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How To Open An Offshore Bank Account |
By:
Franklin Finkleman |
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How to Open an Offshore Bank Account
Franklin Finkleman
Gone are the days when one had to go the bank located in the offshore location in order to open the account there. With the advent of the Internet, opening an offshore bank account has become easier and just a few clicks away, regardless of where one lives. The website does everything to help a person to open the bank account, whether personal or business type.
The process of opening an offshore bank account can be completed following these three basic steps;
1. Research and Select an Offshore Bank or Offshore Services Company
This is a tough step. Options are many, but what you expect in terms of account operating costs, reliability / stability and benefits offered vary, at different organizations and places, between extremes.
To pick a suitable option, it is advisable to prepare a list of favorable offshore banks and companies. Better yet, prepare a comparison table - List the bank names and service companies (in rows) and features / benefits offered (in columns). This will help you decide on one desirable option.
Figuring out the Costs
If you are satisfied with basic features and benefits, your best bet is to pick a vendor which will cost you less.
Privacy and Stability
Make sure to investigate the laws and regulations for each jurisdiction you are investigating. Some offshore jurisdictions, such as Panama, have rock solid privacy laws governing banking while others such as Switzerland no longer protect their clients in the same fashion as in the past.
When searching for a suitable offshore bank make sure to find one in a stable political climate. A stable government improves investor trust and hence further strengthens the credibility of the banks located in that region.
Not every offshore bank account offers total privacy in the post 9 /11 world. Gone are the days of anonymous Swiss numbered accounts. Make sure you understand the rules that govern the bank or company you are working with by consulting a lawyer.
The Benefits of Offshore Banking
Many offshore banks will offer a very competitive interest rate on deposits in addition to the banking privacy and secrecy benefits.
Consult an Expert
Offshore banking and asset protection can be a costly endeavor and using a lawyer or expert is definitely an additional cost. You need to weigh these costs with the potential risks that can arise from improper bank account setup. An offshore banking expert will have local contacts and relationships which they have built up with experience in the field. Use this experience to ensure you are making the right moves -- in the end this cost will actually save you money.
2. Understand What is Required of You
Each offshore banking jurisdiction has it's own requirements for successfully opening a bank account there. Some of the common requirements are listed below;
a. Prove your Identity - Banks will commonly ask for your name, contact information, banking references and passport# for personal accounts.
b. Political Stability - Some offshore banks won't accept you if you happen to be a resident in a country that is politically unstable.
c) Minimum Balance - Many offshore banks require that a specific minimum balance be maintained in the account. Some also require that you make a term deposit.
3. Complete an Account Application
Before applying for an account make sure you have all of the requirements fulfilled and the necessary funds to pay for the account setup, lawyer / intermediary fees, minimum balance deposit and money to support the ongoing account costs. By now you should have narrowed the field of choice down to a jurisdiction and a bank account vendor.
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Article Source: http://www.statssheet.com/articles/article63577.html |
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