Search
  • Русский
  • Español
    • Why InternationalWealth?
    • Contact us Now
    • Payment
    • Confidentiality
    • How to Start
    • Information for HNWI
      • Luxury real estate for HNWI/UHNWI
      • Family Office
      • Premium Offshore Services
      • VIP-Lifestyle
      • Offshore Precious Metals
    • Русский
    • Search

    Enter your search text

    InternationalWealth.info

    The biggest portal about international asset protection and diversification

    +507 848 3045
    +44 7700 304814
    +372 5 489 53 37
    +381 6911 12327
    Products and
    services ➝
    InternationalWealth.info

    The biggest portal about international asset protection and diversification

    +507 848 3045
    +44 7700 304814
    +372 5 489 53 37
    +381 6911 12327
    Products and
    services ➝
    • Main Menu
      • Services and Products
    • Offshores, Midshores, Onshores
      • Offshore Companies
      • Offshore Jurisdictions
      • Offshores
      • Deoffshorization
      • SUBSTANCE – Real Presence
      • Offshore and Anti-Offshore legislation
      • Offshore Wisdom
      • Offshores for Beginners
    • Asset Protection
      • Offshore Trusts and Foundations
      • Asset Protection
      • Cryptocurrency
      • All about Fintech
      • Anonymity Offshore
      • Offshore Assets Inheritance
      • Intellectual Property Protection
      • Offshore Investments
    • Citizenship by Investment
      • Second Citizenship and Passport
      • Permanent Residence Permit Abroad
      • Tax Residency
      • Resident Visa
      • Travel Visa
    • Business Abroad
      • Business Abroad
      • Startup Abroad
      • Free Port
      • IPO Abroad
      • Holdings Abroad
      • Offices for Business Abroad
      • Business Connections Abroad
      • Legal Services Abroad
      • Accounting Services Abroad
      • Audit Abroad
    • Immigration
      • Emigration and Immigration
      • Business Immigration
      • Offshore Real Estate
      • Life Abroad
      • Expats Life
      • Study Abroad
      • Offshore Retirement
      • Overseas Employment
    • International Taxation
      • Tax Planning
      • Offshore Taxes
    • Foreign Banks and Accounts
      • Foreign Bank Accounts
      • Offshore Bank Accounts
      • Offshore Payment Systems
      • Own Offshore Bank
      • Offshore Broker Account
      • Foreign Bank Cards
      • Offshore Banks
      • Offshore Merchant Account
    • For Professionals
      • Offshore News
      • Offshore Consultants
      • Our Readers
      • Offshore History
      • Offshore conferences
      • Advertising on the Portal
    • Travelling and Treatment Abroad
      • Offshore Travelling
      • Medical Tourism
    Picture - account abroad
    Main page » Offshores for beginners
    June 14, 2021

    Need to set up an account abroad for an individual this year?

    Are you trying to understand how to set up an account abroad for an individual? Do you need to discuss the advantages of having personal accounts abroad in 2021? Are you hesitant because of possible challenges and restrictions? 

    You are welcome to find answers to such questions in this article.  

    Our experts will guide you through all the necessary steps and help you avoid all the possible complications that often discourage or mislead careless applicants.

    Picture - account abroad

    Why should an individual set up an account abroad in 2021?

    Let’s start with the reasons for opening personal accounts in 2021. And let us see why it is important to act decisively instead of letting your thoughts linger on this matter.  

    If there are a couple of obvious facts that one can be certain of and committed to in 2021, it’s the certainty that a personal account abroad is more than a nice-to-have arrangement. It is your must-have instrument of asset protection and freedom.

    Diversification and protection of wealth is a pressing need this year, as analysts from different countries and organizations, from banks to the IMF, point at the wrath of a new global recession. According to the World Economic Situation and Prospects 2021 report produced by the United Nations Department of Economic and Social Affairs, the pandemic has hit the world harder than the Great Depression. The systemic vulnerability of the global economy shows in the skyrocketing job losses, unprecedented trade tensions, universal collapse in tourism, disruptions in production and supply. The total public debt worldwide increased by an estimated $9.9 trillion in 2020 and is growing. Excess of massive liquidity is not stimulating investments and is fueling a new financial bubble. The standard of living squeezed between rising costs and shrinking income is falling across all nations. As the developed economies took the hardest hit last year, it is expected that the developing countries will suffer hardest during the forthcoming stage. Geopolitical tensions have mounted. The world outlook is subject to great uncertainty. The hazards will be especially damaging for those who have accumulated debts and whose money is tied to a single currency. Are you prepared to face this gloomy future?

    sign
    Personal accounts
    Free selection

    of personal bank accounts abroad for
    persons depositing €5000+. Expert services
    based on 7+ years of experience in banking.

    of personal bank accounts abroad for persons depositing €5000+. Expert services based on 7+ years of experience in banking.

    We’ll contact you in 10 minutes

    1
    1

    We’ll contact you in 10 minutes

    Of all possible solutions, your foreign account setup should be your first priority. It will allow you to diversify risks and keep some assets intact. Or, at least, to lose less in case of unavoidable mishaps in your country of residence.

    Besides, the freedom of cross-border movement for the sake of health security has leapfrogged above many other considerations because of the lockdowns, travel bans and the uneven vaccines (COVID-19) landscape.  There is no doubt that the new patterns of short-term and long-term human migration in the post-pandemic world are emerging – to the greener and healthier destinations offering better access to quality healthcare. This trend is another reason why your overseas personal account is becoming a prerequisite for your personal safety and freedoms.

    What challenges and restrictions can you expect when going to set up a personal account abroad in 2021?

    The world has become even smaller during the pandemic. Nevertheless, some objectives, including the opening of a personal bank account overseas, have become more challenging. Let us consider the most obvious ones:

    * Citizens of some countries may not always apply to a high-street bank abroad or use an account as a non-resident client. This obstacle can be because of the national laws in their country of residence (often tied to the worldwide income taxation laws). Another reason can be the restrictive policies of certain overseas jurisdictions towards citizens of some countries.

    * In some cases, the account can be opened only during an in-person visit, which is often inconvenient and sometimes not possible at all.

    * Each bank has its own rules, and they may limit you in the following ways:

    • some banks do not accept customers from certain countries because of the compliance rules;
    • some banks require unreasonably high amounts of money as a minimum deposit or minimum balance;
    • some banks require to provide too much data about the applicant (while NO bank will open an account to a person refusing to provide the required information, some banks are too fastidious to know details);

    * the speed of opening an account abroad can vary from a couple of hours to several months (although banks’ feedback to individual applications are faster than to corporate ones);

    * each bank is free to decide whether or not to take you as a client (and banks even do not have to specify why they reject some applications);

    * to successfully pass the verification procedure at the bank, you need to know the requirements and prepare the documents accordingly (any error or typo can be taken as an attempt to deceive the bank and thus lead to a denial of service).

    Consequences of setting up an account abroad for individuals in 2021

    When opening an account abroad, you will also need to be aware of several likely consequences.

    First, you need to learn in advance whether you are required to notify your national (tax) authorities of your foreign account (and know the deadline). If so, you will need to submit annual reports on the movement of funds on your foreign account.

    Second, as you are a non-resident holder of a foreign bank account, the list of services/transactions you are entitled to at the bank may be limited. We recommend that you should discuss this limitation with the banker in advance not to be penalized for transactions you are not allowed to perform.  Ignorance of the bank’s rules is no excuse.

    On the other hand, with a foreign account, you can spend money to cover daily costs and expenses in another country; save your money on your savings account; buy foreign real estate, invest in some profitable investment projects. Thus, your foreign account may make your life easier in a variety of ways.

    Moreover, as a rule, your overseas account is safer and better protected against third parties’ attempts to access your money. 

    Besides, you will feel independent from limitations specific to your national economic system. Your foreign account will guarantee you the freedom to choose what is right for you.

    If you decide to move for some time or for good to another country, change your occupation, education, perhaps even marital status, your foreign account will be your essential arrangement. You will no longer be restricted in your international plans.

    For a FREE PRIVATE ONLINE CONSULTATION with our expert, you are welcome to submit a fillable online booking form or write to our e-mail address given at the top of this page. 

    How to set up an account abroad for an individual in 2021?

    To set up an account abroad, you will need to take several steps:

    1

    Specify the purpose: why exactly do you need a foreign account (for receiving funds from foreign freelance activities, investments, daily spending, etc.)

    2

    Choose the appropriate jurisdiction and the bank.

    3

    Prepare a set of documents according to the bank’s requirements and submit them for review.

    4

    Get the bank’s decision and act on it.

    Please note that any mistakes made in stage 2 will lead to omissions and fallacies in stage 3 and a failure at step 4.

    That’s why we offer you a free consultation on selecting a bank account. Having discussed your objectives, we will offer you the right banks that will most likely agree to work with you.

    We also recommend that you seek professional help in preparing documents and submitting an application to the bank. Without taking into account all the details of the bank’s requirements, your chances for success will be very weak, or you will need extra time, expenses, and documents to correct the mistakes in the application papers. While many typical fallacies are quite ridiculous and predictable, they are quickly spotted by bankers, and the application may be rejected without explaining the reason.

    Our experts with years of professional experience help our clients from different countries apply successfully for opening foreign accounts in the jurisdictions of their choice. 

    If you involve our experts, you will know exactly which documents are required, how to prepare them; our experts will check them before submission and keep track of your application till the bank’s verdict. This service is so efficient that banks prefer to deal with clients not directly but via such professionals.

    To learn more about how the banking industry really works across the globe, how jurisdictions and recommended banks differ from others, you are welcome to brush through our online resources and/or sign up for a free private web-call with our experts.

    Please read other interesting articles at InternationalWealth.info portal:

    1. Is Blockchain a Fintech: How Are They Related and How Are They Different?
      Is Blockchain a Fintech: How Are They Related and How Are They Different?

      Let's look at such terms popular in the modern financial world as blockchain and fintech: what are these technologies, and how do they work? And…

    2. Can I Receive Payments in My Offshore Account? Benefits of Offshore Banking
      Can I Receive Payments in My Offshore Account? Benefits of Offshore Banking

      What is an Offshore Account? What Are the Purposes for Opening Offshore Accounts? Why Choose an Offshore Account over a Domestic…

    3. Is it Possible to Trace Accounts in Offshore Banks?
      Is it Possible to Trace Accounts in Offshore Banks?

      Offshore banking is popular with wealthy individuals and foreign companies, and deservedly so. Its allure stems from the potential benefits of privacy, lower taxes, and…

    4. What is a Ghost Bank Account? Beware of Risks, Consequences, and Mishaps
      What is a Ghost Bank Account? Beware of Risks, Consequences, and Mishaps

      What is a Ghost Bank Account? 2 Real-Life Cases of the Abused Ghost Bank Accounts The Illegal Nature of Ghost (Fake)…

    5. How Do the Rich Protect Their Assets?
      How Do the Rich Protect Their Assets?

      When the matter concerns HNWIs or very rich people, we, common Joes, often think the rich hide their wealth from prying eyes guarding it like…

    6. How Long Will Cash Be Around in the World?
      How Long Will Cash Be Around in the World?

      Number of non-cash electronic payments in the world Introduction of Central Bank Digital Currencies (CBDC) Disadvantages of cash Benefits of cashless…

    7. How Much Money is Required to Open a Swiss Bank Account?
      How Much Money is Required to Open a Swiss Bank Account?

      Swiss Banks Are Swiss Bank Accounts Reliable? How Much Money is Required to Open a Reliable Swiss Bank Account? How Much…

    8. Offshore Accounts Can Help Your Tax Planning, but with Ifs and Buts
      Offshore Accounts Can Help Your Tax Planning, but with Ifs and Buts

      The question of whether one can reduce their tax burden by keeping money in offshore accounts is a common concern for many individuals. While there…

    Please help us make the portal even more informative, up-to-date, and valuable for you and your business.

    Your email address will not be published.

    Popular Posts

    Foreign Citizenship by Investment: All Available Options
    Foreign Citizenship by Investment: All Available Options
    The Offshore Pro Guide to Top Banks in the Caribbean for 2023
    The Offshore Pro Guide to Top Banks in the Caribbean for 2023
    Portugal Golden Visa Residence Program
    Portugal Golden Visa Residence Program
    Anonymous China UnionPay Multi-Currency Card (USD/EUR)
    Anonymous China UnionPay Multi-Currency Card (USD/EUR)
    Registration of an LLC in Wyoming, USA for Non-Residents
    Registration of an LLC in Wyoming, USA for Non-Residents
    Offshore International Business Corporation (IBC) in the Marshall Islands
    Offshore International Business Corporation (IBC) in the Marshall Islands
    Residence Permits in Serbia in 2023 Leading to Citizenship in the Future
    Residence Permits in Serbia in 2023 Leading to Citizenship in the Future
    Belize LLC: A Window of Opportunity for Offshore Business in 2023
    Belize LLC: A Window of Opportunity for Offshore Business in 2023
    Register an LLC in Nevis
    Register an LLC in Nevis
    Open a Company with a Bank Account in Serbia Remotely
    Open a Company with a Bank Account in Serbia Remotely
    Combining a Nevis Offshore Trust and LLC Create The Ultimate Asset Protection Combo
    Combining a Nevis Offshore Trust and LLC Create The Ultimate Asset Protection Combo
    Why Serbia may be the best destination for you
    Why Serbia may be the best destination for you
    Limited Partnership Registration in Ontario, Canada for Non-residents
    Limited Partnership Registration in Ontario, Canada for Non-residents
    Panama Corporations and Bank Accounts: latest news
    Panama Corporations and Bank Accounts: latest news
    Top Countries for Opening Offshore Bank Accounts
    Top Countries for Opening Offshore Bank Accounts
    Top 10 Swiss Banks for Non-Residents in 2023
    Top 10 Swiss Banks for Non-Residents in 2023
    Going Offshore in Nevis: IBC or LLC?
    Going Offshore in Nevis: IBC or LLC?

    InternationalWealth.info

    All Rights Reserved © 2011 - 2023. INTERNATIONAL ASSET PROTECTION AND DIVERSIFICATION BLOG.
    Legal disclaimer

    InternationalWealth.info © 2023