Accessing to an offshore credit card program for a high limit credit card is becoming extremely difficult.
Difficulties to obtain a high limit offshore credit card found their sources with anti-money laundering rules and regulations , the credit card providers and the banks will often consider a high limit offshore credit card as a tool to facilitate tax evasion, tax avoidance and money laundering.
In the past many entrepreneurs were using high limit offshore credit cards to withdraw cash at ATM’s in their countries of residences or to pay for private expenses, the credit card was then paid from their offshore company.
In reaction many banks cancelled access to credits cards for companies with non-resident ownership , this is the case in Hong Kong where accessing to a corporate credit card provided by the bank is nearly impossible for a non- resident.
Using an independent offshore credit cards program remains an opportunity, there are plenty of credit card providers with prepaid solutions.
Most of the prepaid credit card providers are imposing transactions limits to prepaid credit cards, having a monthly limit of few thousand united state dollars is not really helping the frequent travelers.
To access an offshore credits cards program destined to high spenders you should accept the principle of an enhanced compliance report on the card holder and about the company paying the credit card provider.
Using multiples companies to pay the credit card expenses is not anymore accepted, so if you come across such acceptance of multiples payers you should pay a specific attention to avoid possible scam.
But what are high limit credit cards?
High limit credit cards are often bundle with concierge services and specific offers , you could expect a yearly cost of 3 to 5000 USD to obtain and maintain the credit card.
High limit credit cards are destined to high spenders and before the Covid 19 a high spender was expected to spend on his card a minimum of united states dollars 300,000 per year.
Accessing such offshore credit cards program, being part of the 3 % of the world population being able to spend such amounts is also requesting a proper introduction.
Obviously if as a client you are entering into a program that is considered as a anti-money laundering risk by most of the banks and usual providers you will need support. A Corporate Services provider , a wealth manager or a legal professional will only introduce his well-known clients to such an opportunity.
If you are NOT a big spender, you should concentrate on prepaid credit card with lower transactions limits, this could be paid for by your company and you could deposit few thousand dollars on the card in prevision of future expenses.