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How to choose and open an offshore bank account

NEW YORK - MAY 20:  In this photo illustration...
Image by Getty Images via @daylife

Opening an offshore account is quite different and more complicated than opening a regular account; but with the right information, it can be quicker and easier without you having to travel to a foreign country. Here is how:

•    First, choose the country where you would like to open an account.

•    Locate a bank to open your account. Always find out how secure your money is, by researching the track record of the bank – focusing mainly on old established banks with international banking experience.

•    Decide the bank account to open. Make sure you choose an account that offers fast multi-currency services.

•    Get a consultancy to introduce you to and to help you set up your account. Since you are new to the country, it is advisable that you get yourself an introduction to help you complete any documentation. Basically, you are required to produce basic documents, such as your passport.

•    Fill in an application form and any other documents.

•    Deposit your money.

Due to additional benefits such as asset protection, offshore private accounts are very popular and the regulations are more or less the same. Some offshore banks provide debit and credit card services with the account.

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