Overview:

In Spain we work with a private bank and brokerage based in Madrid. Their international department offers a very flexible approach for larger private and institutional investors. Spain has relatively strong banking secrecy for non-residents.

 

Target clients:

Private banking clients and professional asset managers, worldwide but particularly Latin America. Corporations from Spanish blacklisted countries are NOT accepted. We recommend Nevis as it is not blacklisted. Also ideal for companies from EU, UK LLPs etc.

 

Languages:

Spanish, English.

 

Specific features:

  • Remote account opening for offshore companies is possible, though a Spanish fiscal ID number is required.
  • Can open correspondent accounts for institutions, cambios etc.
  • Personal banker including flexible working hours to cover Latin America.
  • Extensive Latin American experience and contacts.

 

Plastic cards:

Visa premium brands and American Express in EUR. Visa may be issued with only corporate name. No security deposit, but they request as a rule of thumb investments of 10 x the credit limit.

 

Documents and Account Opening Process:

  • Standard set of corporate documents and Spanish translation with apostille. Alternatively, the bank can arrange the Spanish translation at client’s expense.
  • Depending on the type of operations envisaged (current account or investment) the company and its representative or nominee will need Spanish fiscal ID numbers. The bank can obtain this for the client with a POA.
  • Certified passport.
  • Documents regarding proof of funds

Scanned documents should be sent for pre-approval, followed by hard copies for account opening.

 

Deposit requirements:

We recommend EUR 100K but flexible if there is a good commercial justification.

For further information on procedures and fees for opening your offshore bank account in Spain, contact Offshore Pro Group today!