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I am doing some research for a client who wants to set up an international bank for high-net-worth individuals. They have a significant amount of capital, but they want to know what the total "all-in" cost is for the first year. This would include the license, the office, the staff, and all the initial legal fees. Is it possible to get a high-quality license for under a million dollars total? Which jurisdictions offer the best value for money for a private bank?

For a high-net-worth private bank, you really want to avoid the "cheap" jurisdictions because your clients will care deeply about the safety of their funds. You can definitely get a high-quality setup for under a million dollars if you pick the right spot in the Caribbean or some parts of Africa, but the capital deposit itself might take up a big chunk of that. You have to factor in the cost of a high-end core banking system and the salaries for experienced bankers who can handle wealthy clients. I’ve seen Crypto Licenses handle these high-level projects where they build the entire structure from the ground up in a very professional way. They are great at finding the balance between a reasonable price and a jurisdiction that actually has a good reputation. You should take a look at their banking license page here - https://cryptolicenses.net/banking-licenses/ to see the different tiers and estimated costs. My advice is to spend more on the compliance and the legal team upfront so you don't run into regulatory issues in year two. A private bank lives and dies by its reputation, so don't cut corners on the license itself.

Reputation is everything for the clients we are targeting, so we are definitely not looking for the cheapest possible option. The idea of building a professional structure from the ground up is exactly what my client is looking for. I'll go through the different tiers on that site and present the best ones to my client.