"If you were going to invest 1 Million Canadian Dollars overseas..."

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Category: International Planning Q&A

Published on Tuesday, 27 September 2011 10:04

Written by Greg McNally

Question from a Canadian-based IM Member:

Q: "If you were going to invest 1 Million Canadian Dollars overseas on an investment managed basis, in what country and what financial institution would you consider the safest and most competent to hold your offshore funds."

A (by Greg McNally): The country doesn't matter as much as the financial institution does. For instance, Scotiabank has operations in Guatemala and in the UK. However, practically speaking, you are going to find more service providers in jurisdictions like the Bahamas, the Channel Islands, Switzerland, Hong Kong and Singapore. I would be comfortable in dealing in any of these jurisdictions.

I like boutique firms with a long and positive track record. However, it might be difficult to gain access to them with only $1 million Canadian. However, many good firms do have pooled funds that they manage on a nondiscretionary basis with entry levels as low as $500,000.  

About N. Gregory McNally, BA, LL.B, MBA, JD, LL.M (Int'l Tax), TEP
A Canadian by birth, Greg McNally is an international tax lawyer by training. He has earned various degrees, including law degrees in both Canada and the United States, a Masters of Law in International Tax and a Masters in Business Administration. He practiced law in the Turks and Caicos Islands for 10 years from 1992 until 2002, when he returned to Canada and joined the Royal Bank (Global Private Banking) as their Senior Manager of International Services in Toronto. In 2004, he started an international tax consulting firm called N. Gregory McNally & Associates Ltd., where he now oversees the development and implementation of customized international wealth management solutions on behalf of high-net-worth and ultra high-net-worth clients.

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Tags: Bahamas , Canada , Canadian Dollar , Channel Islands , Greg McNally , Guatemala , Hong Kong , Scotiabank , Singapore , Switzerland