When most think of offshore accounts, they think of illicit and sometimes illegal operations portrayed in television and film but this is simply not the truth. Opening an offshore account has legitimate and legal uses for people in all occupations. With the advent of Internet banking, opening an offshore account is not only fiscally responsible but also relatively easy because of the online access.
Things You'll Need
- Internet access
- Proof of residence
- Business and personal references
Decide if opening an offshore account online is advantageous and in which country to open one. For instance, does the off shore account offer a better interest rate or charge fewer fees. Be sure to study the tax laws of the country where the account is located. The tax laws vary greatly from country to country.
Understand that an offshore account means a banking account that originates in any other country besides your own country of residence. For instance, if you live in the United States but open a banking account in France, the French bank account is an offshore account.
Research the banks with which to open an offshore account online. The bank you currently have an account with may offer an offshore account option so that may be the option. If they do not, then be sure to check the Better Business Bureau and International Bank Classification Agency rating of any online offshore bank you choose to deposit funds.
Submit the necessary documents to the offshore bank electronically to start the account opening process. Most offshore banks require you to scan or send a copy of a passport or driver license, proof of residence, bank and personal references to their account office.
Deposit the money in the offshore account from another Internet banking account. Most offshore banks with online access will offer the means to transfer your money once the account set-up is complete.
Tips & Warnings
- Research what the general banking laws are for each country in which the bank originates. Most countries' banking laws vary greatly in their privacy and fees.
- When opening an offshore account online be certain to read all of the fine print in the account documents for any hidden charges or fees. If there is any confusion, consult a certified accountant.
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