Open an account in an offshore bank rules

Offshore banking is often associated with something very complex, accessible only to advanced financial people. However, in reality the most ordinary person can open an offshore bank account, spending a few hours (or at worst - days).
Each bank, depending on the jurisdiction has its own requirements, so the contents of a specific set of documents will have to be clarified. The following review is based on "typical" examples of offshore banking centers such as Switzerland, the Cayman Islands and the Channel Islands.

Basic requirements

Fundamentals of opening an offshore account are similar to requirements for domestic accounts. The offshore bank will request your personal information: name, date of birth, address, citizenship, employment, etc. To reassure her, you have to provide a copy of the passport. In addition, it is important for the bank to verify the address of your physical, as it may affect the tax issues. This query can provide documentation of public services in the community, etc. Because of the diversity of identity documents faced by banks often require additional evidence of the authenticity of the document. As a rule, lack of notarized copies. Some prefer the so-called offshore centers "Apostille" - print, which is used for international certification of documents. In Russia, a seal for certain documents may be obtained, for example., The Ministry of Justice and its territorial bodies, or use the services of specialized intermediary firms.

Additional Documents

The bank may also require more "exotic" types of inquiries. They are directed against money laundering, hiding income and other illegal activities, which so often associated offshore banking. First, an offshore bank may request financial documents from your home bank, confirming the average balances and the overall level of your "good relations" with a domestic financial counterpart. As a rule, it is enough to provide an account statement for the last 6-12 months. Second, an offshore bank may ask the nature of the operations that you plan to pass through his account. Such an obsession - a consequence of the pressure on offshore centers by foreign governments. Many banks may require additional documentation regarding the sources of your income. If this salary should be enough information from the employer. In order to assure the investment income, the bank may require information about your investment. If you have significant funds from business or real estate transactions, you may be required with the relevant supporting documents. There are other nuances, depending on the sources of your income.

Currency Account

In contrast to the national accounts are generally limited to the ruble, the dollar and the euro, offshore banks offer a wide range of currencies. This is one of the most attractive features of an offshore account, as it allows to choose the currency that you trust the most, for which you expect the greatest growth or an attractive interest rate, etc. It is important to understand the impact of accounts in different currencies. Wind., Interest in certain currencies may cause the tax load. Also, if you need to convert to domestic currency or any other, it also is fraught with the commissions, depending on the currency pair.

Commissioning of

Offshore bank accounts are funded mostly electronically, through the international communication network. Unfortunately, international money transfers as opposed to transfers within the country, in any case are not free. Commission can vary from bank to bank, so be careful. Unfortunately, there are practically no alternatives. Domestic checks, for example, are generally not accepted in foreign jurisdictions.

Withdraw

Offshore banks offer a variety of ways to withdraw funds for the convenience of its customers. Many offshore banks issue debit cards are standard, which allows easy access to funds worldwide through ATMs. Here, as you enter the money should be given to the commissions, which can be quite substantial. To reduce costs, it is better to withdraw cash infrequently and in larger amounts. Some banks offer checks. However, this is not the most convenient way because of confidentiality, and they may not always be accepted. Perhaps the best method is to use two accounts together: offshore and domestic. Thus, it is possible to transfer large sums of money to offshore accounts in the domestic, and only inside the country to withdraw money - no problem. This method is convenient, safe and confidential.

Summary

Despite the "mystique" surrounding offshore banking, opening an account is easy. Often you only need to fill out several forms that you provide identifying the document and additional information that demonstrates that you do not plan to engage in illegal activities. Currency and optimize I / O resources are somewhat more complicated issues, but the situation soon becomes clear in practice.