How to Open an Off-Shore Savings Account

Open an Off-Shore Savings Account

According to Asset Protection Group International (APGI), opening an offshore savings account that provides online access can allow you to diversify personal or corporate banking options, protect funds and give your business a stronger international presence. Offshore savings accounts offer debit cards, mobile account access, the ability to transfer funds into other accounts and privacy protection. Different countries, regions and banks offer different services and products to customers. It is important to not only know how to open an offshore bank account, but also to understand local and international taxes and savings account interest rates.

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Instructions

- 1
  
  Select the jurisdiction. Research various offshore banks. Select a bank that operates in good standing and that operates in an area that has prudent regulations, auditing practices and that meets the standards set by the Financial Action Task Force and other financial oversight bodies. For example, review jurisdictions such as the Caribbean or Latvia if you are depositing less than $200,000. Review banking jurisdictions such as Switzerland, Luxembourg, Lichtenstein or Isle of Man if your initial deposit exceeds $200,000.
- 2
  
  Complete the application. Contact the bank you want to open an offshore savings account with (see Resources below). Complete an online application to request a new savings account. Provide information such as your name, country, mailing address, date of birth, passport or other identification card.
- 3
  
  Hire an attorney to review the application. Ensure that you fully understand all legal regulations impacting the bank and your savings account.
- 4
  
  Provide a letter of reference from someone who knows an official at the bank you are opening the offshore savings account with. In addition, provide a letter of recommendation from an officer at your home bank.
- 5
  
  Deposit funds. Wire money from your home bank or another source of your choosing into the offshore savings account to complete the initial deposit.

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How to Open an Off-Shore Savings Account

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