Aug 29, 2016

Free Professional Advice On Choosing A Foreign Or Offshore Bank Account

Please go directly to the FREE NON RESIDENT BANK SELECTION WITH AN INTERNATIONAL BANKING PROFESSIONAL online application form here only in the case where you do not have time to read why exactly we need detailed and honest replies to our questions listed on this form. The information below is crucial for the understanding of modern international banking, and we strongly suggest that you continue reading. is the leading service provider for company formation and non-resident banking and asset protection in the offshore industry, and we offer far more than just information about setting up foreign companies and offshore bank accounts. We are also your strategic partner, and our aim is to work together with you to find the very best solution to meet your requirements.

In today’s environment, international business entrepreneurs have to take a lot of things into consideration, and often require a foreign structure to be established so that they can build the right combination of onshore-offshore assets. One of the most important financial instruments required for successful offshore business is a foreign bank account. You can open foreign bank accounts remotely without having to visit any of the banks with our help. You are advised to open several foreign bank accounts via the Internet to ensure minimization of risk, the right business diversification, and the building and protection of your assets.

The most complex stage in the process of opening a foreign bank account is choosing the jurisdiction and the bank itself. You will need to take your current and future requirements into consideration, and choose the right banks and accounts that will be able to meet your requirements. It will be almost impossible to do this without the assistance of an experienced professional. The foreign banks that offer Internet account opening prefer to work with professionals like Offshore Pro to set up new accounts, rather than dealing directly with the clients.

Offshore Pro is always ready to help you to achieve your goals and plans with our foreign bank accounts opening service. We work closely with over 200 banks around the world, and we always ask the right questions when it comes to selecting banks and accounts that are right for you.

In the current climate, financial institutions are vulnerable to a sudden and unexpected loss of their correspondent accounts in US Dollars. Over the past few years, a number of international banks which had good relationships with the USA either have been, or are currently under investigation under FATCA law. These include the Banca Privada d’Andorra and the Belize Bank International and this does not include the many Swiss banks that have been affected.

The United States is only part of the problem. There is growing global pressure on the international banking sector, and it is important not to forget the OECD pilot program for the automatic exchange of information as well as the BEPS Manual.

The automatic exchange of information is a very complicated process that deeply affects international banks, and they run the risk of losing a considerable number of clients. Not only that, but they have the difficult task of setting up the best framework for the automatic exchange of information to ensure that the right parties receive the correct information.

International banks have to tackle the problems of their clients having several passports, and their taxation rights in different countries of the world. There are not a large number of customers to deal with, but there is a lot of pressure on the financial regulators of international banks, which is evident through the complex procedures adopted for the opening of accounts and the building of long term cooperation.

As an international business entrepreneur, diversification of your risks is critical, and this can only be achieved through the holding of several foreign bank accounts. Evidence of this can be found with the Euro Pacific Bank which had its Dollar correspondent accounts closed for a period of time from November 2015 until August 2016.

The example of the Euro Pacific Bank highlights the risks of holding just one offshore bank account in one country. There are other examples, and recently there was a hacker attack on the Russian financial institutions. At the end of February 2016, robbers stole 677 million Rubles from the Metal Invest Bank. This has led to banks further improving their online security.

This theft has prompted the Russian Government to plan the reduction of financial institutions in the country. The view is that the current 676 banks will be reduced by 100-200. In 2015 a total of 102 banks were closed and more closures are forecast.

There are plenty of foreign banks that will provide accounts to you via the Internet. Choosing the right bank is a complicated process as there are so many banks vying for your custom.

In an ideal world any bank that you choose should do whatever you require, and process all transactions smoothly and without fuss. But this is not an ideal world, and just because you are paying the bank does not mean that they will do what you want when you have a non resident account. A bank will not be prepared to lose its license, its customer base, the freedom of the bank executives and their Compliance Officers if you are seen as a risk to them.

In order to open a foreign bank account these days you will need to comply with their requirements and also with the tax requirements of your country of residence.

The foreign banks know that entrepreneurs and individuals require foreign accounts, but they are faced with the problem of the collection and transmission of all kinds of information to international organizations. They also need to keep their non resident clients happy and build a relationship with them.

The offshore banks want to avoid negative publicity amongst the business community, and they do not want to have to deal with clients making applications for an account which is subsequently refused. For you it could mean that you have wasted money and time on organizing couriers, the notarization of documents and even a visit to the country where the bank is located, only to be turned down.

Foreign banks have a preliminary list of characteristics that a non resident client should have, and they are unlikely to fully share this list of characteristics with you. At the Offshore Pro Group we work closely with the banks and we know what they are looking for. We can help you to open accounts with banks that will help you to achieve your goals. Our experienced consultants can help you with whatever account that you want to set up including corporate, personal, investment, brokerage and merchant accounts for non residents.

In order for our professionals to help you choose the right bank account, we invite you for a FREE online consultation that includes answering the questions below, which are based upon international banking standards. Once we have received your responses, we will analyze them and then select the most appropriate financial institution that will be able to match your goals and plans.

In order for us to provide the optimal choice of personal or corporate foreign or offshore bank account, it is essential that you provide us with answers to the following questions:

Free Professional Consultation For The Right Personalised Choice Of Foreign Banks

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If you are not concerned with answering any of the questions above, and you have no intention of deceiving foreign banks or the desire to find a “ready to offshore account”, then please send your answers now to

If you require further clarification and explanation as to why these questions need to be answered honestly and in detail then please see below.

It Takes Time To Open Foreign / Offshore Accounts 

We need to ask a number of fundamental questions in order to select the right foreign financial partner for you. Initially we need to determine details about you, and whether you want a personal or corporate account, or whether you require several accounts opened simultaneously.

Private foreign or offshore bank accounts online offer accounts for personal use, the preservation and cultivation of savings, the payment of personal bills and other expenses and gifts. Sometimes foreign accounts are used for investment in business projects where you personally participate. Other times a personal foreign account is required for additional security, diversification and optimization of international transactions. If the venture is not profitable this is dangerous, and 100% fines of the transaction can be implemented.

You need to understand that a foreign bank account that is opened via the Internet will be more valuable than a bank account in your country of residence. There will be a requirement for a minimum deposit to open an account, and also it is likely that you will need to maintain a minimum balance in the account. Of course everyone is trying to save money, but if these increased charges and minimum balances are a big problem for you then it is likely that you don’t really need a foreign bank account. Your offshore or foreign account will be the guarantor of the security of your assets, and a price needs to be paid for this. If you do not intend to declare a personal foreign account according to the laws of the country where you are a tax resident, then you need to do everything that you can to minimize your risk of the corporate veil being pierced.

A corporate foreign or offshore bank account is a mechanism which ensures the existence of your company. But before you can start an offshore company, there are many details to contend with. An important detail is to ensure that you comply with all of the requirements for conducting offshore business. If you do not pay the annual fee for the maintenance of your offshore company, it can lead to the freezing of your assets in your offshore or foreign corporate bank account until you can provide a certificate of good standing. If you take care of all of the important details, then your offshore corporate bank account will not just be a mechanism for the functioning of your business, but also an active mechanism to protect your capital. Since 2014 the practice has become more complicated by the interest of foreign banks in the accounts of offshore companies.

Questions About Corporate Non Resident Foreign Bank Accounts

In regards to corporate accounts, if you just need an account to protect and grow your assets then everything is clear. But if you require a corporate account to run an active business then you will need to answer the questions regarding your preferred choice of jurisdictions.

If you want to find a good corporate bank account online with the minimum expense for the registration of your company, then you not only need to consider the classic offshore jurisdictions but also mid-shore jurisdictions. You need to think about this very carefully, so we strongly recommend that you contact us for our professional advice for a fee.

Whatever you choose to do, the registration of an offshore company in tandem with an account in a good onshore or offshore bank, you need to understand that the banks will require particular details from all customers. You will need to provide detailed information about the planned business activities of your company.

The main questions that will be asked are:

  • What is the citizenship and tax residency of the signatories to the account (includes directors, owners and the final recipients of the profits)?
  • What is the association of your business to your country of tax residence and with other countries?
  • The place of residence of your partners and future partners, and the banks where they have accounts?
  • The value of the planned turnover for the first year and the average planned number of transactions per month?
  • The possibility of reporting on the execution of banking transactions?
  • A detailed description of business activities which must be submitted to the bank.

When choosing between onshore, offshore or mid shore companies, you need to take into account the amount of business that you will do in your country of residence. If there is a strong connection with your home land, then it will probably be better to choose a primary activity onshore company. When it comes to tax optimization, then it is always possible to implement an offshore company for example in a classic jurisdiction such as Nevis. You could also consider the low tax European alternatives such as Malta or Cyprus. And for the maximum protection of assets you could find that Singapore, New Zealand or Hong Kong are the most suitable.

When you open a personal account the bank will just ask you to confirm that this is to be used for the payment of your salary, sale of personal property, the payments of living expenses and debts etc. For the opening of a corporate account the bank will want to know the nature of your business and how your company intends to make a profit. Any offshore or foreign bank will want to know these details about your business.

If you want to open an account for an active offshore company then we can help you open an account in Estonia, Belize, Hong Kong or Singapore as well as in Austria etc. At the Offshore Pro Group we offer an impressive number of banks that provide the ability to remotely open an account. This does not mean that the requirements to open a remote account will be easier than visiting a bank in person to open an account. Our team of specialists will help you to open your accounts as soon as possible, and provide all of the information regarding the banking services available.

Please Understand That It Will Take Time To Open Foreign Bank Accounts                         

Most of our clients don’t want to wait a couple of weeks to open their accounts – they want them open yesterday! But the reality is that it is not possible to open these accounts in less than 14 working days or sometimes longer. There are several factors that attribute to this.

Firstly, to open a foreign bank account you will need to provide a number of official documents to us. Our team of professionals will then check the documents, and work as fast as they can to provide the documents to the selected banks on the same day that they are received.

Secondly the process of due diligence for each client by the banks will take time. In some cases this can be a few days, where in others it can take up to 4 weeks. The more prestigious the bank, the longer they will take to perform their due diligence on your documents.

And finally there is the mailing of the required original documents (personal and corporate) to the bank. They will not allow you to complete any transactions until they have received hard copies of these documents. You will be able to submit funds to the bank, but you will not be able to make any transactions until the entire process of opening the account is completed.

So if you require an account to be opened quickly then please don’t delay and contact us right now

CAUTION – personal non-resident bank accounts are only suitable for personal payments. With a personal account you can receive a salary from a company and fees from a company that derive profit from selling real estate shares. You can also accept loans from other people. When you open a personal account, the bank will ask you how you intend to use the account. Your answer should comply with the normal practices associated with operating personal use foreign bank accounts. You will not be able to run a business using a personal account. You can always open a business account later on.

When And Why Pay A Minimum Deposit?

If you want the bank to treat you as a serious prospective customer then you need to understand that they will assess your character based on a number of factors. For example, you may be a very well known person or own a well known group of companies or have a serious website. If you do not have any of these things then they will assess you based on your deposit funds.

When you want to open a corporate account and you desire a good working relationship with the bank, you will need to demonstrate that you have money. Therefore you will need to know the minimum deposit that the bank requires you to invest in your new account. You will earn further respect from the bank based on your annual turnover that will take place through the bank. The bank is in the business of collaborating with clients to make profits the same as you are.

Why Foreign Banks Are Eager To Know About The Plans Of Its Corporate Clients

Each bank will specialize in a different type of customer. For example, there are banks that work with start ups, and there are banks that will only work with established large companies which only want to acquire investment products.

As a general rule, if you have a large number of small payments then taking this to an expensive and respectable international bank is not advisable. The use of a foreign bank account should be where you have a special transaction level, and you do not mind paying the fees for international transfers and admission fees for non residents. For small transactions it is better to use a service such as PayPal or one of its equivalents. Many foreign banks will be quite open and tell you that they do not want to handle lots of small transactions. If you do not use the services of professionals like us, this may sound like the bank is refusing to open an account for you.

It is important that you state your initial deposit and planned turnover. You must remember to ensure that the planned transactions will conform to these amounts.

In addition, if you are not confident about receiving funds from a particular jurisdiction then do not include this in your plan. This is particularly important when it comes to planned payments from the United States. You need to be prepared to provide details about all of the transactions that you are expecting including contracts, invoices and the explanation for these (e.g. the source of the funds is venture capital). You can use a corporate account as a personal account if you immediately declare this as not being for a business.

Please bear in mind that transactions in US Dollars may be seen as risky due to events of recent times. It will not be seen as a good idea to use this currency for your corporate account or personal savings. More and more banks are feeling the strain of processing transactions that involve US Dollars. This is due to the tightening of the regulations by the US Government. The United States has declared war on all banks who do not agree to abide by their rules. The first to suffer from this were offshore banks. It is highly recommended that you choose a more stable and politically independent currency for your business account and personal savings.

The Importance Of Citizenship And Country Of Tax Residency

If you have a US passport or a permanent residence in the United States then you may experience a lot of difficulty when it comes to opening a foreign bank account. This is due to the adopted FATCA law, which requires significant information overheads be placed on international banks. Unfortunately this means that a large amount of foreign banks refuse to cooperate with US citizens.

Languages Spoken With The Opening Of Foreign Accounts Online

Not all foreign banks and jurisdictions that are allowed to operate bank accounts with non residents will provide support for your native language. For example, if you are choosing Singapore to open a corporate account then you will need to be prepared to speak at least a little English.

Availability Of The Necessary Documents For Opening A Foreign Bank Account

Whether a bank is onshore or offshore it will require identification documents for you and your company. Once these documents have been verified, it guarantees to the bank that you are a legitimate customer and also preserves the reputation of the bank which they will value highly.

So you will need to be prepared to submit all of the required documents when it comes to opening a foreign bank account. You will always need to supply a copy of the passports of signatories and beneficiaries, and these need to be notarized. Further documents such as utility bills will be required as well as proof of residence, and also the recommendation of a bank in which you have held a business account or personal account for a number of years. It is not always possible for clients to produce these bank references, and in these cases we at the Offshore Pro Group are here to help you as we can always choose an option that will suit both you and the bank.

Remember that the reasons for going offshore are to make you feel secure about your money and maintain an international business. Do not settle for offshore schemes that have not fully understood and satisfied the requirements of your specific case. We look forward to receiving any questions that you have at about choosing a foreign bank.