Today, many people are appreciating the importance of having an offshore bank account. The political and banking systems back at your home are too fragile and many people no longer trust them. The reports of central administrations taking over pension schemes or your deposits getting targeted through lawsuits are not uncommon. Therefore, you need to get an additional offshore account to keep your hard-earned cash safe.
Notably, opening an offshore bank account is not illegal. As far as a person owns the cash, he has a right to store it in any bank globally. It is pretty the same way you have a right to spend your money in any holiday destination. One of the most outstanding jurisdictions in the globe for locating an offshore account is Macau. The taxes are subtle and your deposits will earn higher interest rates. To open an offshore bank account in Macau, you need to follow these steps;
Pick the bank of choice
The first step to open an offshore bank account Macau is picking the bank of choice. In the last decade, a lot of banks have entered and opened branches In Macau. They are mainly attracted by the favorable tax regime and supportive administration. Every bank has its own requirements before accepting to open an offshore bank account for clients.
To pick the best bank, you need to consider the following;
- The charges for running an account
- The interest rates
- Customer support
- Ability to access the account using multiple methods such as credit cards and internet wallets
Establish the main requirements and prepare the documents
Using the selected company’s website, make sure to review their requirements and prepare all the documents carefully. This is the most crucial level because it gives the bank an opportunity to know you better. Some of the documents required by banks include;
- Copies of your passport
- The proof of residence
- Bank statements from the local bank
Prepare an application detailing the reason for opening an offshore account
Many banks are extra careful about the clients they add to their members’ list. Therefore, they require applicants to outline the reason for opening an offshore bank account Macau.
Therefore, you need to demonstrate this in writing. For example, you might be interested in saving part of the salary to a bank with high-interest rates. Others might need a foreign account to make access to cash easy when traveling to the Far East. The application document should be convincing enough to make the company open the account on the first attempt.
Book an appointment and present the documents
Many banks will not agree to open a bank account in absentia. Even those that accept will designate the account as inactive until the holder presents himself physically. Therefore, it is important to book an appointment and travel to Macau. By presenting yourself, the bank gets the assurance that it is dealing with a real person and not a scammer. Besides, all the documents will be checked and any issue that needs clarification set straight.
Most banks want their clients to make some deposit into their account to become active. Therefore, it is important to have some cash to deposit in the new account. The cash could also be in the credit account or an appropriate online wallet. When you decide to open a foreign bank account Macau, preparing the documents carefully and staying in touch with the target bank will raise the chances of success with a great margin.