Sunibel Corporate Services

How to open an offshore bank account

Whether it is for economic reasons, political stability, privacy or to make international transactions go smoother, opening an offshore bank account is simple and can be done in several basic steps. Saving money in an offshore bank account is legal given that the source of the money is from legal sources. Some experts confirm that having an offshore bank account is a safe precautionary measure for depositors, especially since offshore bank accounts has borne a considerable influence on the international economy worldwide. We provide you with a quick guide on how to open and manage your offshore bank account.

 

Basic requirements to open an offshore bank account

How to open an offshore bank account - Basic-requirements

Requirements to open an offshore bank account are akin to opening a bank account in your home country. Indeed, offshore banks ask for the basic information as well as Personally Identifiable Information. These include:

  • Certified identification document (Passport and/or ID)
  • Certified evidence of physical address
  • Proof of income
  • An initial deposit

Offshore banks place a considerable amount of importance on the authenticity of documents. Therefore, prior to sending the above-mentioned documents, it is advisable to request those documents to be apostilled. Generally, this type of document can be obtained in government offices.

Offshore banking is popular, but is sometimes associated to malpractices, including tax evasion and money laundering. Opening an offshore bank account may be simple, but offshore banks have to respect the procedures and legal requirements, as they would be liable for allowing any negligence.

Link benefits of offshore banking

Click here for more information about the benefits of offshore banking

 

How to open an offshore bank account

Experts agree that the most effective way to open an offshore bank account is to go in person to the banking institution in the destined foreign country, even though if it is not required in some cases. Indeed, a vast number of offshore banks across Asia, Europe and Central America do not create bank accounts for clients, unless the latter is present in person to do so. Being physically present establishes trust and gives a better insight and assurance to both the client and the bank when carrying out their Due Diligence. In Mauritius, most banks provide the possibility of opening bank accounts in major currencies (including the USD, GBP and EUR).

You can open one:

  • In person to the bank in the foreign country of your choice
  • Some banks allow clients open an account online
  • Entrusting this task to an Offshore Service Provider

It is also possible to open an offshore bank account through an Offshore Service Provider (OSP), such as Sunibel Corporate Services Ltd, which makes it easier for you to open this type of account. The OSP knows the document the bank will require and, will undergo a first Due Diligence, which will be reassuring to banks as to the authenticity of the client. You can contract the services of an experienced OSP, like Sunibel Corporate Services, to assist you in this process.

How to open an offshore bank account - choosing an OSP

 

Depositing funds to an offshore bank account

Depositing funds to an offshore bank account is possible, as long as you state their sources. Offshore banks will be ready to question you on how the funds were generated in order to ensure they come from legal foundations and to detect any suspect illegal sources.

Most offshore banks accepts

  • Electronic deposits through international electronic wire transfers; and
  • May impose an additional charge to receive or to send funds internationally

 

Withdrawing funds from an offshore bank account

Similarly, to local banks, an offshore bank will provide the client with a debit card that grants the holder access to his or to her funds globally. However, this method might be a bit costly due to commissions. The easiest way remains the same as for depositing funds, which is through bank wire transfer.

Another option would be to use two bank accounts, one offshore and the other a domestic one. In this case, bigger sums of offshore funds can be transferred to a domestic bank account. It can be processed through electronic wire transfers. This method assures more security, peace of mind and privacy to the client.

Withdrawing funds from an offshore bank is also possible by:

  • Using two bank accounts, an offshore one and a domestic one;
  • Larger offshore funds can be transferred to a domestic bank account; and
  • This option guarantees more security, security, peace of mind and privacy to the client.

 

Depositing funds to an offshore bank account Withdrawing funds from an offshore bank account
  • Electronic deposits through international wire transfers
  • Banks may impose an additional charge to receive funds from abroad
  • Bank will ask for source of income
  • Through debit card from ATM or at the bank itself
  • Banks may impose an additional charge to send funds abroad
  • Electronic withdrawal through international wire transfers
  • Transferring funds to a domestic bank account

 

How Sunibel can assist you in opening your offshore bank account?

Sunibel Corporate Services can help you in opening your offshore bank account in the Mauritius, one of the best jurisdiction to open an offshore bank account. Sunibel Corporate Services will help you and advise you in preparing your basic requirements and choosing the best option, customised to your objectives, for your offshore bank account.

Contact us now for more information on how we can help you open an offshore bank account, and help you meet your business objectives.

 

Disclaimer

This article is provided for information purposes only. It is not intended to provide, and should not be used for, tax or legal advice. We may put you in contact with tax and legal advisers in this regard.

Although all information and opinions contained herein have been compiled from sources believed to be reliable and trustworthy, no representation or warranty, express or implied, is made as to their accuracy or completeness, and, to the extent permitted by law, Sunibel Corporate Services Ltd, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in the article or for any decision based on it. You should not act upon the information contained in this publication without obtaining specific professional advice.

Sunibel Corporate Services Ltd accepts no liability for any direct or indirect damage resulting from the use and reliance on the information published in this article.

For more information, please see our terms and conditions.

 

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