5 best countries to open an offshore bank account in 2019

5 best countries to open an offshore bank account in 2019

A bank account in another country is issued in order to protect its own assets. To prevent the amount of funds from being affected by factors such as foreign exchange control, devaluation or depreciation, some businessmen keep their funds in foreign currency. This minimizes potential risks.

Features of opening an account in Belarus

In this jurisdiction, you can open an account with Alfa Bank. Financial institutions provide opportunities to open accounts for offshore organizations and partnerships. When creating an account, you can choose a tariff that implies the implementation of international transfers.

Application processing time will be more than two weeks. To create an account for offshore organizations will require a personal visit of the beneficiary. The main plus of discoveries for the Russians is the territorial proximity between the states.

Opening an account in Switzerland

This jurisdiction is distinguished by respectability, which is the main advantage for opening an account in this country. There is a risk of refusal to issue an account for offshore, but there is the possibility of creating an account for partnership in a CIM bank.

Pros of this country:
• Kudos.
• The country is attractive for investment.
• Tax relief provided.
• Quick registration.
• Developed banking sector.

The nuances of opening a bank account is that a financial institution verifies who the beneficiaries are, is loyal to payments, but requires the submission of data on the client's work. Each year, a maintenance fee is required, the minimum balance must be at least one thousand euros, the application is considered on average within three weeks.

Creating an account in Kazakhstan

The bank where you can open an account with an offshore organization is Centrcredit. A financial institution has a large number of branches throughout the country, the average opening time for an account is from two weeks.

Advantages of opening an account in Kazakhstan:
• Developed infrastructure in the country.
• A promising market for business development.
• Relatively low competition.

There is an option of remote opening an account in a bank of this jurisdiction - ATF. Opening time is also about 14 days. A financial institution provides services to both residents and non-residents.

Opening an account with a bank in Germany

An account in a financial institution of jurisdiction is called Girokonto. Opening an account allows you to purchase banking products, open deposits, receive bank cards, etc.

Every citizen of the country has the right to open an account. For non-residents, this is also an opportunity. German banks have the advantage of guaranteed deposit insurance worth over 100,000 euros.

When you open an account with a financial institution in a jurisdiction, you can get a debit or credit account. The cost of services in banks differs depending on the type of account and the financial institution itself.

Advantages of opening an account in this country:
• Professionalism of bank employees.
• Large selection of bank products.
• Compliance of financial organizations with international standards.

Banks of the country strive for maximum transparency, take into account the characteristics of business. The opening procedure can be carried out remotely or in person.

Documents such as copies of a foreign passport, proof of address of residence, extract from company registers, etc. must be submitted. The bank may request a detailed description of the activity.

Bank account in Luxembourg

Plus, opening an account in this country - Luxembourg is a stable state that offers an extensive selection of banking organizations. You can open an account for both resident and non-resident.

One of the most popular banks is RCB. Opening time is from 10 days. There are no special conditions, but a full package of documents is required. These include notarized copies of a foreign passport, information about the company, the applicant’s registration.

It is important to note that the country's banks comply with the KYC rules, and when opening an account for an offshore organization, they have the right to request other documents. It is possible to open not only a corporate, but also a personal account.

To open an account in any of the jurisdictions presented and decide on a country for doing business, contact our specialists at IT-OFFSHORE. We will answer questions regarding the collection of documents and help to open accounts in foreign banks.

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