What are the most popular reasons for opening offshore bank accounts? First of all, you may want to keep your money in a different basket – just to be on the safe side. Second, foreign bank accounts are often good for multicurrency investment projects. Third, you may need easy access to your money abroad if you often go on business trips to a certain country, find a job there, or support your child who studies at a local university.
Most wealthy people have offshore accounts to diversify their funds and ensure their safety: an account abroad opened in the right jurisdiction will protect your money from creditors and relatives. We invite you to our portal where you can read a longer article on how to get a personal offshore account today. We have excellent experts who will help you with the procedure. Mind that some of our services are free: we do not charge anything for analyzing your situation and finding the best jurisdiction and bank for your account. Do not hesitate to follow the link and use our services.
In this short post, we will concentrate on the non-resident bank account fundamentals.
Offshore Account: Definition
When many people hear “offshore”, they usually think of an account opened somewhere on beautiful tropical islands to hide their money. However, this is not exactly what it means.
An offshore account is simply an account opened outside your country of residence.
It can also be referred to as a foreign account, non-resident account, or international account.
And if the jurisdiction where you open it is an offshore jurisdiction, it gives certain benefits to non-residents, and you can take advantage of them.
Why Set Up an Offshore Account?
The jurisdiction where you open an account should give you some advantages that you cannot have back home – otherwise, why should you bother with opening an account abroad? So let’s look at these advantages to see whether they will help you achieve your goals:
- Offshore banking services are easy to manage and flexible. Overseas banks provide really convenient mobile apps and online platforms to manage the funds on your account in one click.
- Paperwork is minimized. Offshore banks keep the balance between reasonable checking of a new customer and removing any red tape to attract clients that want an easy start. If you are used to the paperwork of European banks, you will find offshore banks a relief.
- Enhanced privacy standards. The bank employees do not share the information on their customers with any organization or individual (the only exception is the case of a serious request being submitted by a law enforcement authority). However, you may have to declare possession of an offshore account in your home country.
- Funds diversification. Accounts get suddenly frozen due to adverse political or economic events – or any transactions that a bank may consider suspicious. In this situation, it is very convenient to have a spare account you can switch to.
- Asset protection. Some offshore jurisdictions offer enhanced protection of your funds as they have a peculiar legal framework that will not allow any creditors or relatives to get to your funds even if they win a lawsuit against you: decisions of foreign courts will simply not be recognized. The only chance for them to seize your assets is to file a claim to a local court and win it, which is very doubtful. Some offshores are real strongholds – and we can help you open an account in one of such jurisdictions if asset protection is your top priority.
- Save on taxes. If your current tax burden is overwhelming, you can reduce it by moving a part of your assets abroad: offshore banks provide ample opportunities for that.
These seem to be convincing reasons to have a bank account abroad – and most people choose to try! The procedure for opening a non-resident account does not come without tricks, but we will help you enjoy a hassle-free experience. Get in touch with us by following the above link.
Key Considerations Before Making a Decision
There are three things you should look at before you decide to open an offshore account:
- Total cost. It includes the cost of opening, maintaining, and the minimum balance to be kept. Keep in mind that some banks charge more for opening and have lower commissions, while others do the reverse. Make simple calculations to decide how much you will have to pay as a lump sum and on a regular basis.
- Currency. You can open a single-currency or a multicurrency account depending on your needs. All you have to do is to think in advance how you will use your account.
- Jurisdiction. Some jurisdictions are blacklisted, so opening an account there would not be a good idea. And some jurisdictions offer better conditions than others (when it comes to serving your purposes), so it’s up to you to choose. Our experts can help you by providing all the relevant information and suggesting some customized options.
A Safe Way We Offer
Opening a bank account requires some effort, and it would be great to know in advance that it will bear fruit. Our experts guarantee success in the overwhelming majority of cases – and still, the final decision rests with the bank.
With that in mind, we offer a fee-based pre-approval service that will save you time and money.
All you need to do is to fill out a short form that we will send to the bank selected with our help (or individually). The bank will consider your application and send feedback to say whether it is ready to open a bank account for you or not.
If the feedback is negative, this is a good result as you didn’t do much work. And if it is positive, you can start collecting a package of documents required by the bank to get a functional account.
Is it difficult to open an offshore account? Well, it requires some effort, but we are here to help you get a smooth experience. We know all possible barriers and know how to overcome them. An offshore account will definitely add to the feeling of stability and safety in life and probably make some financial operations much more convenient.
Do not hesitate to click on the above link to read much more about offshore bank accounts or get help from our specialists.