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Opening an Offshore Banking Account and the Documentation Process Offshore banking is one financial savings opportunity even an average-earning individual can take advantage of, especially if they a regular job in a foreign country or luckily, a thriving business offshore. Probably the only thing that is stopping these individuals from opening a bank account in the country where they earn a living is the constant and unreasonable downplay others do against offshore banking. While it is true there are some legalities involved with it, having an offshore bank account presents invaluable benefits to the account holder. What if a medical emergency calls for a domestic currency payment? Or if the person wants to expand his business, but one of the requirements is to have an active bank account in that specific country? The legal issues can easily be addressed with the advice of both the foreign bank and the local bank he has an active bank account with, and everything should follow smoothly. Similar to Opening a Local Bank Account A person wanting to open a bank account in the country which he visits regularly to work or to run a business, would have to go through steps that are similar to opening a bank account in his country of citizenship. He would fill out forms with his personal information and will be required to attach legal documents. These documents are usually identification documents certified by the government of origin. This is to ensure that the applicant and the bank are protected against legal concerns, particularly tax fraud and money laundering. But the applicant must keep in mind that this is just part of the whole documentation process. Onshore Bank Reference Documents The next part of the documentation process is when the bank would require the applicant to submit reference documents certified by his onshore bank. These documents should indicate the applicant’s balances, which should be satisfied by a year’s worth of bank statements. Foreign banks may also require a certified or a notarized bank document indicating a satisfactory relationship between the applicant and the onshore bank. If the applicant wants to activate his offshore banking account the soonest possible time, he is highly-advised to prepare these documents ahead of time. Other Documents Also an important part of the documentation process is the provision of certified documents by the applicant indicating the source of his funds. This part is easier to accomplish for those with jobs in the foreign country than those with businesses, who are usually required to submit sales agreements, government permits and other relevant business documents. But just the same, it has to be accomplished. http://www.cclogic.com/cyprus-bank-account/ Depending on the person’s other circumstances, he may be required to submit the following: • Investment documents These may be required to verify investments - how much and where these investments are held. • Certified Insurance Letter This may be required for submission if the funds are sourced from an insurance claim or income from any form of insurance. • Certified Letter from the Executor of the Estate This may be required to be submitted if part of the funds would come from inheritance money. Once all the necessary documents have been submitted and verified, the applicant will be advised of the suitable type of account that will be activated for him and when this will occur.