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A person who wishes to open offshore bank account chooses to keep their money in another country. Offshore accounts often have higher interest rates, fewer regulations, and tax incentives.
What You’ll Need
Before you can open offshore bank account, you’ll need to collect the following documentation:
- passport or other acceptable identity card (generally, you can not open offshore bank account with only a driver’s license)
- legal address (you can use a utility bill to validate your address)
- economic origin and background documentation (e.g. bill of sale, copy of employment contract)
First, check the Department of Treasury and IRS’s rules and regulations of offshore accounts to ensure the legality of your account. Familiarizing yourself with offshore account regulations makes the application process much faster and easier.
Step 2 – Choose a Country
Next, select the country with which you will open offshore bank account. Be sure to check out OFAC for a list of eligible countries. You may also wish to view the International Monetary Fund’s evaluation of viable offshore banking centers, so that you are confident that your account is secure and legal.
Step 3 – Select a Bank
Finally, research and compare various offshore banks to select the one that best fits your needs. Ask about online banking, wire transfers, possible fees, withdrawal rules, and minimum balances. If the bank does not have a local representative in your area, you may have to travel to the country to set up your account in-person.
