Foreigners can open an offshore bank account in numerous offshore jurisdictions. In many cases, the banks where one can set up the account will require to deposit a minimum amount of money, which can differ based on certain characteristics.
Such characteristics can be any of the following:
- the type of person – natural person or legal entity;
- the type of account;
- the bank chosen by the foreigner;
- the jurisdiction.
However, in certain situations one can open an offshore bank account with no minimum deposit. For this, it is recommended to make a research on the conditions available in each jurisdictions.
Of course, you can also address to our consultants, who can help you select a free offshore bank account with no deposit.
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What should foreigners seek for in an offshore bank account?
In order to decide the best option for offshore banking, foreigners should take into consideration many aspects. A major characteristic foreigners should first take into consideration is the reputation of the offshore jurisdiction.
The quality of the banking system of the respective country should also be a major concern, especially when the local banks offer the possibility to open a free offshore bank account with no deposit.
| Quick Facts | |
|---|---|
| Is it possible to open an offshore bank account with no minimum deposit? | The bank account can be set up without a deposit in certain jurisdictions. |
| Types of accounts to open |
Checking accounts, savings accounts, deposit accounts, international lines of credit, etc. |
|
Top offshore jurisdictions |
Singapore, Belize, Switzerland, Mauritus, the Cayman Islands, etc. |
| Jurisdictions with low deposit requirements | Belize, the Cayman Islands, etc. |
| Deposit requirements for individuals | Foreigners can open an offshore bank account with no minimum deposit in countries such as Curacao or Vanuatu. Low capital (approx. $500) is required in Puerto Rico, or Belize (approx. $1,000). |
| Deposit requirements for companies |
Minimum deposit requirements are applied in countries such as Belize (approx. $1,000), Mayalsia (approx. $5,000), Antigua and Barbuda (approx. $5,000). |
| Processing fees applied (yes/no) |
Yes |
| Documents to set up an offshore bank account for individuals | One can open an offshore bank account with no minimum deposit when submitting the following documents: completed application form, the valid passport, utility bills issued in the last 3 months (to show evidence on residency), a bank reference from the bank of the country of origin. |
| Documents to set up an offshore account for companies | The application form, the declarations signed by the shareholders and the directors, the valid passport of all the authorized persons/shareholders, a bank reference, the company’s articles of association, the resolution to appoint directors, the certificate of good standing, etc. |
| Processing fee exemption (yes/no) | Yes (it varies based on the country of choice and the account type). |
| Appointing a legal representative | It can be necessary to appoint a legal representative in certain jurisdictions. |
| Opening an offshore bank account online (yes/no) | Yes |
| Countries where one can open an offshore account online | Puerto Rico, Hong Kong, BVI, Belize, Mauritius, etc. |
| Currencies available for offshore accounts | Dollar, euro, and other international currencies |
| Jurisdictions with multiple-currency accounts options | Singapore, Hong Kong, Belize, etc. |
Another important quality of an offshore jurisdiction should be the possibility to open the account remotely. Many banks located in offshore countries provide this service to foreigners, as long as the clients provide all the necessary paperwork.
Then, the value of the deposit is another characteristic of importance. While some offshore jurisdictions traditionally ask for large deposits regardless if the clients are individuals or companies, others provide low deposits options.
In these jurisdictions one may also have the option to open an offshore bank account with no minimum deposit. Belize is one of the jurisdictions where banks have low deposit requirements, for instance.
Another relevant matter when opting for a free offshore bank account with no deposit is the processing time required to set up the account. In most cases, it is just a matter of few business days, but this can, of course, vary.
Provided that a foreigner wants to set up a business in an offshore jurisdiction, then he or she must verify if the said country has any nationality/residency requirements. The business activity will also be relevant for this purpose.
Jurisdictions with low deposits requirements
In order to find a free offshore bank account with no deposit you will have to address to the banks of the jurisdiction which you found to be more suitable to your needs or where you want to live/develop a business activity.
In the list below, our team has gathered information on some of the offshore jurisdictions where the deposit requirements are very low and where you have more opportunities to find an offshore bank account with no minimum deposit:
- in Puerto Rico, foreigners can set up an offshore bank account with only $500;
- in Singapore, one can open a bank account with a deposit of $730-850;
- in Czech Republic, the minimum deposit can be of $850;
- in Hong Kong, the account can be set up with $1,275;
- in Belize one can set up the account with a deposit of minimum $1,000.
Please mind that banks can charge a separate fee for the setup of the account. When looking for a free offshore bank account with no deposit, it means that the banks will not impose a processing fee.
Processing fees are generally charged at a $500, but the value can increase, based on the country of choice. It can also happen that when setting up an offshore bank account with no minimum deposit banks will impose a processing fee.
We invite you to contact our team of consultants if you need advice on finding a bank that provides a free offshore bank account with no deposit.
We invite you to contact us if you want to set up an offshore merchant account for your business. This type of account is recommended and actually, necessary, when a company sells products on e-commerce platforms.
Please mind that the merchant account providers will charge different fees per each transaction, and the fees will vary based on the nature of the good (higher fees for products considered to be of risk).
Foreign businessmen can address to us in the case in which they want to learn more on the process of offshore company formation (having a bank account is just one of the few compulsory conditions, regardless of the jurisdiction of choice).
Our team can help you in immigration formalities, obtaining certificates, licenses, submitting forms and represent you in any other business matter during the incorporation of the business.