Offshore Accounts

Open offshore bank account is necessary if you want to save your capital and ensure its security.

An offshore account is a bank account at a financial institution outside the country of your residence. It can be opened both in an offshore bank on tropical islands and in a reputable institution in a regular country. Any foreign account can be considered offshore. However, not every bank is suitable for offshore purposes. And before starting to look for a suitable bank, you need to understand the main reasons why offshore accounts are generally used.

Why open offshore bank account

As it was stated above, the main purpose of offshore accounts is asset protection. The proper use of these accounts can protect from:

• banks closure of in your homeland;
• the economic crisis in the country of residence;
• freezing of assets and confiscation;
• high excess taxes;
• fraud and unscrupulous officials;
• loss of all assets at once;
• the non-cooperative position taken by your international partners not trusting your country;
• various penalties.

In general, this ensures the safety of your savings and profits that you are getting right now. Thanks to offshore bank accounts, you will reduce risks, and in some cases, even increase the return on investment.

However many people ask the question if it is legal to use offshore accounts? The reason is simple: mass media is filled with negative statements about offshore companies and accounts. Some of the claims are justified, but most of them are propaganda, not facts. Using offshore accounts is completely legal if you comply with your country’s requirements and international regulations.

Required documents

Individuals and legal entities can open offshore bank account. Using our professional service you will get complete support during the whole process, tips, recommendations and error checking. The fact is that banks are extremely cautious about new customers and any mistake is an easy way to refuse service. That is why it is necessary to be careful. Each bank has its own list of documents that must be submitted. It is important to note that the documents should be translated into the language used by bank works and certified.

If you are an individual the main documents you should be ready to prepare are:

• passport;
• your place of residence confirmation (utility bills, etc.);
• application to the bank.

In some cases, documents confirming the legality of the funds (tax return, contract of sale, etc.) may be requested.

Opening an offshore bank account by legal person requires:

• passports of owners and directors of the company;
• documents confirming the place of residence of directors and owners (payment of utility bills, etc.);
• application to the bank;
• statutory documents of the company;
• Certificates of Trust;
• additional documents upon request.

The time it takes to complete a request starts from the moment when all the documents are submitted. Also, the bank has the right to request additional documents after the initial application.

Benefits of offshore bank accounts

The purpose of using an offshore account for corporate entities is somewhat different from physical persons. It is even possible to say that despite many legislative changes, it is easier and more convenient for legal entities to use offshore accounts than physical ones. 

That is why private investors specifically go through the process of offshore company registration in order to open a bank account for it. In addition to protecting assets, an offshore company and an offshore account allow you to have legal tax savings, international transactions without silly restrictions, and the opportunity to invest in new, previously inaccessible tools.

Types of offshore bank accounts you can open

You can open the following types of bank accounts depending on goals and owners:

• current (they are used to receive funds and to transfer them in accordance with under contracts obligations);
• saving or savings deposits (to store and accumulate money);
• transit (they are convenient for making transfers from one company to another if this is necessary for the rational management of the enterprise and for optimizing tax payments);
• securities (they become a kind of guarantee or collateral for a loan received at a foreign institution).

If we classify accounts considering information about their owners, then the following two types can be mentioned:

• personal accounts (they are opened not for the company, but for a specific individual who manages it independently);
• corporate accounts (they belong directly to the company, and are managed by persons authorized by the company).

How do we choose banks

There are many banks in the world and each of them offers its own conditions, advantages, and disadvantages. Before thinking about where to open an offshore personal bank account, you need to understand what goals you set and what funds you have. In other words, if you need an offshore account for a business, then the requirements for the bank will be different from an individual’s demands.

In addition, such objective reasons as the economic condition of the country, the liquidity and reliability of the bank, legislation, and accountability should also be taken into consideration. It is wise to avoid large institutions preferring medium-sized banks that have a margin of safety, have a high level of liquidity, plus a proven track record. Based on your requirements, you need to choose a country, and then a specific bank. There are no universal solutions for everyone, but there are banks that solve specific problems better than others. So, which bank and offshore account are right for you? Our specialists will be ready to share their knowledge with you helping to make the right choice.

How to open an offshore bank account

After all the questions are answered, the essential stage of the preparation of documents starts. Documents are a very important aspect of showing your nature, especially for the bank’s security division. Opening an account abroad, especially for companies, can be difficult today. This is the basis for the policy of entire states that restrict the so-called non-resident or offshore banking, i.e. opening accounts for foreigners. The reason is simple. Such customers are considered risky.

Despite this, an offshore bank account for a legal entity has been and remains a preferred instrument. You may need a personal visit to the bank or you will be allowed to open an account remotely, in any case, the documents should be perfectly prepared. Doing it yourself is almost impossible. Our experience has shown that only a few people manage to fill out all the documents correctly from the point of view of bank rules from the first. Our experts’ assistance allows you to reduce the run-up and waiting time, also lowering the total costs when opening a corporate account.

Quick and easy offshore bank account opening

Opening a foreign account can always be a challenge. This may be the need for reporting in the country of residence, the difficulty of opening an account remotely, the limited range of services and products of the selected bank, and of course, the most pressing issue of stability and transparency of foreign financial institutions, which will certainly affect the issue of confidentiality your data. And please remember that the wrong choice of a country and a foreign bank can lead to unnecessary problems and potential threats for you and your business.

In order not to make a mistake in choosing a bank for opening an offshore account, we strongly recommend contacting professionals in their field. Our company can not only advise on the most attractive and stable banks but also help in opening an offshore account remotely, as well as with a personal presence.