How to open an offshore account. Opening an offshore bank account is largely similar to opening a regular bank account in terms of processes and requirements. You will need to provide the same personal information such as full name, date of birth, and address. open an offshore account
The same general documentation is also required. This usually includes:
- passport or valid photo ID
- proof of address
- proof of income
Offshore banks will often ask for additional documentation. This is a more recent measure that has been brought in to combat fraud. Additional information that you may be asked to provide can include:
- information from your existing bank, such as statements and references, to show that your finances are above board
- details on the nature of your day-to-day financial transactions
- information specific to the type of account you are opening, for example information on your investments if you’re opening a savings/investment account, or documentation relating to real estate transactions
- all the necessary company documentation if you are opening a business account. This includes a registration number to show where the business is registered.
If your offshore bank account has minimum requirements, you will also need to provide proof that these can be met.
Currency options
Another aspect common with offshore banking is choosing which currency your funds will be held in. This will affect interest rates and the value of what you have in your account, so advanced planning is advisable. Most offshore accounts offer multi-currency options, meaning that you can perform transactions in currencies other than the one in which your money is held. However, check the fee structure to avoid being stung if you plan on making frequent payments in other currencies.
As with high street banks, offshore banks will usually offer the option of opening an account in person or online. If you open an account online, you will usually have to submit verified electronic copies of official documentation. open an offshore account
