided the jurisdiction you’re banking in is stable. Sadly, Ukraine is far from stable.
Many banks in Ukraine are controlled by the local mob as a means of money laundering. Even some Ukranian bank websites look remarkably similar to those 100%-a-day HYIP scams you see floating around online. That’s not surprising, because getting your money out of a Ukrainian bank can be near impossible.
To begin with, few banks in Ukraine will send proceeds from your account out of Ukraine. You have to go there to get your money. I can’t imagine many of you want to go to Ukraine a first time, let alone a second time.
Of course, a Ukranian banker is claimed to have toppled a large bank in Lithuania after using it to launder money. So your money might not be there at all. There was a time I might have been cautiously agnostic about opening an account with one of the international banks in Ukraine. Today, I wouldn’t advise doing even that.
https://nomadcapitalist.com/2014/04/16/four-offshore-banking-countries-bother/