Most people associate offshore bank account with financial sophistication. The reality is that any person, including one with average financial might, can engage in offshore banking and open a bank account. In fact, opening such bank accounts takes a few moments.
Providing the Necessary Documentation for Opening Offshore Account
Some of the information that you must provide an offshore bank with in order to be eligible for opening an account includes the following:
- Proof of citizenship
- Date of birth
A copy of driver’s license, passport or other identification documents that the governmental agency issues would also be required for verification.
Moreover, expect the offshore bank to engage in verification of physical address and residency for taxation purposes.
Opening an offshore bank account might also require notarized copies of some specified documents. An apostilles stamp might be necessary and this would require visiting the appropriate governmental office that issues it.
Do not be shocked to see the offshore bank asking you to b The documents should indicate your average balances as well as show proof of a satisfactory relationship between you and the bank.
Providing Details Regarding the Transactions
The offshore bank would ask for details regarding the type of transactions that you would be undertaking through the account.
This might appear intrusive. However, the offshore banks have to ask for these details in response to the extensive pressure they face regarding illegal activities.
Other requirements to open an offshore account that you must know include:
- choosing the appropriate currency for your account
- providing sales contracts and other relevant documents when you obtain significant funding from real estate or business transactions
- letters from insurance company when depositing funds from insurance contract
- letter from executor of an estate where the funding is from an inheritance
Lastly, it is worth mentioning that funding an offshore bank account is often via international wire transfers done electronically. Withdrawing from such accounts is through ATM or normal debit card.
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