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Set up offshore bank account

Offshore Bank

An offshore bank account is a term that refers to any bank account opened outside of the account holder's usual place of residence.

More often than not, people open an offshore bank account in one of those countries that specifically attracts non-resident depositors by offering banking secrecy, a tax-free environment, legal protections against overseas civil court actions and a sophisticated array of private banking services.

Banking offshore is not as troublesome as some people think. The majority of offshore bank accounts can be opened by mail; visiting your chosen banking haven in person is rarely necessary. Thereafter, most offshore banks will accept instructions given by phone or fax. Nowadays, many will even let you operate your offshore bank account online.

The documentation that may be required when setting up offshore bank accounts includes:

Application forms with original signatures
Valid passport copy or driver's licence
Banking references
Corporate legal documents

Offshore banking institutions have different requirements to those of the UK. Once the offshore bank account has been processed, confirmation and details are sent typically via email. The offshore bank will then wait for transfer of your initial deposit in order to activate your new account. There are some expenses that will be incurred: opening fee, charges for additional banking cards (if applicable), courier fees and other such expenses. Again, these will vary between offshore banks.

Once the offshore bank account is activated, generally you will receive online access to allow you to create your user account and password details. You may also receive such items as a digital signature device, test key table and other facilitating tools to allow you to access your account balance and perform transactions quickly, easily, privately and securely using inbuilt offshore bank account security methods.


Who can use offshore banking services?
Who can open an offshore savings account?
As a general rule, offshore savings accounts are suitable for Residents of the Isle of Man and Channel Islands, people who have relocated overseas or who are planning to move overseas, UK residents who are citizens of other countries and High-net-worth individuals, who require their interest paid gross.
Anyone can be eligible to set up an offshore bank account and depending on your circumstances; you could find that it is very useful.

Expatriates - or expats - often use an international bank because it makes it easier when dealing with financial matters in a foreign country.

As well as having a team of professionals on hand to provide assistance in English - rather than having to deal with a foreign language - you will also be able to access your money from wherever you are.

Opening an expat offshore bank account for your savings can also mean that you do not need to convert all your money into a different currency, which could see you lose out due to fluctuating exchange rates.

Banking offshore is not as troublesome as some people think. The majority of offshore bank accounts can be opened by mail; visiting your chosen banking haven in person is rarely necessary. Thereafter, most offshore banks will accept instructions given by phone or fax. Nowadays, many will even let you operate your offshore bank account online.


 
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