Opening an offshore bank account is as simple as opening an bank account locally. The only difference that you find is the services provided by the bank and where it is located. Any average person can open an offshore bank account easily. But before you open such account you need to get a research done and know some things related to offshore banking. In this article we will tell you most of the things to know before and while you open an OFFSHORE BANK ACCOUNT.
What should I know before I open an offshore bank account?
- While you open the account you should be the right frame of mind and apply with a proper understanding. Get your research done, try to get more and more information about Offshore banking from the internet or related books, also you can consult whom you trust already using Offshore Merchant Account or from trusted offshore banking service providers.
- Even if opening offshore bank account is not expensive, you should always be aware of the transaction and other costs, however these costs are hidden costs. But be aware that those fees are proportional to the service you require.
- Offshore banking is totally legal, considered you open and set up the account in the right way. It is quite wrong to blame the whole offshore banking system just because of a very few people who use this service illegally like tax evasion and money laundering. So set up your account correctly with the help of trusted service providers and experts.
- As we read in the previous point offshore account can be illegally used for tax evasion so it is very mandatory to inform your local tax authorities about this account.
As we read earlier opening an offshore account is just the finishing the design with a cherry of the cake, what matters is the whole cake which included plenty of research and advice’s from lawyers, offshore experts, tax planners and authorities, offshore agents as one small error can spoil the whole cake.
How to Open Offshore Bank Account?
Basic Requirements:
Similar to the local bank account opening requirements, offshore banks ask for basic information like name, DOB, address, occupation and citizenship. For the verification of this personal information you are asked to submit government issued identity proof.
Additional Requirements:
This additional requirements are required for the verification to avoid the above mentioned illegal activities like tax evasion, money laundering.
For this you are asked to submit past transaction statement of your personal bank account or business account. Most of the offshore banks also ask you to submit document stating the source from where you deposit funds.
1. If the deposit source is the salary, you need to submit salary slip of the same.
2. If deposit is related to business transactions, you need to submit the documents related to it.
Choose currency:
Offshore banks offer you the make a choice of the type of currency in which you need to hold you funds in.
Deposit in Offshore Bank:
Deposition in the offshore being international transaction as a result wire transfers are done.
Withdrawing from Offshore bank:
For the convenience of the user offshore banks offer various methods for withdrawal of funds. Like debit/ATM cards with which you can access all funds globally.
At the outline all this is Offshore banking is very safe and risk free. Considered you use it wisely.
