The main reasons for offshore bank account opening for non-residents are secrecy, confidentiality and asset protection, which includes savings, royalties, dividends and corporate profits.
Offshore banking means that you have a bank account outside of the country in which you reside, usually in a location with low tax jurisdiction.
World Offshore team assists in offshore bank account opening for non-residents in trustable and reliable international banks located in Europe, Asia, Caribbean and also Africa. Offshore online banking is a great way to manage your finances, no matter where you are located. You can operate your account online from all over the world.
There are two main types of offshore bank accounts for non-residents – Private and Business.
Discover the options that private and business bank accounts cover:
World-Offshore has a network of international partner banks in the following jurisdictions:
- St. Vincent and the Grenadines;
- Cyprus (EU);
- Latvia (EU);
- Austria (EU);
- United Kingdom (EU);
- Liechtenstein (EEA);
- United Arab Emirates;
- Hong Kong.
What is the process for offshore bank account opening for non-residents?
In general all international banks have a similar proceeding for identifying new clients and their business. Banks mains purpose is to identify and check the account holder and understand the business activity, if it’s meets the banks internal policy.
The first step is to introduce the bank with the case and obtain a positive pre-approval. Once it has been received, World-Offshore specialist prepares all the documentation and bank application forms and based on the chosen bank – rather is arranged a meeting with the bank or proceeded with remote offshore bank account opening.
Once the banks compliance has reviewed the file and approved, client receives the bank details with the access instructions.
During all the process World-Offshore specialist is in contact with the banker to keep a close follow-up of the account opening and at the same time assists the client with individual care.
During the last few years, more and more banks require a face to face visit with the account holder, due to security reasons. For example bank account opening for non-residents in European banks in most cases will require a meeting.
Nevertheless, there are still banks with whom the bank account can be opened without visiting.
How long does it take to open an offshore bank account?
Most banks will state on their websites that it will only take a maximum of 3 days to successfully open a bank account once all the bank forms are completed and supporting documents are submitted. This is rarely the case. It can actually take between 2 to 3 weeks for an account to be opened. Usually the banks will ask for more information and supporting documentation and their compliance teams will analyze the information provided for about a week before confirming an opened account.