How to Establish an Offshore Account
- 1). Log on to the Internet to begin researching offshore accounts. Begin by researching the banking laws of the countries that you have an interest in. Each country has their own banking laws, and some will protect your money better than others because they have more stringent security standards and higher limits on government reimbursements of bank losses.
- 2). Research banks in the country of your choice. Large banks offer more services but usually with higher fees. Compare the cost of a smaller bank to the large banks based on the amount and type of transactions you intend to make.
- 3). Compare the product offerings. Banks may offer a traditional checking account, money market and savings. Some offer credit cards and debit cards. Narrow your list of banks down further based on the type of products you want and the amount of free services that come with the chosen products.
- 4). Download the account application from the bank's website and complete it. Return the application online or by mail (whichever is mandated by the bank) along with the required documentation to open the account. Most offshore banks require a driver's license or other photo identification, a reference from your current bank and utility bills to prove residence. A passport is not necessarily required, but the documentation requirements differ a bit among banks and countries.
- 5). Deposit at least the minimum required opening balance when the account has been opened. The bank will notify you when the account is ready for deposit. The process may take several days.
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