Ways to Open an Offshore Bank Account Remotely

When people consider offshore banking, they oftentimes automatically assume that it is difficult to open an offshore account. They might envision a lengthy plane trip to a foreign country to get the job done. Thankfully, this is not the reality.

The modern age we live in allows us to open an offshore bank with more ease and convenience than ever. There is no need to travel abroad to get an offshore bank account. You can open one remotely, from the comfort of your home.

In this article, we will shed light on how you can open an offshore bank account from home.

First Thing First: Why Offshore Banking?

First, let’s consider the reasons why someone might consider offshore banking in the first place. One big factor right now is political and governmental instability.

Many people think of offshore bank accounts acting as tax havens, but that’s not necessarily true anymore. There are a lot of regulations in place nowadays, and you can expect to still pay taxes on anything you have in an offshore account, although you could potentially pay a bit less. In addition, offshore banking could be used as a strategy to diversify your portfolio and maybe even add in new currency.

Offshore banking is also an option for many who are looking for a higher level of privacy and security. Many offshore banks are safer than onshore ones because they adhere to such stringent standards. Indeed, although offshore banking has long been seen in a negative light, especially by the media, it’s actually a better option than many onshore options.

So, how do you get access to an offshore bank account without leaving your country - or even your home?

Opening an Offshore Bank Account Remotely

One of the first things you will need to do is do your due diligence. You will need to find out the laws pertaining to you as a citizen of your home country. For instance, the IRS requires American citizens to report their offshore earnings at tax time. One of the biggest keys to doing offshore banking the right way rests in making sure you are in compliance with any regulations and laws that might apply to you.

As part of due diligence, do your research on offshore banking to learn the ins and outs. These regulations will work hand-in-hand with what you’ll find about offshore banking.

Learn how remote banking works. For instance, when you start up an offshore bank account, you can expect that you will need to fill out forms, have a notarized copy of your passport ready, and send all of your required documentation to the bank you choose.

This brings us to another point. You will want to also research various banks to find out which ones might be the best for your needs. Each jurisdiction is different, just as every bank is different. You can expect that they will all have different rules and different things to offer. Also, the remote account setup process works differently from bank to bank. You can expect a wide range of requirements which can include video interviews, authentication steps, and more.

Keep in mind that opening an offshore bank account from home might be a more difficult process than you might expect, mostly because it is usually more time consuming to open an offshore account remotely.

There is a long list of verification factors that can cost time. The extra layers of verification are necessary because people do try to use offshore banking for negative things such as money laundering and tax evasion. To this end, jurisdictions and banks alike have put into effect a long list of items and requirements for preventing financial crimes. Since remote is so “easy”, it can also be an easy target for people with ill intent.

Yes, remote might take a little longer. Still, it is a viable solution if you do not want to actually visit an offshore jurisdiction.

Takeaway: How to do This Safely?

It is important to keep in mind that it’s getting more difficult to open an offshore bank account online. This is because of an ongoing tightening of regulations that is basically being seen and felt everywhere. The good news is that it’s still possible, and if it’s something you’re considering, then it might be time to go ahead with your plan while you are still able.

You can always do-it-yourself with the whole process, but that would be a complex and tedious one, partly due to the regulatory reasons mentioned above. You must do your own research on the most suitable jurisdictions for you, as well as the banks headquartered in those jurisdictions.

Perhaps a better option is to partner with a reputable International Corporate Services provider. Such provider has built a solid relationship with overseas banks in various offshore jurisdictions. But why should you consider such service?

One of the biggest reasons: An access to some of the best offshore banking services not available to the public. Since some of the best offshore banks in the world don't work directly with clients, they choose an 'agent' to prepare and validate clients' documentations required for the account opening, enabling remote account opening that's safe and secure for all parties involved.

The choice is yours, but if the latter compelled you, you could get started with a free consultation.