Astra Trust helps its clients to open bank accounts in various offshore jurisdictions across the globe. We encourage businesses and individuals to #Go Global and enjoy all the benefits of offshore financial centers. If you considering bank account opening be free to request a free consultation or simply send us the request.
The offshore banking means banking services that are provided to the individuals, companies and other entities offshore (i.e. abroad, not in the country of nationality, domicile, permanent residence or registration) in order to provide users of such offshore accounts with variety of advantages, such as the asset protection, confidentiality, lower bank charges, higher interest rates, prestige and other benefits.
It is not a secret that a bank account is an integral part of any offshore structure or an arrangement. Without it, in most of the cases it is absolutely impossible to achieve those targets that are set for the established structure. This means that it is utmost important to make sure that the chosen bank account is being used to your advantage, and that is where we can assist the best.
In the modern era of globalization, it is not easy to be successful without the connection to an international exposure. The access to global advantages may be provided through the banking system of the world’s largest and the most competitive financial centers. Many of them build solid reputation over decades and have long history of successful assistance to businesses, investors and those, who strive to protect their wealth. All of these financial centers compete with each other, providing different benefits to become the best choices to open the offshore bank account. Some of these benefits are listed below:
In the recent past the bank account opening process in the offshore bank was not too difficult business. The client had to fill in the provided Know Your Customer (KYC) form, email the scans of his\her passport together with a proof of address, and after just a couple of days banking institution provided its new customer with bank account details and Digi pass.
Today, this is no longer the case. In recent decade the AML/CTF legislation became a major concern for the banks and other financial institutions all over the world. Offshore financial centers are not an exception. To keep on path with new global requirements to financial business almost all those jurisdictions have implemented the so called FATF recommendations, together with different international treaties in order to meet the highest standards in financial transparency.
For the clients this mean a new reality where ten months of correspondence with the offshore bank’s compliance department can easily turn into rejection without any explanation. That is why, to open an offshore bank account you need to talk with the banking manager and the compliance department of the bank on the same language. Or, at least, to have someone who can do this for you.
The process of bank account opening with Astra Trust is as follows:
The answer to this question depends on different factors. It is worth to mention that there can be a personal bank account, opened for the individual, or a corporate bank account which is usually opened for the offshore company.
First of all, the choice of the offshore bank jurisdiction depends on the profile of the client. Business activity, geography of business and business partners play major role in the whole process.
Secondly, the purpose of the offshore bank account shall be taken into consideration. For instance, Switzerland, which was famous for its confidentiality might be suitable for prestigious personal saving account, with excellent private banking. However, it does not mean that Swiss banks are the best choice for offshore business accounts. The island countries in Mediterranean such as Cyprus or Malta might be much more suitable for these purposes, as lots of offshore business banks located there may grant more favorable conditions.
Thirdly, the bank fees should be taken into consideration. Of course, no one wants to establish an offshore structure, open an account in one of the offshore banks and then to find out that the costs to maintain this enterprise completely outweigh all the benefits for which everything was organized. Often, the cost of company formations and support must be taken into the consideration.
Of course, these are only a few factors. There are much more such as the country of residence of the beneficiary, or the country of incorporation of the company, even the registered office of your company, all these things matters. In reality, the situation in the global offshore financial services changes almost on a monthly basis.
To choose among the best countries to open an offshore bank account it vital to pay attention to the reputation of that particular offshore center, and whether or not it will allow you to operate through the company registered offshore.
One of the stage for offshore bank account opening usually is the beneficial owner’s interview with the banking manager. During this interview, the manager’s task is to ensure that you are the real beneficial owner, to verify your identity, and to ask more information about how you will use your offshore bank account.
Unfortunately, many offshore banks, especially in the reputable jurisdictions still require personal visit before they will be able to open the account. There is, however, numerous banks that do not require this to set up an offshore account, they are generally satisfied with the online meeting. This allows you to open the account remotely without leaving your home or office.