How to Open an Offshore Bank Account in Germany
An offshore bank account is simply a bank account not located in your home country. Opening a bank account in Germany is fairly straightforward. There are no government restrictions imposed on U.S citizens opening an offshore account. Your account will be in euros, and you can use your German bank card in 15 European countries that have adopted the euro. Assets greater than $10,000 deposited in overseas accounts must be declared to the Internal Revenue Service on your annual income tax return. You must also declare dividends and interest earned.
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Instructions
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Select a large German bank, as it will have more branches and may have one in the U.S. Call a consulate office in the U.S. to determine which German banks have branches. If the bank has one, it will be easier to open an offshore bank account in Germany. Call the bank to inquire about specific requirements. Check Resources for a list of banks.
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Ask the bank for an application package. Read the instructions carefully. Make sure you can comply with the requirements. Check the minimum deposit. You need a passport, proof of address and evidence of income (payslips or recent bank statements) to open a bank account in Germany. The documents must be original.
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Complete the application form carefully. Mail the application form, documents and deposit to the bank (in the U.S., if it has a branch). Use secure mail. Your documents and bank card will be mailed separately. Expect to wait between two to three weeks if mailed outside the U.S. and one to two weeks if using a branch office in the U.S.
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Tips & Warnings
If you work in Germany, open an account in person. Visit the bank with your documents. You will need to show your registration card and work permit in addition to the other documents. Your account will be open in a few days.
Check with your bank about Internet banking, offered by many Germany banks.
Check the requirements for limits on transfers between the U.S and Germany. You may need to complete a currency declaration form above certain limits.
References
Resources
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