Our team can help you set up an offshore bank account in any jurisdiction that provides this service; we are specialized in offering this service and preparing all the documentation required by banking institutions.
| Quick Facts | |
|---|---|
| Offshore bank account – definition | A bank account that can be set up in offshore jurisdictions, while enjoying special privacy and protection. |
Who can set up an offshore bank account | Foreign individuals and corporate clients |
Our jurisdictions for offshore bank accounts | Switzerland, the Cayman Islands, Singapore, Belize, UAE, Mauritius, Hong Kong, Panama, Seychelles, Nevis. |
| Reasons to open an offshore bank account | • the owner of the account is paid in foreign currency; |
| Eligibility requirements | The eligibility requirements vary based on the jurisdiction and the bank. In general, the applicant must be above 18 years old, present identity documents, have the minimum amount for deposit (where applicable) and provide information on the tax residency. |
| Types of offshore bank accounts | Accounts in foreign currencies, in local currencies, checking accounts, savings accounts, deposits accounts. |
| Our offshore locations for asset protection accounts | Switzerland, Nevis |
| Our jurisdictions with simple setup requirements | Belize, BVI, Switzerland, Mauritius (it allows the setup of bank accounts online) |
| Documents to prepare for personal offshore bank account setup | • Notarized copy of the passport; • a document attesting the residence; • a letter of recommendation from another bank, etc.; • information about the origin of the funds; • having the required threshold for the deposit. |
| Documents to prepare for corporate bank accounts | • the statutory documents of the company; • documents attesting that the company is operational; • the power of attorney for the company’s representative; • information on the tax residency of the company; • the personal identity documents of the shareholders, etc. |
| Fees charged for offshore bank account setup | It depends on the jurisdiction, bank or the type of account. |
| Minimum amount to submit | It depends on the jurisdiction of choice. |
The advantages of an offshore jurisdiction | All offshore jurisdictions provide a set of tax exemptions for both corporate and individual foreigners (banking privacy, property rights, low or no taxes for remittance of profits, etc.) |
| Setting up a bank account online (yes/no) | Depending on each bank’s regulations. |
| Obligation to come in person at the bank (yes/no) | It depends on the jurisdiction. One can also appoint a representative. |
| Additional documentation verification concluded by offshore banks | In offshore jurisdictions, banks can oftentimes ask for additional paperwork that can verify the client is not involved in any tax evasion, money laundering or the infrigement of any tax laws. Bank documents and statements issued by the home bank can be required, for up to 1 year previously to the request to set up an offshore account. |
How to open an offshore bank account online | For online setup, the banks will request the same documentation necessary for in-person meetings. It is also necessary to establish an online meeting through videocalls between the clients and the bank representatives. |
How to choose a bank | The decision on selecting an offshore bank should be based on the following: – the reputation of the bank; – the types of financial services it offers; – the interest rates; – the minimum deposit; – the fees charged; – the services provided for the remote access of the account; – privacy regulations. |
| Can clients open the account through their representatives? | Yes, foreign clients can set up the bank account through a local, trusted third party. |
| Can clients open multi-currency accounts? | Yes, multi-currency accounts are available in some offshore jurisdictions. |
| Capital requirements for bank accounts in the British Virgin Islands | It can vary based on the type of account (around $25,000, but the requirements can also vary based on the bank). |
| Capital requirements for bank accounts in Switzerland | They can go up to $500,000, and in case of asset protection accounts, up to $1 million (but it varies on the bank – however, one can’t open an offshore bank account in Switzerland without a minimum deposit). |
| Capital requirements for bank accounts in Hong Kong | Minimum $5,000 (differences can appear based on the bank and the account type). |
| Capital requirements for bank accounts in Belize | $1,000 |
| Capital requirements for bank accounts in Mauritius | Minimum $10,000 (it can vary on the bank and the account type). |
| How to make withdrawals once you open an offshore bank account | Withdrawals can be made with a debit card that has international usage. Checks are also used, but this is a less common method. One can also opt for electronic wire transfers. |
| How to make deposits | International wire transfers. |
| How to choose a currency | You can choose a currency based on the options provided by the bank, the economic value of a currency, exchange rates charged when making withdrawals from your home countries, the fees charged by the bank, etc. |
| Can foreigners open offshore merchant accounts? | Yes, most countries offer the possibility to set up merchant account. |
| When is a merchant account needed? | The merchant account is required when selling goods online to international markets. |
What are the main services you can offer to international clients?
Our team is specialized in assisting clients in setting up an offshore bank accountin offshore countries. We offer other related services, and below, you can discover some of the ways in which we can help you:
- advice on the types of accounts you can set up in a jurisdiction as a foreigner;
- assistance in preparing the documentation;
- legal representation in front of the banking institution you have selected;
- we can intermediate the process of opening the bank account online (many commercial banks and many offshore jurisdictions provide this possibility, following a specific protocol that must be met by the client);
- you can also rely on our team if you want to open an offshore merchant account, which is necessary in case you have set up an online business that sells various goods to international clients;
- speaking of business setup, please know that our team has the necessary legal expertise and experience in representing clients who want to complete the process of offshore company formation (the procedures can greatly vary from one country to another, therefore legal advice is always recommended).
What is an offshore bank account?
The offshore bank account represents a bank account that is requested by a client at one of the banksthat are registered in an offshore jurisdiction. The bank account has the same characteristics as the bank accounts that are available anywhere else in the world.
What should I take into consideration when opening an offshore account?
The decision to select a specific country should be based on numerous factors. If you haven’t decided on a certain location, in the list below, we mention some of the factors that you should consider in this case:
- the types of services the banks offer in a given country;
- the currencies in which you can set up the account;
- the costs associated with opening the account, along with the maintenance costs;
- the disclosure policies – banks will ask clients to provide information on the sources of their income, by submitting relevant paperwork, etc.
In what countries should one open an offshore bank account?
When we refer to businesses, the best countries toopen an offshore bank account can actually be offshore jurisdictions, which provide numerous opportunities, such as the following locations:
- Panama – it provides multiple types of bank accounts;
- Nevis – it offers very good conditions for those interested in asset protection;
- the Cayman Islands – it has bank accounts created especially for investment purposes;
- Belize – here, one can open an offshore account following very simple rules;
- Singapore – it is one of the top global economies and those who are high-net worth individuals can find here bank accounts suitable for their needs.
We invite you to watch a short video presenting the procedure for opening an offshore bank account:
Why open an offshore bank account in Panama?
The advantages of opening an offshore bank account in Panama are listed below:
- local banks can accept even non-resident citizens;
- those who set up an offshore bank account in US dollars can obtain higher interest rates compared to other countries;
- non-residents can obtain credit cards;
- opening a bank account is a simple task, especially when we refer to the deposits required – in some cases, only $3,000 is needed to set up a bank account;
- it is also allowed to set up an offshore bank account online.
Why choose the Cayman Islands for setting up a bank account?
It must be noted that the Cayman Islands is the home of 40 of the top 50 international banks. At an international level, only a few other offshore and onshore jurisdictions can compare to the banking level that is available in this country. Many taxes do not apply here as well, such as:
- the income tax;
- the capital gains tax;
- the wealth tax.
Why set up an offshore bank account in Belize?
As we mentioned above, Belize is one of the best countries to open an offshore bank account. Belize has many qualities which transforms this jurisdiction into a top destination for offshore banking, and we will present some of these in the list below:
- it has a legal system that can be trusted and the same applies to the laws which regulate the banking industry;
- another important matter is the country’s stable political and economic environment;
- persons and investors who open an offshore accountbenefit from privacy, in accordance with the country’s legislation;
- the country also has a very stable currency, which is an important aspect to take into consideration when selecting an offshore jurisdiction for banking purposes;
- it also offers reliable policies for asset protection.
The infographic below presents basic details on how to set up an offshore bank account:
When is it advised to open an overseas bank account?
There are many examples of when an offshore bank accountcan be useful. Aside from investment and business purposes, for individuals, this can be the perfect solution when living in a certain foreign jurisdiction for a longer period of time.
How much does it cost to open an offshore bank account?
The fees charged by banks vary greatly from one country to another, this is why we recommend you get in touch with us for personalized assistance. Accounts set up for personal purposes have lower setup fees, while those for companies will usually require to subscribe a minimum deposit (ranging from $1,000 to $50,000, depending on the country).
How long does it take to open an offshore bank account?
It depends on the jurisdiction selected, the bank’s internal rules and policies, but also the type of account you want to register. Bank accounts for natural persons can be set up in a matter of days, given that there is less paperwork, while corporate bank accounts may take up to several weeks. In general, the procedure can be completed in minimum 1 day and up to more than 4 weeks.
Please contact our consultants if you want to know more on the eligibility criteria.