Opening an Offshore Bank Account
If you need to open an offshore bank account, but don’t know where to start, this handy guide will reveal some tips for making the process easier.
There are three multinational banking institutions who make it possible for their clients worldwide to open offshore bank accounts. Barclays, HSBC and Lloyds TSB offer offshore accounts in three popular currencies: Euros, US dollars and Sterling. Opening such accounts in these banks is more like opening a regular account in your local bank, only more secure and more financially rewarding.
The reasons that many people prefer entrusting their money in offshore banks go far beyond ensuring the financial health of their business or personal wealth. Offshore banks offer the best yields for every currency unit you deposit because you, as a depositor, are not burdened with the high tax rates in your own country. Depending on the location of the offshore bank, you may not be liable for any tax, especially if your bank is located in a country or territory designated as tax haven. Aside from that, your deposit will be insulated against any political, economic and financial chaos back home.Offshore banking does not only make your deposit safe, it also offers products and services not available in your local banks. The most attractive feature in offshore banking is the low taxation or, in some cases, the absence of tax. However, when you consider opening an account with an offshore bank, make sure that you are not violating your country’s law in regards to holding such an account.
You may find some useful information about offshore banking on the web, but it doesn’t give you details on how to open an account. Most often than not, it simply illustrates the pros and cons of keeping an offshore bank account, nothing else.
If you consider opening an offshore bank account, banks usually requires an applicant to submit the following documents:
- A correctly filled in application form, duly signed by you, as the applicant
- A specimen of your signature (depending on the bank, they may require you to have them notarized)
- A xeroxed copy of your travel document (usually, an active passport). Some banks usually require the applicant to produce the original passport for reference purposes when applying.
- A certification from your original bank stating or affirming the authenticity of every single signature that appears on the document
- A certification of your current postal address
The process of opening an offshore bank account varies from one bank to another. Even the information asked for in the application form from each bank, also varies greatly. If you are unsure of what you need to do or how to make some progress in opening an offshore bank account, contact one of the major banks offering this service (HSBC, Lloyds etc.) and speak to an offshore advisor in person who will be able to make it clear.
Globalserve Consultants proving Cyprus Offshore accounts to International clients looking to expand their Business in the island
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