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How To Choose The Right Offshore Account For You

Regardless of whether you want to open an offshore account for your personal or business finances to benefit from greater economic stability and reduced tax; there are important factors to consider before settling on a bank.  To help guide you toward the best offshore account for your situation and finances, we have gathered together the most important things we think you should look into before signing any contract.

The Geographical Location

The first thing you will want to consider is the location of the bank, not just from a geographical point of view, but also in terms of the economic and political stability of the jurisdiction where it is situated.  It is also important obviously that the bank can communicate in a language you speak and can understand.

Although one of the advantages of opening an offshore account is that your banking needs can be covered online and over the phone, it is a good idea to consider a bank that you could reach a branch for if necessary.

The Legislation And Laws Where The Bank Is Located

Before you decide to deposit any of your money into an offshore account it is also important that you look into the different regulations and laws of the country and how they pertain to the bank.  Different countries have different rules about privacy, double tax, and tax exchange with other countries and it is vital you check these out before signing up for an account.  Obviously, it is important that you know the circumstances your bank may have to share information with your home country and why.

Research The Bank And Its History

It is also sensible to look into how stable the bank is and if it has been around for a long time or not.  A more established bank that is very stable and has good credentials is a more trustworthy place to keep your money, than a newer bank that has a less-than-glowing reputation.

Find Out The Documentation Required To Open An Account

When you decide on a particular bank to open an offshore account with, you should be aware that any reputable bank will ask you to provide them with documents that prove your identity.  They will also require detailed information about the money you will be deposited into the bank; especially if it relates to your business.

You should make sure therefore that you have access to a valid and accepted form of ID, such as a copy of your passport; proof of your address, and a brief outline of your business or what your funds are and where they come from

It is customary for a bank to ask for the originals or certified copies of important documents as a measure to protect against unlawful practices.  If they seem fine about copies or do not wish to conduct a thorough background check, you should proceed with caution as it may be a sign of a company engaged in unlawful practices.