How to Set Up an Offshore Bank Account?

by Confidential Banking #1 Merchant Processing Services

An offshore bank account is simply a bank account set up outside the country of residence of the account holder. Most individuals or companies set up an offshore bank account to capitalize on the liberal tax laws of some jurisdictions. But there is more to offshore banking than just that.

Offshore bank accounts also offer the following benefits:

- Economic and financial stability of the chosen jurisdiction

- Safe and secure banking enabling anonymity

- Flexibility in terms of access to funds globally

- Enhanced legal and political conditions

- Improved asset protection

Essentially, an offshore account provides the means for wealth to be protected, preserved and ultimately increased, as favorable conditions are often offered by offshore banks. These factors have contributed to the increasing number of investors opting to set up an offshore bank account established under their newly incorporated International Business Corporation (IBC)

Process of Opening an Offshore Bank Account

Step 1. When deciding to open an offshore bank account, the first step is to determine which jurisdiction favors the investor the most.

Step 2. Locate a suitable banking institution in your chosen jurisdiction that offers the best interest rate and services to your specific requirements. This will enable you to determine the regulations the bank must comply with, how they open accounts, and whether you need to travel overseas and set up an offshore company to open the account.

Step 3. Choose from the three main types of offshore bank accounts: personal, corporate and investment.

Step 4. Supply the required documentation. Generally, an offshore bank will require certain documentation, including a proof of identity, proof of address, while corporate and investment accounts may have additional requirements such as business plans or minimum amount of investment.

As you can see, opening an offshore account is relatively simple and similar to that of your standard local bank account.

So what are you waiting for? Visit https://www.confidentialbanking.com/offshore-bank-accounts.html and set up your offshore bank account easily.