Opening a Foreign Bank Account Online
You can skip using any of the intermediary websites that pop up when you use a search engine. Almost all of them are *phony*, even the ones that appear professional. Offshore bank accounts are being offered directly by an increasing number of banks. Finding online banking is as easy as compiling a list of financial institutions in the nation of interest.
To open an offshore bank account, all you have to do is meet their requirements, just like you would when opening an account on a high street. The main distinction is that you are not physically present.
Discovering if they allow nationals or permanent residents of your nation should be your initial order of business. As an example, Swiss banks often avoid dealing with US clients because of the trouble they cause with the IRS.
In order to open a business account, you will be required to provide documentation that verifies your identity and the legitimacy of your firm.
Keep all original documents on file if you are applying by mail. Have copies certified by a public notary. It is possible to commit fraud or identity theft with originals. Alternately, they might wander off.
The State appoints some public officials to serve as notaries public. A notary public acts as a neutral witness. An apostille can be issued by the notary.
The 1961 Hague Convention establishes the Apostille as a means of certifying documents for use in foreign countries. With this apostille certification, a document can be recognized in the country it is meant to be used in, without the need for certification or legalization from the foreign embassy or consulate.
To put it into action, you'll need to show this individual proof that you run the business or that you are who you claim you are. The Bible is the basis for your oath. I'm serious, it's not funny.
The onus is on banks to prove they've done their homework and verified the identities and sources of their clients' funds.
Passport—A notarized copy is required for postal applications;
Details about yourself, such as your name, DOB, address, phone number, etc.
The paperwork pertaining to your financial situation, including your employment contract, bank statements, tax returns, and corporate records;
The papers that prove the source of your deposits. Items such as a copy of the listing from the real estate agent, documentation of the sale of the house, etc.
Details on your deposits, including the amount you intend to deposit and your intentions regarding the funds' usage after they have been deposited.
To open a business bank account, you must submit the following documents: an application form, identification documents, an apostilled copy of the company's certificate of incorporation, and any additional paperwork requested by the bank.
*Think about going to the bank in person* if opening an offshore account is something you're interested in. Get a bank account in the target country if at all possible. At the very least, you reside in close proximity to a tax haven. Do your research before working with anyone, especially if you intend to deposit a sizable amount.
IMPORTANT NOTES:
1. Avoid using a middleman that charges you to open a bank account. Refer to the prior section.
2 Stay away from services that set you up with an account in a country in Eastern Europe.
Someone, maybe even the bank itself, will take advantage of you. Steer clear of Latvia!
3. Stay away from websites that:
A post office box or a "Suite" is the address for the company.
The website is hosted by a free web provider.
The English version of the website is poorly rendered.
Someone has the impression that they are interacting with people from Africa or Eastern Europe.
The site's copyright information still reads 2001, indicating that it hasn't been updated recently.
The number of years they have been operational is relatively little;
Their product line includes questionable options such as second passports, citizenships, and anonymous debit cards.
Credit card payments are not accepted since reimbursements for banker's drafts, Western Union, e-Gold, etc. are considerably more difficult to process.
You feel like you're venturing into questionable or perhaps forbidden terrain, or they insist that you sign a confidentiality agreement.
In response to inquiries about their practices, fraudulent offshore banking sites may threaten to notify your tax authorities. Get the mark into some illicit activity, and then he won't be able to report it—an old con trick.
Nothing special is required to open an offshore bank account or form a company; these processes are identical to those used onshore. In order to form a company, it is necessary to get in touch with a local registration agent in the country of registration who is fluent in English. To double-check the first agent's work, use a second local agent.
Create your own bank account.
As a last point, *don't assume that you can do business in your home countryand/or with fellow residents and avoid taxes there* just because your bank account and company are offshore.
Plenty of websites will claim to be able to assist you, but all that will be left is for your country's tax inspectors to invite you in for a chat with a little brown envelope.
