An offshore bank account is essentially an account that is opened in an overseas jurisdiction. Opening an offshore bank account offers people the opportunity to select from a wide range of offshore banking services, including the traditional banking facilities offered by onshore banks. Nevertheless, once you have opened your offshore account you will be in a position to benefit from some of the unique advantages offered by offshore banks.
The process of obtaining an offshore account
Once you have decided to open an offshore account it is then important to select the jurisdiction in which you wish to open your account. This is an important decision as it will influence the account opening procedure as well as the length of time taken to open the account.
Once you have selected a jurisdiction it is then important to choose your desired account type. Typical offshore bank accounts include personal, corporate and investment accounts, however opening an offshore account also requires that users meet with the regulations of the banking system within your chosen jurisdiction. For example, you may be required to place a minimum capital amount into your offshore bank account, as well as to meet other specifications that are imposed by the regulatory authority.
In many jurisdictions, the process of obtaining an offshore account is relatively straightforward and many jurisdictions do not require personal presence for the opening of the account. However it is important to obtain the advice and guidance of a professional consultancy firm, in order to facilitate the process.