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Open a deposit in a foreign bank for a citizen of Russia

How to open a deposit in a foreign bank

2021-01-06
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To open a deposit with a foreign bank, contact our experts at IT-OFFSHORE. Opening a deposit at a foreign financial institution allows you to safeguard your assets and make them grow. It can be difficult to open an account on your own because as a result of the increasing transparency of transactions, institutions impose more stringent conditions for opening an account.

Features of opening an account

Opening a deposit in a foreign bank is not prohibited under the laws of the Russian Federation. Citizens have the right to open accounts outside of Russia. Many countries ensure the confidentiality of deposits. These include Liechtenstein, Austria, and Switzerland. When choosing the country to open an account, one should decide on the partner structure. Profit from deposits depends on the choice.

The most loyal requirements for the minimum deposit amount are in Cyprus, Estonia, Latvia, and Lithuania. To secure large sums it is best to create an account in Switzerland. In Luxembourg, financial services banks are most loyal to the users. The preliminary structure carefully analyzes applicants for a deposit, so you need to collect a large package of documentation.

The easiest way to open an account for holders of a residence permit in the country. In addition, banks often cooperate with the staff of local companies and entrepreneurs who work with partners from abroad. When creating an account, it is important to consider that you will need to incur some costs for the deposit and its maintenance, conversion, etc.

What documents will be required?

Beforehand it is necessary to start negotiations with the bank, where it is planned to create the account. Each client must undergo a background check, it is necessary to confirm the legitimacy of the funds. Some financial institutions may require the provision of references from partners and some credit institutions, a description of the business (if any), etc.

Basic documents are the following:

  • Questionnaire.
  • Proof of family, proof of the absence of a criminal record.
  • Documents for identification.
  • Information about income.

All provided information is carefully checked, you may need to meet with bank representatives for a conversation. The term of opening an account can take several months.

Top 5 banks to open a deposit

One of the largest financial institutions is HSBC. It is beneficial to open an account at HSBC in Hong Kong, as the institution offers wealth management, investment services. There are no conditions regarding minimum account balances, it is possible to open a multi-currency account.

You can open a deposit in Switzerland at BSI Bank. You can create a savings account, multi-currency accounts, and use wealth management services. You can open an account with an initial deposit of at least a non-limited balance of $500,000.

You can open an account in Cyprus with Eurobank EFG. It is possible to open an account without a visit to the jurisdiction, and there is no minimum balance requirement, which can not be reduced.

It is advantageous to open a deposit at Valartis Bank in Austria. It is possible to not only open a deposit, but also make use of account management services. Service with the help of Internet applications makes it easier to check the balance, to communicate with bank employees.

You can create an account at Barclays Bank in England. The financial institution has many representative offices in the country and abroad. This bank works not only with private, but also with corporate clients, gives the opportunity to open cards, provides tools for financial management.

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