If you go hiking, it is always better to have an experienced guide with you. And it’s not just because he knows the road and you are unlikely to get lost in the mountains: he knows how to deal with any unpredictable situation that may happen, like an injury, bad weather, wet clothes, and so on. You will never lose hope if you rely on your guide’s strength and experience.
In present-day life, you have to be such a guide for yourself, and this is the only way to live your life comfortably. Life is just as full of sudden events as hiking: geopolitical conflicts, new laws being adopted, economic crises, pandemics, galloping inflation, and so on. Are you prepared to face it? An offshore account is one of the components of your Plan B that is a must in present-day conditions. Read our article on how to open an offshore bank account to get the information you need. We have qualified specialists on our portal who will help you make it a hassle-free experience: all you will need is to collect some documents and wait.
Offshore Banking: Taking Advantage
The capital kept in overseas banks is just enormous: rich people do not miss an opportunity to hide their money in several safe places – well, just in case. What are the advantages of a foreign account, anyway?
- Offshore jurisdictions offer advanced banking systems to attract more investments
- An offshore bank account is your protection against political and economic risks in your country of residence
- You can benefit from low taxes offered by offshore banks to non-resident customers
- Banking secrecy is one of the main aspects that attract customers to offshore banks, that’s why it is kept on a much higher level than in any onshore jurisdiction
- Your assets will enjoy reliable protection as there are offshore jurisdictions where creditors will not get to your capital even if they have won a lawsuit against you
- Currency diversification: you will have funds available somewhere at any moment to cater to any urgent need
- You will benefit from good interest rates
- Investment opportunities are more readily available to you if you are an offshore bank account holder
- Some jurisdictions offer considerable benefits to high-risk businesses that other countries may reject
- Advanced banking applications help offshore banks deal with their clients’ transactions seamlessly on a round-the-clock basis
- Finally, the peace of mind that you will have is probably one of the most precious things you can get in this life
Doesn’t that look impressive? We have opened thousands of accounts for customers, and they never regretted it as the jurisdiction and the bank were selected competently to fit their needs in the best way possible. We can do the same for you – contact us today by following the link above!
Are Offshore Accounts Legal?
Any structure is considered legal if it is formed according to the laws of the particular country. Thus, foreign bank accounts are perfectly legal as offshore banks comply with the norms of their country and with all international regulations.
However, if you use your non-resident bank account to violate the laws (evade taxes, launder money, finance terrorism, or circumvent sanctions), your account will naturally become illegal. As you understand, an offshore account is not illegal per se: however, it may be used to perform illegal actions.
If you want your account to function on absolutely legal grounds, you will have to take the following steps:
- Prove that your funds come from a legitimate source
- Explain to the bank why you need this account
- Comply with the requirements set by the bank
- Abide by the laws of the jurisdiction in which the bank is located
In this case, your account will never be called illegal, and you will never make the headlines as an offshore fraudster.
Is an Offshore Account the Privilege of the Rich?
This is absolutely not true: you can open an offshore bank account to put 5,000 US dollars there, and it’s absolutely OK.
In fact, you may use a non-resident account to get your labor remuneration, settle invoices, or spend money while traveling. And these do not seem to be the things that are only available to millionaires, do they?
Wealthy people do open offshore accounts quite often, and they have higher requirements and need more opportunities. And this is a totally different story.
The main thing is the convenience of working with the account rather than the sum you intend to keep in it.
Can I Open an Account Remotely?
Many people guess that they will need to fly a long distance to open a bank account in an offshore destination. However, it is not true in most cases: there are many offshore banks that will open an account for you remotely.
You will still have to prove that the origin of your funds is legal and pass the due diligence and KYC procedures, with all documents submitted online. You will need to focus on proper legalization and preparation of documents, but we can easily help you with that.
In some cases, the bank may require a personal visit, though. Fortunately, we can help you delegate it to a local representative and open an account by proxy, which is very convenient.
How Long Does It Take?
First of all, you will need to prepare the documents, and it will take some time. Second, the bank will have to consider them, which also takes some time.
The bank starts verification of your documents as soon as you submit the whole package.
The rest is a variable figure. If you intend to deposit millions with the bank, the verification procedure may take up to two months: on the one hand, the bank is very happy that a wealthy customer wants to use its services. On the other hand, it wants to make sure that the customer is reliable and that the funds come from a lawful source.
Do you still have any questions or doubts about the offshore bank account? Do not hesitate to contact our specialists for a free consultation: they are sure to help you!