Some FAQs about setting up an offshore bank account

Many professionals, businesses, and companies know about offshore banking but they do not understand how the process really works. Additionally, many have the false notion that people set up an offshore bank account for illegal and criminal activities.

Mentioned below are few FAQs that will help those who are interested in setting up offshore bank accounts.

What is offshore banking?

The practice of offering banking services to depositors in an offshore destination is offshore banking. The offshore banks are in a different country from that of a depositor and therefore have different jurisdiction and banking laws.

What is an offshore bank account?

An offshore bank account is an account opened in a bank by an individual or company who does not belong to that particular country. Individual and businesses are attracted to set up an offshore bank account as they want to benefit from favorable conditions for banking including privacy that the jurisdictions offer.

What are offshore jurisdictions?

Offshore jurisdictions are locations across the global away from domestic locations. The major offshore financial centers are counted as offshore jurisdictions.

Can an individual set up an offshore bank account?

Yes, offshore banking is available for both businesses and individuals. Anyone can open such accounts as the requirements are more or less the same as opening an account in one’s own country. The process is simple and can be completed in a matter of few days. It is always advised to have a financial advisor to help you choose the jurisdiction where you may consider to set up your account. They will guide you in choosing a jurisdiction that is most favorable for all your needs.

What documents are required for opening an offshore bank account?

The basic documentation for opening a bank account includes a passport or a national ID. The bank may also ask for a reference document from your current bank that confirms the standard balance and good association. There are banking institutions that may require an “apostille” stamp, which is recognized internationally.

What are the benefits of offshore banking?

Offshore banks help to keep money in an economically and politically stable jurisdiction with the protection of strong privacy laws asset protection.

Does offshore banking help in investing?

Yes, offshore banking offers a wide range of investments and trading options. You can use the help of a professional to help you create an investment portfolio matching the results you require.