How do I Set Up an Offshore Bank Account?

There are a number of benefits to opening an offshore bank account.

There is nothing overly restrictive about setting up an offshore bank account. According to HSBC Bank International, most people are eligible to open an offshore account. However, different countries have their own regulations, and it is therefore considered a best practice to consult a professional financial or legal firm that has experience in setting up an offshore account in the country of interest. Otherwise, you may need to travel to or reside in the country in which you want to open the account. Usually, there will be a minimum balance required.

Instructions

Set up an Offshore Account

1. Do an online search for an offshore banking consultant that offers services for the country you want to open the account in. These consultants may be associated with a bank or law firm, and there are also firms that specialize in offshore business and banking services.

2. Present documentation to your broker, including identification, bank references, and the addresses of businesses, residences and partners in the country in which you bank.

3. Confer with your offshore banking and business consultant. You may have to present further information on your company, shareholders, directors, and other information regarding your personal or company activities.

4. Once account is set up, access it with an online user account and password.

Tips & Warnings

• Many people want to open offshore accounts in order to avoid paying taxes. While there may be some tax liabilities you can legally avoid by opening an offshore account, ensure that you work with a legitimate consulting firm and bank to assure the legality of your offshore account.

• Be aware that in some countries, you will need a personal or business address in the country to be eligible to open a bank account. You may have to have some financial and legal documents translated into the native language of the country and notarized.

References

• HBSC International Bank: Am I eligible for offshore banking?
• JHI Audit Kyriacou & Partners Ltd: Offshore Company Formation
• Offshore Company: Offshore Banking Account Set-up