How to open a personal offshore bank account?
The good thing about offshore banks is that they still accept non-resident clients. First and most important is to understand and select the bank that you are applying with. It is also crucial to understand it’s features. Above all, ask yourself how you will operate this new account and what you are looking for exactly.
There are many reasons to become non-resident account holders, including the search for guarantees of the depositor’s privacy offered by a number of overseas banks. Some applicants open offshore accounts to protect assets, others want to take advantage of higher interest rates on deposits, or look for a menu of new banking products. In simple words, offshore banking is about transferring your money to a financial institution outside your country, so any place in the world can be chosen for opening a personal foreign account. A few countries are particularly popular with private persons wishing to park their money in a secure bank account abroad.
How to choose a bank?
You need to take into consideration what banks can offer an account that you are willing to open. Be it a depositary account or a current account, you will need to do some research or even better, talk to professionals by contacting us here.
Before opening an account with an offshore bank, make sure that the chosen financial institution is reliable, has enough liquidity, and meets all your requirements. There are various factors that you have to consider before you entrust your assets to a particular foreign bank. The first aspect to pay attention to is the associated costs and the fee schedule of the bank. Our extensive experience in international banking allows us to hand-pick the most suitable jurisdictions for individuals who share with us their aspirations and concerns.
What documents do you need for opening a non-resident account for a private person?
Every bank has their own policies and you will need to comply with their requirements. In almost every case the bank will ask you to provide a passport copy and other documents confirming your identity as well as the place where you live. Most of the time bank account opening can be done remotely. The list of other required documents is country-and bank-specific. For example, some foreign banks request testimonials from other banks, many arrange mandatory online interviews, or even require an in-person visit of the applicant. When the portfolio of documents is ready, it is submitted for compliance to the bank. Due Diligence can take up to 30 days. But even when the documents are issued and compiled properly, the applicant may be rejected by a foreign bank without any comments.
How to apply for bank account opening?
The best way is to apply through professionals that can arrange pre-approval, which means preliminary check with the bank. This is by far the safest way to apply or choose an alternative bank. Please go to our Free Consultation page to arrange a consultation.