If you need to select an offshore bank for remote account opening | Law & Trust international

If you need to select an offshore bank for remote account opening

оффшорный банк

This material will tell you how to choose a bank to open an account remotely to a non-resident. As is known, the opportunities for conducting activities with offshore banks are often directly dependent on such a legal category as citizenship.

Some countries, as well as persons who have experienced the impact of sanctions, are limited in opening foreign accounts. But at the same time, residents of most countries have this opportunity, and, accordingly, can take advantage of all the benefits of an offshore account.

What is an offshore bank account?

It is an account that you open in a bank located outside your state. These actions are completely legitimate. But often beneficiaries provide incomplete or incorrect information regarding their accounts. And this entails certain problems.

Why it is advantageous to open offshore bank accounts?

Firstly, it will protect the business from currency and sovereign risks.

Secondly, you exclude the possibility of takeover of the assets.

In addition, presence of a foreign account allows to diversify your own investments, simplify the procedure for transferring money, and own trading accounts.

Thus, by opening an account with an offshore bank, you exclude any obstacles to the free movement of finance that a business may face in your country (establishing exchange controls, changes in the state structure).

How can a non-resident remotely open an account with an offshore bank?

First, make sure that the foreign bank you selected meets all the international requirements that are imposed on financial institutions of this level. That is, it will be preferable to choose a jurisdiction that has gained high prestige in the world.

To exclude all doubts, the bank's compliance with all requirements can be verified. To do this, find information about it by contacting a government agency (for example, such a government register exists in Saint Vincent and the Grenadines).

Remember that much more "responsive and sympathetic" to you will be the employees of the financial institution, in which you have already proven yourself positively.

The probability of a failed account closure in the future is minimized by using the service of an authorized representative.

There are also several stages of verification. It is carried out in accordance with the law on combating money laundering and requires the provision of:

  1. Proof of identity. To do this, a certified passport can be provided or a personal meeting can be held.
  2. Confirmation of the authenticity of the address of residence. As a rule, it is enough to provide a bill for utilities in your name.
  3. Proof that funds are earned legally.

In addition, it should be remembered that the use of the same account for corporate and personal purposes is not welcomed by banks and raises suspicions to you.

If you need to open a corporate account remotely, you will need to complete all of the above points, as well as:

  • to provide the financial institution with corporate documents;
  • to produce recommendations of the professionals.

To open an account, you will also need to provide information about the real owner of the company. If the account is not opened by the director or the beneficial owner, it will be necessary to have a resolution in which it is decided to open a bank account. Anyone who is supposed to open an account should have an appropriate power of attorney.

We suggest examining the list of the best offshore banks for opening an account remotely:

Jurisdiction

Bank

Minimum deposid

Antigua and Barbuda

Antigua Overseas Bank

5,000 USD

 

Global Bank of Commerce

2,000 USD

 

North International Bank

5,000 USD

Anguilla

National Bank of Anguilla PBT

1,000 USD

Austria

Unicredit

100,000 EUR

Bermuda slands

Bermuda Commercial Bank

25,000 USD

 

Butterfield

2,500 USD

Bahamas

Bank of Bahamas Ltd

10,000 USD

 

Butterfield

2,500 USD

 

CIBC First Caribbean International Bank

2,500 USD

 

Winterbotham

5,000 USD

Belgium

Keytrade Bank

No

Belize

Atlantic International Bank

1,000 USD

 

Belize Bank International

2,000 USD

 

Caye Bank

2,000 USD

 

Choice Bank

1,000 USD

 

Heritage International Bank

3,000 USD

Cayman islands

Altajir Bank

5000 USD

 

Butterfield

2,500 USD

 

Caledonian

No information

 

Cayman National Bank

1,000 USD

 

NCB Cayman

2,500 USD

Cook Island

Capital Security Bank

500,000 USD

Curacao

SAI Bank

1,000 USD

 

United Bank

No

Dominica

National Bank of Dominica

No

Estonia

Versobank AS

No

Germany

VarenGold Bank AG

No

Gibraltar

Jyske Bank

200,000 EUR

Isle Of Man

Standard Bank

5,000 GBP

Saint Kitts and Nevis

Bank of Nevis International

No information

Saint Lucia

Bank of St. Lucia International

2,000 USD

Leichtenstein

Valartis

5,000 CHF

Latvia

Rietumu

1,000 EUR

Luxembourg

Keytrade Bank

1,000 EUR

Malta

Banif Bank

2,000 EUR

 

Bank of Valletta

2,500 EUR

 

Mediterranean Bank

No information

Mauritius

ABC Banking Corporation

1,000 USD

 

Afrasiabank

1,000 EUR

 

Bank One

No

 

Bank of Baroda

No

 

MCB

1,000 EUR

 

SBI

1,000 USD

 

SBM

1,000 EUR

Panama

Credicorp Bank

1,000 USD

Portugal

Novo Banco (Banco Espirito Santo)

1000 EUR

Saint Lucia

Hermes Bank

No

Saint Vincent and the Grenadines

B2B-Bank

No infrormation

 

Euro Pacific Bank

No

 

Loyal Bank

1,000 USD

The Seychelles

Barclays

100,000 USD

 

BMI

10,000 USD

 

MCB

1,000 EUR

 

Nouvobanq

5,000 USD

Switzerland

CIM Banque

5,000 CHF

 

Heritage

5,000 CHF

 

Julius Bär

100,000 CHF

 

Saxobank

No information

 

Strateo

No

 

Swissquote

1,000 EUR

Turks and Caicos Islands

British Caribbean Bank

1,000 USD

 

Turks and Caicos Banking Company

50,000 USD

Taiwan

Bank SinoPac

1,000 USD

 

Industrial Bank of Taiwan

No

Vanuatu

BRED

No

 

Pacific Private Bank

No

The reasons why an offshore account of a non-resident can be closed:

  1. The account holder for a long period of time does not carry out activities.
  2. Inactive status of Internet banking.
  3. Information requested by the bank is not provided in time. Or similar requests are ignored.
  4. Information deficit for client identification.
  5. The bank considers the flows on the account as suspicious.

To register offshore companies and select offshore banks, contact the lawyers of Law&Trust International. Our specialists can advise you on any question of your interest during a personal conversation in the office, by phone or in chat.

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