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Offshore Account Setup – What to Do

Chapter 8


The first step in setting up your offshore bank account is to discuss your needs with an experienced professional. You can do this via telephone or online. Specifically, you can use the number or form on this page for direct communication with a consultant.

As such, we can  cover the information you need to provide to set up a bank account in popular jurisdictions. Our team of professionals can provide support with opening a new bank account in nearly any country.

It is important to note that most offshore banks will require an eligible introducer. That is someone who already has a relationship with the bank. Fortunately, this organization is an eligible introducer for many financial institutions throughout the world.

A foreign bank account refers to a bank account in a jurisdiction where the signer or account beneficiary is not a citizen or resident. We commonly refer to these jurisdictions as banking havens due to their strict enforcement of customer privacy. When you open an offshore bank account in one of these favorable foreign jurisdictions, you gain significant of financial confidentiality.

So, how do you maximize privacy? In short, our customers usually open their new accounts in the name of private offshore companies that we establish. The primary reasons for opening foreign bank accounts are privacy and asset protection. There are additional benefits such as estate planning as well as international investments and business. These benefits often require the proper legal legal tool such as an offshore LLC. The most popular and beneficial to those seeking privacy and asset protection is the Nevis LLC.

Set up bank account

How to Open a Foreign Bank Account

Moat foreign banks have very similar requirements when opening accounts. Banks do so in order to comply with international standards. This includes information about you, identification and an initial deposit. Depending on your financial institution, the bank may ask you for copies of your passport, references and proof of residence. We are able to open the door to the world’s strongest foreign banks. Due to vast experience and longevity in the field, we are eligible introducers to many of Switzerland’s largest and strongest banks.

First, you form an foreign company. Then, you open the bank account in the name of the business. This opens your offshore bank account in the name of a private offshore company rather than in your personal name. When you have assets in your name directly, they are much easier targets for lawsuits.

In addition, you can gain increased financial privacy when you utilize two foreign jurisdictions. You form your company in one country. Then you open your bank account in another. Essentially, you are taking advantage two different foreign country’s privacy laws. In favorable offshore banking jurisdictions, it is a serious offense to provide customer account information to others. In other jurisdictions it is also an offense for someone to provide information about the ownership of your company. The company plus bank account combination is one of the fastest ways to protect your wealth from prying eyes.

Foreign Bank Account

Offshore Banking Due Diligence

The Financial Services Commission (FSC) or equivalent body in that country or region regulates each bank. Internationally, the Organization for Economic Cooperation and Development (OECD), European Union, and other organizations, put forth recommendations and requirements. They are in place for the various FSCs to enforce and the banks to follow. 

The main reason for these regulations is to keep law abiding citizens in and criminals out of the financial system. That is why there are strict requirements to help avert money laundering or other illegal activities. 

Here are some common items are often necessary when considering offshore banking. The bank calls this information “due diligence” or meeting the “Know Your Customer” or KYC requirements.

KYC Know Your Customer

What Banks Require

Here is an example of some items that are required by law.

1. Bank account application.
2. Signature card
3. Notarized copy of passport
4. Proof of address, such as a utility bill
5. Bank Reference Letter from bank with whom relevant person has had banking relationship with for at least two years
6. Professional Reference Letter from Accountant/Attorney with whom relevant person has had professional relationship with for at least two years

This is by no means an exhaustive list. The FSC and the OECD and the bank, itself, may have additional requirements. Again, this is all meant to maintain the integrity and legality of the banking system and help prevent crime. Bank officials will thoroughly check the documents and make telephone calls to make you have provided valid references.

For example, they will want to verify your physical residence. So, you need some type of proof, such as a utility bill in your name. Depending on the nature of any document, notarization may prove necessary.  Some countries may also require multiple forms of identification before opening the account.

When you to open an offshore bank account, you can hire a professional to help you do so. Our organization, for example, provides this service. Otherwise, you would need to research the specific requirements that each jurisdiction or bank mandates. Quora estimates about 14,600 bank in the world. So, unless you have a lot of time on your hands, most would agree it’s best to get experienced help. 

passports

References and Documentation

As for banking references, the offshore bank may want evidence of a satisfactory relationship between you and your bank. It may want information such as daily balances. In most instances, six months to a year’s worth of bank statement should suffice. Your domestic bank can also typically provide a letter of reference confirming that you are a client in good standing.

The offshore bank may also want information about the nature and type of transactions you plan to conduct.  Banks have been under increasing pressure to stop money laundering and other illicit activity. Therefore,  this additional documentation is requested so that the institution can note the funding sources in the account. If they do not so so, they can they can suffer fines or loss of their banking license. So, don’t expect them to make special exceptions for you.

Is English is an official language of the country in which you plan to open your offshore bank account? If it is not, you may have to provide certified translations of your documents in the official language.

As you can see, the offshore bank account setup process is different than domestic account opening. Most banks require you to show up in person. Fortunately, we know the ones that do not. Those who do not require travel, will require extra documentation to prove that you are who you say you are. This is to your benefit. That is because when you show up asking for your money, you know it will only go to you; not someone who claims they are you. Thus, by providing proper ID up front, you and the bank will know that it is really you.

Swiss bank secrecy

Questions to Ask

Since procedures differ by bank and country, it’s important to clarify certain issues before opening up the account. You will want to know where there are restrictions in transferring large amount of money. Thus, you will want to be aware of the methods for such authorization. You will also want to find out if the bank’s debit card will work internationally. Does it work for both for retail purchases and in ATMs? Find out if you can use the debit card to pay for online goods and services.

Interest rates many offshore banks offer are sometimes higher than those that US banks provide. The fee structures may also be slightly higher. Part of performing due diligence is considering all fees that the bank charges. If you do not plan to make a lot of transfers, fees may not make much difference; but they can add up with a very active bank account.

Wire Transfer

Once Your Account is Open

Once the institution has processed your offshore bank account setup documents, they typically send the confirmation to you via email. At that time the bank will wait for a wire transfer. Once they receive the initial deposit they will activate your new account. Some expenses include an opening fee, additional bank cards (if applicable), courier and other expenses. Again, these will vary between the offshore bank account providers.

Once the bank account is active, you typically receive online access to create your user account and password. You may also receive items such as an easy-to-use digital signature device. When you get it, you may see a digital device that generates a secure code for access your account balance. With most banks, you will be able to perform transactions quickly, easily, privately and securely. So, operating your account and utilizing online access makes it very similar to the using bank down the street.

bank

Help is Here

OffshoreCompany.com has helped thousands of people worldwide to set up offshore bank accounts. In addition, we help establish private stock brokerage accounts. Moreover, this organization is one of the leading companies that provide asset protection plans. Thus, we are a trusted provider that has relationships with the right offshore jurisdictions. Should you wish to partake in offshore banking, make sure inform yourself so that you make the right decision. That is what we can help you do.

Foreign Bank Account Benefits

Foreign banks often offer better interest rates that US and Canadian banks. Plus many offer managed investment account services. Adding privacy is one benefit to offshore banking. Another is the opportunity for favorable foreign investments. Adding a foreign bank account plus asset protection tool is a great way to take protect yourself financially. If you only had an offshore account in your own name, you are not protected. That is, a local judge could order you to turn over the funds. Holding your account in an offshore LLC or asset protection trust, however, turns the tables. Doing so can prevent your opponent’s attorney from plundering your account.

Overseas Banking, the Bottom Line

overseas bank building

An Overseas Bank Account simply means, banking with a financial institution based in a country other than your own. Banking overseas for Americans typically means a safe and popular financial haven. These havens include Switzerland, the Cayman Islands, Belize and Luxembourg. Consequently.

As we have stated, using a bank account overseas is similar to using your domestic account. That is, overseas banks are readily available through ATM machines and online account management.

Overseas Bank Accounts with the world’s safest and strongest financial institutions. Utilize the one of the phone numbers or complete consultation form on this page for more information.

Advantages of Banking Overseas

  • Financial Privacy
  • Better Interest Rates
  • Enhanced Asset Protection from Lawsuits
  • Opens the Door to Attractive Offshore Investments

banking overseas

Biggest Tip

Here is one big tip that will help you increase financial privacy and asset protection. That is, open an overseas bank account in the name of an offshore company. This provides significantly enhanced financial confidentiality. There are a number of ways to increase your privacy and protect your assets. Simply combine offshore bank accounts, companies and trusts. For example, the Nevis LLC statutes offer the strongest asset protection of any LLC in our opinion. Moreover, case law points to the Cook Islands Trust as the most effective offshore asset protection tool of any type.

As you know, protecting your wealth and financial privacy has never been more important. Fortunately, you can enjoy comprehensive privacy and asset protection vehicles in the safest offshore jurisdictions. Providers such as us form thousands of offshore companies and trusts for their clients every day. Their new owners, in turn, deposit millions of dollars in overseas bank accounts every year. As eligible introducer for Switzerland’s strongest banks, this organization has assisted thousands of others with offshore banking. That is, this organization helps them open an overseas bank accounts. As such, you can open them with a lower initial deposits when an experienced professional leads the way.

The IRS taxes US people on worldwide income. So, be sure you seek the guidance of a CPA who can give you sound tax advice. Are you are seeking a legal way in which to protect assets? Are you operating in an ethical and legally compliant fashion? If so, feel free to use the number or form provided on this page.

legal purposes

Legal Purposes Only

The above is said with the understanding that the company and bank account is used only for legal purposes. Generally, US people are taxed on worldwide income. So, asset protection from frivolous, vexatious litigants is acceptable in most instances. However, tax evasion or using the above to shield illegally acquired funds is not the purpose of this article. So, we assume you are a law-abiding citizen with ethical intent. If yes, utilizing the above services may provide the fiscal privacy and asset protection that you are seeking.


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