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The process to opening an offshor bank account is relatively simple and similar to that of your standard local bank account.
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Things You Must Know Before Opening an Offshore Bank Account
An offshore bank account is an account which is set up outside the country of residence of the account holder. Offshore bank accounts are available to anyone who is interested. • You can open an offshore bank account in any of a large number of offshore jurisdictions. It has been considered to be an option only available to the wealthy from a long time, however in recent times it has often been employed by various companies and individuals that wish to invest their money to gain immediate and long term financial benefits. The three main categories of offshore bank accounts are • Personal: A personal bank account is one which an individual opens for private use, and not for business purposes.
Corporate: services offered in this account are specifically tailored for businesses. • Investment: This type of account is classified as a financial tool as it enables investors to buy stocks and bonds. Process of Opening an Offshore Bank Account Finding a suitable jurisdiction • The first step while opening an offshore bank account is to determine which jurisdiction favors the investor the most. Locating a suitable banking institution
After a jurisdiction has been chosen, research on the local banks and finally determining which bank offers the best interest rate and services to your specific requirements. Selecting a bank account type • This is followed by finding out what type of account the client requires. • The process to open an offshore account is relatively simple and similar to that of your standard local bank account. The ways of opening an offshore bank account is almost similar in every bank. Various formalities that are required during opening an offshore bank account are given below.
A reference from your existing bankers • Certified copy of passports of all signatories • Proof of residential address (typically a utility bill) • Letter stating expected activity, with supporting documentation if available • Documentary evidence of source of funds to be deposited Advantages of Opening an Offshore Bank account • The first, and most obvious of these, is that fact that you will be able to reduce your tax liabilities by having your money in offshore accounts. • By setting up these sorts of accounts you will be able to have the peace of mind that your money is both safe and private from prying eyes.
