Offshore bank account

An offshore bank account is an international multi-currency bank account, which allows payments or collections to be made via transfers in the most popular currencies: dollars, euros, pounds, etc.

An offshore account is a normal bank account located in a foreign country where the person or the company has no residence, the authorities have no influence over his overseas bank account.

These bank accounts usually offer debit or credit cards and Internet banking access so that you can manage your account and/or withdraw money from cashpoints.

Offshore banks

Offshore banking refers to the use of banking services in an offshore jurisdiction, where the owner of the account is not a resident.

Offshore banks are regulated by laws defined specifically within each jurisdiction and exist as per their regulations. Each banking entity operates under a Banking License governed by that specific state or governmental authority.

The term offshore Bank refers to banks located in offshore territories and jurisdictions or tax-havens. These banks allow greater freedom of operation and very favourable tax advantages.

An offshore bank operates similarly to a normal traditional bank. Any person or company can open an offshore bank account in an offshore bank and enjoy the same service as a normal bank, online transactions, deposits, payments, and debit/credit card.

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6 REASONS TO OPEN AN OFFSHORE ACCOUNT

Wealth diversification

Protect your asset from the economic and political fluctuations.

Interest rate

Offshore bank offer more interest rate on investment than European central bank or Federal reserve bank.

Greater privacy

Payments exceeding 100000 USD are reportable, protect yourself by using an offshore company to hold the account.

Asset protection

Protect your asset from any local laws pursuit.

Multicurrency account

Offshore banking offers multicurrency accounts, allowing you to diversify currency risks.

Stable banking system

The 50 top banks are based in an offshore jurisdiction.

Documents required to open a bank account

The documents required to open an offshore account typically vary from one bank to other, but here are some common documents the bank ask for:

Corporate documents

  • Certified copy of the incorporation certificate.
  • Certified copy of the good standing certificate.
  • Certified copy of the incumbency certificate.
  • Business plan.

Personal documents

  • Certified copy of passport.
  • certified utility bill.
  • reference letter from bank, lawyer or solicitors.

OPENING AN OFFSHORE ACCOUNT

To open an offshore account with an offshore bank, we first need to know if it is to be in your own name or that of a company.

We advise opening it in a corporate capacity to benefit from more privacy.

  • IS IT NECESSARY TO TRAVEL TO OPEN AN OFFSHORE ACCOUNT?

    No. But it also depends on the bank we are dealing with. In most cases, travelling makes things easier. Going in person to meet with the offshore bank agent allows us to have the  offshore account up and running in a matter of 48 hours, whether personal or corporate.

  • IS IT HARD TO GET AN OFFSHORE BANK ACCOUNT?

    Opening an offshore bank account is not a difficult process, and it can be done online in a timescale that can vary from a few days to a few months, depending on the speed of the bank we are dealing with and the documents required.

  • FURTHER INFORMATION

    After the 9/11 attacks, all banks , including offshore banks, came under pressure from organisations such as the OECD and FATF to apply verification measures known as KYC (know your customer), and due diligence. This involves collecting information on the general purpose of the account, identifying the origin and destination of funds and knowing the final beneficiary of the offshore account.