It is common knowledge nowadays that an offshore bank account is not only a useful instrument but also a valuable asset. For holders thereof life is brighter and easier. For offshore business people, entrepreneurs, and investors, offshore accounts are a vital necessity. Setting up offshore bank accounts is a relatively easy thing to do. The procedure consists of several important steps. For your convenience, we will describe them in detail below.

Pick a banking institution offshore to use it as a base for your offshore banking operations. Selecting the right one is not always easy but with the International Wealth tips and suggestions below we hope the task will be much simpler for you.

Selecting an offshore jurisdiction with a stable political and economic environment

At International Wealth, we recommend you pick a stable and trustworthy offshore jurisdiction with no political or economic upheavals. This will reduce or even eliminate the probability of bankruptcy, corruption, and financial turmoil that are typical of your home state.

Analyzing tax liabilities that may essentially influence offshore bank transactions

Each jurisdiction comes with its own tax rules and provisions regulating bank account setup and overseas electronic fund transfers. To guarantee you are compliant with tax liabilities in your chosen jurisdiction, go ahead and study the local legislation well in advance. Be convinced that tax burden minimization is available to you by virtue of your offshore business status.

Pinning down options to consider

No two banking systems in offshore jurisdictions are quite alike. Each one boasts its own unique features. In some of them, requirements for minimum opening deposits are low. By choosing banks in these jurisdictions, you will significantly reduce your business expenses and save funds. The others, in their turn, prioritize high customer service quality.

For you to select the right offshore bank for account opening, the International Wealth experts recommend you only choose the ones that meet your company’s criteria and are in line with the corporate strategy thereof. By following the above recommendation, you will use your time more efficiently and achieve the required result much faster.

Make up your mind what offshore bank will work best to achieve your goals

With a list of prospective candidates in the bag, you are free to pick the top offshore bank matching your financial demands and requirements to a tee. Before making the final decision as to what financial institution to choose, consider several important parameters. Basically, it all comes down to your priorities and needs. If it is cost reduction, take note of account setup and maintenance fees. Also, don’t forget the minimum required initial deposit.

Opening personal offshore bank accounts: procedure

You may think it takes a lot to have an offshore bank account set up for you and that the procedure itself is quite complicated. In reality though it is no rocket science. Here, take a look at what ID and other important documents you will have to prepare to achieve success with opening a personal bank account overseas:

1. passport copy
2. proof of residence, e.g., a utility bill or a car driving license. Alternatively, feel free to produce any other government-issued ID docs.
3. certificate confirming you have enough funds in your bank account
4. reference letter from your bank and/or bank statements
5. additional miscellaneous docs, including, inter alia, purchase and sale contracts, director and/or shareholder CVs, KYC forms, etc.

NB: be sure to provide overseas bank officials with the following info: your full name, occupation, citizenship, and residential address.

FYI: to prove the above docs are authentic, the latter shall be notarized. It is a standard practice with offshore banks to require that customers willing to set up a bank account offshore, produce certified or apostilled document copies.

Opening corporate offshore bank accounts: procedure

Criteria for opening corporate accounts with offshore banks differ from the ones they set for personal offshore bank accounts. Here is the list of documents to submit in this case:

1. Incorporation Certificate that shall be from a corresponding regulatory body
2. Certificate of Good Standing – for companies and businesses incumbent for over a year at the very least
3. business plan – it is not that offshore banks require business plans all the time but it is better to submit one just in case
4. recommendation letter issued by the bank on its corporate letterhead
5. letter of recommendation from a professional, e.g., an accountant, a lawyer, or a business partner
6. apostilled passport copies of the director, authorized signatories, and beneficial owners
7. proof of address, e.g., a credit card statement, a utility bill, or a mortgage statement

Pick a proper currency for your offshore bank account

Unlike with accounts opened in local banks, offshore banks let you decide as to the account currency. It works better as you are protected from money devaluation in this case. Please mind that if you choose a foreign currency for your offshore account, you may be liable to pay foreign taxes, while exchange rates may be an additional burden to bear.

Adding funds to and withdrawing them from your offshore bank account

International electronic fund transfers remain the most popular option to add funds to your offshore bank account. NB: the option comes with a transfer fee. Withdrawing funds from your offshore bank account is mostly available through debit cards and ATMs, yet the corresponding fees may be pretty high. Cash and checks are the alternatives that are not so popular due to lack of confidentiality (checks) and big withdrawal amounts required (cash).

If you need any further info as to how to open an offshore bank account, add funds thereto or withdraw money therefrom, and what documents are required in each case, go ahead and message the International Wealth experts at [email protected]. With us, your life will be easier, more convenient, and much more fun.