Most of the people think it is too much sophisticated process to have a bank account opened in a foreign country, but reality is the opposite. It would take a few hours of work to have your account opened in an offshore bank. Another misconception that resides in the minds of many people is that the offshore bank accounts are beneficial only for the rich people, but it is not that. Anyone, who wants to secure his money, want to earn more interest on it or just want to take the advantages of investments opportunities that other countries offer, can consider having an offshore bank account.
However, each offshore bank has its own requirements which you need to fulfill before having an account in the particular bank. As the facilities and offers provided by these banks are also different, you can do some research to find a bank that will meet your requirements. Here we are going to mention various aspects that are related to opening an account in bank offshore.
- Basic requirements
The basic requirements for having an overseas bank account are same as that of having one in your own country. The basic requirements will include your personal information like name, DOB, address, citizenship and more. For the verification of your personal information, you would be required to submit a copy of any of your ID proof which should be issued by the government agency. As residence can affect the taxation issues, you would be required to present the proof for your residential address.
- Other verification documents
In addition to the personal information, you are also required to provide some verification documents, so that the tax fraud, laundering or any illegal activity can be kept at bay. You may be required to present the financial reference document from the bank you are having your account in at present and the document should indicate your average balance in the account and should prove that you are having a satisfactory relationship with the bank. Secondly, an offshore bank may ask you about the transactions that will take place through your account. It may seem intrusive, but the overseas banks are under pressure to ensure that they are not doing any illegal activity. In the case you will use that account to deposit the job salary, then you will be required to deposit the salary slip; if it is the business funds that you are going to deposit then you will be required to provide the relevant documents and so on ....