The main purpose of opening a foreign bank account is to preserve and grow assets. That is why you need to choose a reliable and reputable financial institution. You will also need to get the bank’s approval of course. This two-fold task is easier when you follow expert advice.
Discover in this article how to discuss and compare savings and investment accounts, and asset management services. Learn how to choose the best offshore banking jurisdiction, and the very best offshore bank for your business!
You can also claim a FREE consultation and even upgrade to a fee-based package service if your need is urgent.
This is how our experts will help you:
- choose a private offshore bank, a neo-bank, or a payment system that offers personal/corporate services to non-residents;
- prepare the application documents and submit your application request simultaneously to several chosen financial institutions for pre-approval;
- open an account online (no visit needed) or submit the application in person, depending on the internal requirements of the bank and your preference;
- arrange independent asset management.
Successful offshore bank account opening depends not only on your need – but also on yout wish to have an account abroad. This applies to all financial systems without exception – banks in Europe and Asia, Caribbean and Americas… neo-banks, payment systems, and institutions in offshore zones.
Unfortunately, applications are rejected too often because of “silly” mistakes in the submitted documents. The selection of a bank, a jurisdiction, and the type of account is better done only with expert support. We can help open the doors to the best offshore banks and EMIs.
Are you opening an investment or savings offshore bank account?
The choice of the account depends on your purpose. Are you going to invest or save?
Investment accounts are for depositing private or corporate funds for investing in a variety of bonds, stocks, or even operations with cryptocurrency. You can choose a shorter or longer investment horizon and a portfolio with a higher or lower level of risk. Your return will depend on how your investments (securities) perform on the international markets.
Savings accounts also earn you money, but as the interest on the funds held and accumulating in the bank. Savings accounts or CDs are not recommended these days as interest rates are low or even negative.
If you invest solid capital, your private banker may offer you an asset management service. Your investments will be professionally managed by the bank on your behalf. In this case, you can count on income from investments.
You can learn more about asset management from our experts. During the free consultation, you can also discuss the choice between a personal, corporate, trust or foundation account, an endowment, and other questions. You are welcome to book a free consultation or write to our e-address given at the top of this page.
Specify your objectives and book a free consultation or our fee-based professional services. To proceed to the fillable request form, please CLICK the picture:
Where will your offshore bank account opening be safer, faster, and easier in 2021?
The choice of the jurisdiction of the financial institution is very important. It depends on several considerations:
- the place of your business incorporation;
- your citizenship;
- your professional/business activity and geography of business partners.
Major global clients keep and diversify their assets in the following popular jurisdictions: Switzerland, Hong Kong, Nevis, Andorra, St. Lucia, Serbia, Great Britain, Puerto Rico and the USA.
Are you ready to comply with the requirements for bank account opening in a foreign country?
As you know, the OECD, FATF, EU, and majority of national regulators have introduced coordinated measures and standards across the world to facilitate tax transparency, under the famous AML/CFT agenda. That is why every bank has to know its customers well and check the applicants’ documents for compliance.
What is the focus of compliance in 2021?
1. In 2021, one of the main requirements is the Substance. In simple terms, it means the requirement to prove the real economic presence of business in the relevant jurisdiction: the local office, staff, etc. No more letterbox or brass-plate or shell companies.
2. There is also a focus on the automated exchange of tax information between countries (Common Reporting Standard CRS). If your country or the jurisdiction where you open a bank account has not signed a CRS agreement, you should be sure you are reporting if required in your country of residence to avoid huge penalties.
3. Legality of the source of your funds needs to be proven and documented (for example, in case of your sale of immovable property, inheritance, profit from commercial activities, etc.).
Our experts always joke that it’s not the client who chooses the bank, but the bank chooses the client. But it’s not really a joke! To understand whether you check the boxes, it is better to start with a PRE-APPROVAL. Your application form is submitted to several financial institutions for their preliminary decisions. Having received their feedback you will narrow your strategy and this will save you time and efforts.
Which documents are required for offshore investment/savings bank account opening?
The requirements listed below are general but they may vary depending on the financial institution.
To open an investment or savings account with a foreign bank, neo-bank, and payment system, a private individual needs to submit the following documents properly executed:
- a copy of your passport;
- proof of residence;
- proof of the source of the funds;
- a letter of recommendation or reference from your bank.
* To open an account for a foreign company (legal entity), the requirements for documents are slightly different:
- copies of personal IDs of the founder of the business, director, beneficial owner, signatory (other documents may be requested by the bank);
- a copy of the Articles of Association, a copy of the Memorandum, the Certificate of Good Standing, or equivalent documents;
- a business plan;
- a report on financial assets and accounting;
- information about counterparties and partners;
- proof of substance.
The procedure of opening an account for investment purposes takes from a few days to a few months.
The higher the perceived risk of the business, the harder it is to get the approval. This can change fast. For example, supplying medical equipment used to be a low risk business until 2020. Since the covid pandemic, with so many scams, it has suddenly become a very high risk business.
To secure a positive result, you will need to be aware of the legal nuances, the specifics of the bank’s risk-reward appetite, and the selection criteria. We strongly recommend to you our expert services based on the competence, experience, and professional connections of our team.
Which is the best strategy for your bank account opening offshore?
It is sometimes difficult to analyze financial institutions of different countries on your own. You are welcome to take advantage of the services of our Offshore Pro Group experts in all banking and corporate matters. We will happily give you our feedback for free on any bank.
Here is a list of topics you should discuss with our experts:
1. The country/bank/account matching exercise – to choose the country, the type of bank, and the account for investing or saving your assets, depending on your company’s line of business and partnership relations.
2. Investment opportunities – the selection of products and strategies for investing your funds in safe assets that will earn you money.
3. The transfer of funds mechanism and the option of asset management by the bank or funds and trusts, which is relevant both to personal and corporate property (inheritance, real estate, commercial objects).
4. Diversification of assets by depositing them with reliable financial institutions in Europe, the Caribbean, Asia, and the East.
5. The pre-approval method of selecting the bank/account: our experts can help you fill out the form and submit it for preliminary consideration to several banks.
6. The step-by-step process of account opening for individuals and legal entities, including the remote and in-person options.
Just fill out the form and book the free consultation to make the first steps in the right direction to your success. You can contact us at the e-mail address given at the top of this page.
