Open an offshore account for individuals
Opening an offshore account for individuals can be problematic if you don't know all the nuances. To set up an account in 2021, contact our experts at IT-OFFSHORE. We will answer all your questions and help you choose the right bank.
The necessity of an account and its main features
It is required to open a bank account for an individual if there is a need to protect assets. In addition, some financial organizations offer profitable interest rates on deposits and provide a high level of anonymity.
The main advantages of opening an offshore bank account for a physical person are:
- Availability - most financial institutions provide the possibility of using online banking, it is possible to carry out transactions remotely;
- Anonymity - assets are kept safe, no data on users is disclosed;
- Protection - minimal risks of losing funds.
There are also some difficulties in creating an account. Before you open a deposit, you need to make sure that the financial institution is reliable. In addition, it is important to consider the amount of commission for the creation and maintenance of the deposit, as well as the trustworthiness of the credit institution.
How to open a deposit
Opening a deposit in another country is quite a complicated procedure. Banks thoroughly check new clients. This requires the submission of a large package of documents, in order to perform deep due diligence.
It is necessary to provide certified copies of the passport, information about the place of residence, employment information, and proof of the legality of the origin of funds.
The list of required documentation may vary depending on the chosen country. Some foreign banks require references, as well as remote or personal interviews.
How to choose a bank - TOP 5 most popular financial institutions
Before you start choosing a financial institution, you need to determine the purpose of creating a deposit, the requirements of banks. It is important to consider what currency the bank works in, where it is located, what services it provides, whether there is a convenient mobile application, the possibility of remote opening, etc.
Hermes Bank
Hermes Bank is located in Saint Lucia. The state is characterized by a stable political system, the conditions for opening an account for non-residents are quite attractive. The bank provides confidentiality of information about clients and performed transactions.
State Bank of Mauritius
This bank is the second largest in Mauritius. It offers a wide range of banking products for both individuals and legal entities. The financial organization works with non-residents. Account opening can take about 3-4 weeks.
ABC Banking Corporation
ABC Banking Corporation is relatively new, with a representative office opened in Mauritius. The institution is known for the fact that it specializes in working with non-residents. It is possible to create an account for an individual or for a company remotely, without coming to the jurisdiction. There is no commission for creating an account, and there are no requirements for a minimum balance. It takes about 3 days to open an account.
Eurobank EFG Cyprus
This Cyprus-based bank Eurobank EFG Cyprus is available all over the world and provides a full range of services. It is possible to open an account remotely without visiting the country. There are no conditions regarding the smallest balance and the procedure takes about 7-10 days.
Valartis Bank
The bank is located in Liechtenstein and specializes in serving wealthy clients. It offers full technological online banking, no requirements for personal presence, and the services are available in Russian. The registration procedure takes about 1-2 weeks.