How do I Open an Offshore Bank Account?

Many people look to offshore banking as a way to protect assets, use tax advantages, receive a better interest rate and have privacy in regard to their finances. To open an offshore bank account, there are several items you might need. These might include a copy of your passport, address documentation, references and paperwork required by the bank. In addition to the various items needed for the application, there are several steps to take to ensure that everything is done properly and legally when you open an offshore bank account.

Some people consider one of the most important steps in opening an offshore bank account to be conducting research. You might want to research laws that need to be followed to open an offshore bank account, any special tax regulations, what you are looking for in a bank and the legitimacy of each institution. Finding the right bank is very important, and making sure you are conducting business in a legal manner also is an important step to take in order to open an offshore bank account.

After completing your research and choosing which bank is the right one for you to use to open an offshore bank account, you will want to decide which type of account to open. Different accounts offer different options. More options often mean more fees. Be sure to check each account out thoroughly to make sure you are getting the best possible deal.

When you have completed all of your research, have decided which bank you will be using and have chosen your account type, it is time to complete any required paperwork. You also will want to provide the bank with any documentation that they request. This provides the bank with valuable information that it needs to create your account as well as assurance that you are not committing identity theft or committing any other illegal activity.

Some institutions require that you be present in the country to conduct your banking business. Others allow you to complete everything online. Some individuals might feel more comfortable seeing their bank in person, especially when they are using a large sum of money to open an offshore bank account.

Many people discourage using an offshore company mill. These businesses claim to take your information and set up your offshore bank account for you. Many claim that while they might indeed provide this service, they might also pass your information on to other individuals. An alternative is to use an offshore lawyer to open an offshore bank account for you. He or she must adhere to attorney-client privilege laws and should not give out your information to others.