I have $1,000. Can I open an offshore bank account?
In the world of offshore banking, there is one common misconception that many still believe it’s true: Offshore banking is only accessible by high net-worth individuals.
Fortunately, the truth is far from that.
While it’s true that some offshore banking services (e.g. Private Banking services) are only available for those with high-net-worth, some services provided are available to most of us.
Indeed, believe it or not, offshore banking services are as accessible as your typical local banking services, with one major distinctive characteristic: Instead of located in your country, it’s located overseas. Check out this wiki for the basics.
Perhaps due to the secretive nature of the services — or possibly due to watching too many James Bond’s movies — people think that offshore banking is not accessible for an average person. Even worse, people believe that banking overseas is illegal (well, it’s not illegal)
The bottom line, there are offshore banks that offer their services to individuals worldwide. And most of the services are actually accessible to most of us.
Okay — prove it!
Most certainly. Let’s just say you have $1,000 in your pocket, and you’re looking for ways to secure it offshore — legally, of course.
Let’s take a couple of examples straight from our line-up of offshore partners.
Puerto Rico
Background
As an offshore banking destination, it has established banking secrecy in the statute, which means that in Puerto Rico, your assets are protected in a highly private and secure jurisdiction.
Banking services
Minimum opening deposit: $500
Opening a bank account with our partner bank in Puerto Rico is a simple, fast and affordable process. For just $500 minimum deposit, you can open a bank account. You can set your account as a multi-currency one if you want to. Account opening can be done in 72 hours.
You can access your account via an excellent Internet banking platform. You can do bank transfer online, wherever you are, whenever you want, 24/7.
To put a cherry on top, you don’t have to visit St. Vincent to open an account — everything can be done remotely (and we can help you with that.)
Cyprus
Background
Cyprus is still in a rebuilding process, and it takes time to get the island-country back on track. However, the growth is very encouraging: It’s growing into a high-income economy with a high Human Development Index.
With its membership in the EU and Eurozone, it’s becoming one of the most attractive offshore jurisdictions, especially when you’re doing business with EU countries or dealing with EU-based companies regularly.
Banking services
Minimum opening deposit: $500
With a minimum opening deposit requirement of only $500, it’s possible for an average person to bank their money with our partner bank in Nicosia, Cyprus.
Just like the bank in St. Vincent, you don’t have to visit Cyprus in person to open an account. Furthermore, you can make your account multi-currency, and you can access your account online.
Perhaps one of the most interesting facts is the no minimum balance policy. Sounds pretty much like your local bank branch, don’t you think?
More perks
Not only what mentioned above, but you can also access the following perks when you bank offshore:
1. Confidentiality
Despite the rising push toward transparency, banks in some offshore jurisdictions still hold confidentiality at the highest standard, especially against competitors and other prying eyes (e.g. Identity theft, etc.)
Our partner bank in Cyprus, for example, can accommodate Visa/Mastercard cards with no name, for an extra layer of identity protection.
2. Credit cards/debit cards
Just like your “onshore” banks, offshore banks are also issuing credit cards and debit cards to qualified accounts. Service levels vary from one bank to another, of course.
3. Investing opportunities
Some offshore banks offer a full-fledge service, which includes investing in foreign stocks, precious metals, and other types of investment.
Our partner bank in St. Vincent offers just that, providing clients with various investing tools, such as access to Metatrader 4 forex trading platform and physical precious metal purchase and storage.
4. Unique services
If “offshore” alone doesn’t shout “unique,” then you should consider seeking banking services that suit your specific needs.
Our bank in St. Vincent, for example, offers one-of-a-kind service, which is gold- and silver-backed bank account.
Takeaway
Banking offshore isn’t as complicated as you may think. With the right information and help, you can bank offshore in just several days without even the need to visit the bank in person.
If you need more information on how to apply for an offshore bank account, consult with us.
