How to open an Offshore Bank Account
Stateside Finance provides Personal and Corporate Offshore Bank Account Opening Services to Individuals and Corporations. We are able to open bank accounts in jurisdictions like Switzerland, Panama, Luxembourg, Liechtenstein, Isle of Men, Hong Kong, Singapore, the Cayman Islands or the Bahamas for you or your company. Full list of offshore jurisidcitions.
Personal or Corporate Offshore Bank Account?
Personal and Corporate Offshore Bank Accounts serve different purposes and are therefor difficult to compare. While Personal Offshore Bank Accounts are protected by the jurisdiction's banking secrecy laws there remains a significant risk to exposure the beneficiary of the funds that are coming in and going out of a Personal Bank Account. A Corporate Offshore Bank Account on the other hand is being set up in the name of an anonymous offshore company. Further means of privacy protection are available to companies established in offshore jurisdictions. Our offshore bank account opening services starts from as little as US$600.
Both personal and corporate offshore bank accounts will have online and telephone banking for sending and receiving funds internationally as well as debit and credit cards.
What are the costs of opening an offshore bank account?
Stateside Finance will assisst you to provide the necesssary documentation that the banks require until your bank account is opened. For full banking privacy protection we recommend
to open a Offshore Corporate Bank Account. The costs to form the offshore company depend on the jurisidiction and the services your company will require, please see our offshore jurisdicitons giude for further details. Our bank account opening service fee starts from as little as US$600. Open your offshore corporate bank account here.
Should you decide to open a Personal Offshore Bank Account we will require a few personal details as well as certified copies of your passport and a bank statement showing your full residental address. You can request an Personal Offshore Bank Account here.
Some of the reasons why many people decide to use offshore banks are the economically and politically stable jurisdictions. This is most preferable for clients that live in areas where political turmoil happens and where some or all of their assets can be seized or they can simply disappear. Such an example is what happened during the economical crisis in 2001, in Argentine.
Still, besides that, the developed countries that have a well established economical and banking system offer many advantages, including stability.
Thanks to the lack of government intervention, there are offshore banks that have lower costs and a higher interest rate in comparison to the others. This is one more reason to open an offshore bank account. This means that remote countries from different islands and parts of the world can compete with the big nations on this level, and not just on tourism industry level. The offshore banking system can help them develop and grow their economical capabilities. In this way, the world’s finances are distributed to the less developed countries.
Usually, the interest rate that is paid on offshore bank accounts is without tax deduction. This represents a great advantage for those that don’t pay worldwide income tax or those who can evade the system by hiding the world income. Besides that, the offshore banks have some packages that the domestic banks do not offer. For example, some offshore bank accounts offer the possibility of creating anonymous accounts or getting higher/lower rates on loans.
Besides all this, there are offshore banks that are quite linked with other offshore structures, companies and trusts and this means they can offer bigger advantages as part of a package.