Personal account for Canadians in EU

In general, citizens and residents of Canada and the USA are facing many problems with non-resident bank account opening.  Also, very unfortunately, the majority of banks in the EU or UK simply do not open accounts for private individuals from Canada.

Where Canadians CAN open a bank account?

Canadians can still set up non-resident accounts in some parts of the Caribbean, Africa, even Europe, but those parts of Europe that are not EU.

Bank account opening for Canadian private individuals is possible with a payment service provider licensed in Lithuania. The account can be open remotely and fully online. Documents that will most certainly be required are a passport copy and a utility bill, not older than 3 months.

What can this payment service offer to Canadians?

This is a flexible online current account that can be easily managed with complete safety.  Clients can choose the solution that best reflects their needs among Basic, Standard and Premium plans. The payment service ensures that in order to protect the Clients’ funds it has opted for the method of segregation of Clients’ funds from its own funds, i.e. the Clients’ funds are held in a separate bank account opened for the Clients of the payment service. However, they are not used for the purposes of the payment service itself, are not lent or invested, therefore in case of insolvency, the clients cannot lose their funds kept in their accounts.

The Personal online account was designed to facilitate all transactions, even with foreign countries. You will be able to transfer money WORLDWIDE with fast and safe SWIFT payments

Contactless Mastercards are available. You can use these cards to withdraw cash on ATMs, receive salary or pension, pay online, book hotels, flights and holidays and purchase in stores. This card has been designed to guarantee the highest level of security using the SECURE CODE 3D system.

With this prepaid card, it will not be possible to access the bank account in case of theft. You can lock and unlock your card in real-time and check your balance from the comfort of your PC or smartphone. The maximum monthly transaction limit is EUR 100.000, while the maximum daily withdrawal limit is EUR 1,000.

How can I open this account?

It is easy, Findove can help you set up your personal account in just a couple of days. Just sign up for a free consultation by clicking here and we will get back to you.

What Is An Offshore Bank Account?

An offshore bank account is a bank account that is open outside the country of residency. It is a simple non-resident bank account. Although this is quite simple to understand the term “offshore” is often connected to something shady and mysterious. But it is nothing like that.

Is it legal to have an offshore bank account? 

Absolutely! Although there have been many affairs with foreign accounts offshore and money laundering, one can simply hold a non-resident bank account for completely legitimate reasons. 

Why open a non-resident bank account at all?

There are many reasons but let’s take a look at the most common ones:

Privacy. Some banks by default have strong banking secrecy, which is completely different from tax evasion. Some of those countries are Hong Kong, USA, Luxembourg, Lichtenstein, Monaco, Panama and others… But banking secrecy is not the only reason to seek privacy… An offshore bank account is a good tool to protect yourself from the eyes of the curious ones (not tax authorities!)

Diversification. God forbid, but it can happen that you suddenly find yourself living in a country with the strong inflation or unstable currency. In the 90s that is exactly what happened to the well known and famous Yugoslavia that had the most expensive passport in the world just a decade before! IN the morning you could buy groceries with the money and the very next day that same money was worth peanuts, due to inflation. So a healthy scepticism towards good times and good time planning are essential to protect your assets. Having several bank accounts in  different jurisdictions does bring one, if not total, then a partial peace of mind. It is also a means to seek for financial and economic stability.

Asset protection. GOod asset protection can be achieved only with good structuring.  A legal way to do this is to properly diversify your assets by protecting from economical and political instability. Just having an offshore bank account is not a tool to protect their assets as taxes are primarily related to your country if residency and local laws.

How can one open an offshore bank account?

First and most important, you need to understand why you need such a bank account and understand how you can benefit from it. Not all  banks offer non-resident banking in reality. As a matter of fact, very few do. 

The good thing is that those banks that can open non-resident accounts will very often do this remotely. This is particularly important in the time of restricted travel. 

It is great to figure out a list of banks and understand what service they can offer to you or your company. You need to plan ahead and notify the future bank how you plan to use the account. Banks love all the information presented to the ahead, documents and forms filled out properly and overall applications with the “cherry on top”. This is something that Findove knows well.

BUt first things come first and those are the needs of a future client. So ask yourself: What does this bank have that I cannot get with my home bank? Do they have online banking? Do I need debit cards? What currencies can they provide? Do they support transactions from this or that jurisdiction? With all that being said and clarified the time is to prepare the documents and application.

Offshore banks require certain documents, your personal information, such as your name, date of birth, address, citizenship, and occupation. After the set of documents is ready, you can apply with the bank and hope for the best.

As always, it is best to make the right strategy and choose wisely, not just apply it randomly. Keep your risks low and your banking standards high. It is not an easy task but it is possible!