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Three Steps to Opening a Bank Account Offshore

With the advent of the internet and online services gone are the days when a prospective applicant needs to visit a bank in an offshore jurisdiction to open an account there. Clients can visit websites and with a few clicks gain access to all of the required services needed to create an offshore bank account with absolute privacy.

There are 3 steps involved in opening an offshore bank account;

1. Selecting a suitable offshore bank or offshore services company

This step is of course the hardest part of the process as there are many variables to consider. Is the offshore jurisdiction stable, are the banking secrecy laws strong, how much is the vendor charging for an account, what are the fees one can expect to incur operating an account among others.

To pick a suitable option, it is advisable to prepare a list of favorable offshore banks and companies. Better yet, prepare a comparison table - List the bank names and service companies (in rows) and features / benefits offered (in columns). This will help you decide on one desirable option.

The Cost Involved

If you are satisfied with basic features and benefits, your best bet is to pick a vendor which will cost you less.

Reliability / Stability

An offshore bank's reliability is determined by how trustworthy the banking laws are in the jurisdiction where it resides. It is recommended that you do your due diligence - find out the location and age of the bank and the local laws governing banking privacy.

Make sure to find a bank in a stable political environment. Stable governments help to keep investor trust which in turn further adds to the credibility of the banks in that jurisdiction.

Not all offshore banks offer high levels of privacy regarding your account and transactions. While many countries will respect your privacy, some will divulge important details regardless of your acceptance.

Benefits of Offshore Bank Accounts

Many offshore banks will offer a very competitive interest rate on deposits in addition to the banking privacy and secrecy benefits.

Consult an Expert or Lawyer

It can save you a lot of money in the long run to enlist the services of an offshore banking expert. The experience they have as well as the relationships they have built with local companies can go a long way to making the offshore banking selection process easier.

2. Understand What Bank's Require of You

Understanding what is required of you by the offshore banking institution can provide you with valuable clues as to how protected you will be in that jurisdiction. Some of the requirements common to many offshore destinations are listed below;

a. Prove your Identity - Banks will commonly ask for your name, contact information, banking references and passport# for personal accounts.

b. Stable Origin Country - many offshore regions will not accept clients from known politically unstable or corrupt countries.

c. Minimum Account Balance - You will be required a specified amount of money at all times in the account, right from when it was started. Eg.: $1,000, $5,000, etc. [Quick Tip: Some new, small offshore banks may not have the minimum balance requirement, but may not be very reliable either.]

3. Complete an Account Application

Before applying for an account make sure you have all of the requirements fulfilled and the necessary funds to pay for the account setup, lawyer / intermediary fees, minimum balance deposit and money to support the ongoing account costs. By now you should have narrowed the field of choice down to a jurisdiction and a bank account vendor.

Article Source: http://www.articlebankonline.com

Find out more about offshore bank accounts at OffshoreLegal.org a free asset protection reference.

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