Foreigners who live in Bermuda and those who are not residents of this British territory can both open a bank account. However, in order to open a bank account in Bermuda as a foreigner it is necessary to prepare a standard set of documents, that are required by the majority of banks, as a part of the basic setup process.
Depending on the bank of choice, more complex procedures may apply, and where that applies, our consultants can be of assistance. Please know that it is also possible to open an overseas bank account from your current country of residence. The online procedure is available for both onshore and offshore bank account setup.
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Services provided by our team
Clients who want to open a bank account in Bermuda can obtain a variety of services from our team, which will increase the possibility of setting up the account without any inconveniences during the procedure.
Based on your profile, we can recommend you a suitable bank and we can present the basic conditions that must be satisfied in order to set up the account (fees, documentation, types of accounts that can be set up, deposit requirements, etc.). Our team can complete an eligibility assessment and provide advice on compliance obligations that are currently applicable here.
Of course, we can prepare the application file required when setting up the offshore bank account and we can represent clients in the formalities imposed by the bank (through the power of attorney). We provide full support until the account is set up.
What are the basic steps if you want to open an offshore account?
The first thing persons interested in opening a bank account in Bermuda should do is to select a bank. The account must be set up at a commercial bank and here, local and international clients can select any bank, based on its services, types of accounts, the currencies in which the accounts can be set up, interest policies and many others.
Once the bank is selected (our specialists can help you make the right decision in accordance with your most important criteria), it is necessary to prepare the application file. This should contain the bank’s application form, the identity documents of the applicant, documents attesting his or her residency, proof of having the necessary capital and other similar papers.
The documentation may vary from one bank to another. Provided that the client represents a company, the company’s documents (such as the bylaws and certificate of registration) are mandatory, along with other papers issued during the process of offshore company formation.
The next step is to meet with the bank’s representatives and complete the formalities for the setup of the account. In the case of those who open an offshore bank accountremotely, the meeting may be held in a virtual setting, during a live video-call.
It is also possible to complete this step with the assistance of our team, by signing the power of attorney, through which a third party can receive the right to represent others in front of various institutions. Once these procedures are successfully completed, the last matter clients should take care of is to deposit the minimum amount required by the bank.
List of documents for corporate clients
In the section above, we have presented some of the documentation required for corporate and individual clients, but they represent just a part of the mandatory file of papers that must be submitted by the applicants. In the case in which the client who wants to open a bank account in Bermuda is a corporate entity, the list must contain the following:
- the company’s bylaws (the memorandum and the articles of association);
- the certificate of incorporation;
- information on the Ultimate Beneficial Owner (UBO);
- proof of having a registered address;
- the registers of shareholders and directors;
- information on the company’s objects of activity;
- source of funds.
Please mind that those who open an onshore or offshore bank account will need to pass an evaluation made by the bank’s representatives, in accordance with the applicable policies imposed by the local legislation. Banks will verify the applicant’s compliance with AML and KYC rules and will also make a background check.
What types of corporate clients can open an offshore bank account in Bermuda?
The right to open a bank account in Bermuda is available for all types of clients, provided that they meet the minimum standards imposed by the banks (in cases where the documentation is incomplete and the applicant can’t provide the required paperwork, banks will reject the applications). With regards to corporate clients, some of the most common are:
- International Business Companies (IBCs);
- companies incorporated in Bermuda;
- foreign companies;
- investment funds;
- trusts;
- foundations;
- insurance companies.
Highlights of the banking sector in Bermuda
The financial sector, which also includes banking, is regulated by the Bermuda Monetary Authority. This institution implements a variety of laws pertaining to anti-money laundering and anti-terrorist financing, banking, insurance, reinsurance, credit unions, digital assets and many others. In the list below, our team highlights some characteristics of the banking industry:
- banking is regulated by 9 different Acts;
- banks also have the obligation to abide by the anti-money laundering (AML) and anti-terrorist financing (ATF) rules, which, in Bermuda, are regulated under 8 Acts;
- the country’s currency is the Bermudian dollar, which can be exchanged on par with the American dollar (1 to 1 ratio);
- as per the rules of the AML/ATF Acts available here, Bermuda has the obligation to exchange information within 24 hours from a request, as it has a high level of transparency on the financial transactions made here.
Bermuda also enjoys a very good international reputation, and it is a country that has whitelist status, following the implementation of many international laws created for the safeguard of its financial sector. Therefore, it is recommended to set up an offshore bank accounthere, as clients can benefit from a very trustworthy jurisdiction.
Foreigners may also set up an offshore merchant account (suitable for e-commerce operators). Our consultants can present the process of setting up this type of account and remain at your disposal for opening any other type of bank account, therefore do not hesitate to get in touch with our team.