The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Rocky mountain offshore

It has all the makings of a tax haven. It's somewhere people tend to go only on holiday, if at all; it has a population of under a million, and a capital city with just 25,000 inhabitants; it's stable, with a median family income in 1989 of over $28,000. It even has snow-capped mountains.

"You've got the most stable political environment in the world," points out Peter Blouke, director of the department of commerce of this idyllic state. "And you have a very small bureaucracy. We already know that Montana's a good place to live, but it's also a good place to do business."

Montana? Until now, this north-western US state has not usually been bracketed with the likes of Switzerland, Panama and the Cayman Islands. But from the beginning of the year it has been accepting applications for charters to set up Foreign Capital Depositories, or FCDs.

"It's reflective of the independent, entrepreneurial nature of the state," says Blouke. "There is no comparable facility in North America." FCDs will take deposits of no less than $200,000 from non-US citizens, and protect them with the strictest privacy laws in the US. The state of Montana takes a 1.5%

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree