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How to Open a Foreign Bank Account

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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 tool.

Foreign Bank Account

How to Open a Foreign Bank Account

Moat foreign banks have very similar requirements when opening accounts 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 and are eligible introducers to Switzerland’s largest and strongest banks.

When you form an foreign company and open the bank account in the name of the business. This ties your financial account to a private company. When you have assets in your name directly, they are much easier targets for lawsuits. Increased financial privacy comes from utilizing two foreign jurisdictions, one for your company and another for your bank account. Essentially, you are taking advantage of a foreign country’s laws. In favorable offshore banking jurisdictions, it is a serious offense to provide customer information, and in another jurisdiction it is also an offense for someone to provide information about the ownership of your company. This is the fastest way to protect your wealth from prying eyes.

offshore banking benefits

Due Diligence Requirements

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 for the FSCs to enforce and the banks to follow. 

There are strict know-your-customer requirements to help avert money laundering or other illegal activities. Some of the items that you will need to provide in most cases are as follows.

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. 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.

Foreign Bank Account Benefits

Foreign banks often offer better interest rates as well as managed account services. Adding privacy is one feature, another is the opportunity for favorable foreign investments. Adding a foreign bank account to your financial picture is a great way to take charge of your own wealth protection. We open bank accounts the world’s safest and strongest foreign jurisdictions.

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. Asset protection from frivolous, vexatious litigants is acceptable in most instances. It goes without saying that tax evasion or using the above to shield funds that were gained from other than legal means is not the purpose of this article. So, when in compliance with the laws to which you are subject, utilizing the above services may provide for the fiscal privacy and protection that you may be seeking.


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