An offshore account is one of the financial instruments that should be available when you design your investment portfolio. This is a lawful way to keep your money abroad to comply with the diversification principle and have an opportunity to protect your assets if something goes wrong in your home country. In addition, if your principal account is frozen for some reason, you will be able to switch to your reserve account open abroad and pay your bills without running into any trouble. Sounds good? Let’s take a closer look at offshore accounts.
We would like to invite you to our portal where we have a lot of information on establishing private offshore accounts. Our experts regularly open accounts for our customers in different parts of the world, and they provide useful information on our portal. You can also book a free initial consultation with our specialist to discuss your financial objectives and situation and find the best country and the most suitable bank for your needs. We will help you open an account in the jurisdiction you choose at a reasonable fee without much involvement on your part: you will only need to collect the documents using our recommendations.
Opening an Offshore Account: Benefits
Here are the main advantages of having an offshore bank account:
- Enhanced privacy. Offshore banks know that confidentiality is one of the main reasons why customers choose them, so they do their best. You may be sure that your information will not be disclosed to any third parties with one exception: this is a serious request that comes from law enforcement authorities. If the jurisdiction is a party to the CRS agreement, it will have to inform the tax authorities in your country that you have an offshore account, though.
- Flexible offshore banking. An offshore bank account is usually easily managed from any country using convenient mobile apps and online platforms, and you will appreciate a higher level of personal service that these banks usually provide to non-residents.
- Asset protection. There are offshore jurisdictions that provide bulletproof asset protection that you will surely appreciate if you have greedy relatives, ex-spouses, or creditors who may file a lawsuit against you. Such jurisdictions do not recognize the decisions of foreign courts, so even if the creditor wins a lawsuit in any other country, he/she will have to start the proceedings all over again, which ensures that your assets will remain intact.
- Asset diversification. If you have only one account, you are at risk: any considerable change in the political or economic environment may result in losing access to your assets or at least its restriction. Therefore, it would be useful to have at least two accounts and easily switch between them in case of need.
- Multicurrency account. An offshore bank account will give you an opportunity to easily switch between different currencies, including cryptocurrencies, and thus take part in really attractive investment projects.
- Low taxes. Offshore jurisdictions often provide tax benefits, which ultimately means that you will pay lower taxes. For example, if you make a deposit to earn interest, you will not pay any tax on the profit earned in this way in most jurisdictions.
As you see, there are quite a lot of good reasons to set up an offshore bank account! Please schedule a session with our expert to ask your questions.
Account Setup: Key Considerations
If you ask us about the best bank to open an account, we will not be able to answer this question. Or, to be more exact, there is only one answer to this question: the best bank is the one that matches your needs!
Let’s look at the main considerations you should take into account when you choose a proper financial institution that will suit your requirements:
- Jurisdiction. If the jurisdiction where the bank is incorporated is blacklisted by FATF or any other international regulator, it may create additional barriers to account operation. First of all, make sure the destination you have selected is whitelisted.
- Opening and maintenance costs. Of course, you should know how much you will have to pay initially and for one year, for example. Don’t be surprised if they are higher than in your home country, though, as offshore banking is a boutique service. While your expenses may be higher, the good news is that your returns will be higher, too! What is more, you pay for keeping your assets safe, and it surely costs something.
- Bank security. The bank usually subjects you to a due diligence check, but do you do the same with the bank? Get professional recommendations about the institution and analyze the bank’s reports to see how safe it is to entrust your assets to it.
- Currency. You may need a multicurrency account or an account in a specific currency (including cryptocurrency). Find out in advance what currencies the bank works with.
The Safest Way to Open an Offshore Account
If you decide to open a bank account in a foreign jurisdiction, it will take more effort regardless of whether it is a personal or a corporate bank account. There are two reasons for that:
- Offshore banks check the documents of non-resident applicants in a more stringent way to make sure they are going to deal with reliable customers.
- It is not that easy for most customers to understand the requirements of offshore banks and the procedures they are required to follow.
As we know the situation quite well, we offer a convenient pre-approval service to our customers. All you need to do is fill out a bank application, and we will submit it to the bank you have selected along with our expert. If the bank gives a positive reply, it means that it is potentially ready to onboard you, and you can start collecting the remaining documents. If the reply is negative, you don’t lose much, and you can apply to another institution without wasting any more time on this one.
Sounds interesting? Please get in touch with us to discuss your situation and financial needs, and we will find the best option for you together!