Offshore Bank Accounts

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How To Open and Access an Offshore Bank Account

Having an offshore account simply means you're banking with a financial institution that's not in the country where you live. Anyone can open an offshore bank account with just a few hours of work.

Each offshore bank and foreign jurisdiction has its own requirements, so you'll have to do some research to find the specific requirements relevant to your situation. The following is an overview of what you can expect if you decide to open an offshore bank account.

What Is Offshore Banking?

People who bank offshore do so in a part of the world outside their country. As such, the term offshore banking is generally used to describe international banks, companies, and investments. Some places have become well-known providers of offshore banking including Switzerland, Bermuda, or the Cayman Islands. But offshore banking is available in many other countries as well.

Anyone can open an offshore banking account. In fact, you're banking "offshore" if you're an American who has a bank account in Canada.

Offshore banking is often discussed in a negative way because many people use it to hide their money and avoid paying taxes. Others use it for illicit purposes like money laundering and tax evasion. While these activities are criminal and can result in prosecution, jail time, or heavy fines, offshore banking itself isn't illegal.

What are the Basic Requirements

The basics of opening an offshore bank account are similar to opening a bank account in your home country. Offshore banks require your personal information, such as your name, date of birth, address, citizenship, and occupation.

To verify your personal information, you will need to submit a copy of your passport, driver's license, or other identifying documents issued by a governmental agency. Banks are also concerned with verifying your residence or physical address because this may affect taxation. This requirement may be satisfied by presenting a utility bill or a similar document.

Regardless of what type of document you provide, banks will need to make sure it is authentic. A notarized copy of certain documents may suffice in some cases. But other offshore centers prefer an apostille stamp—a special type of certification mark that's used internationally. If this is the case, you will need to visit the government office that is authorized to issue this stamp for your state or nation.2

Additional Verification Documents

There are often considerable additional requirements to open an account with an offshore bank. These requirements are designed to discourage money laundering, tax fraud, or other illegal activities often associated with offshore banking.

First, offshore banks may ask for financial reference documents from your current bank, indicating average balances and a satisfactory relationship. This is commonly satisfied by bank statements for the last six to 12 months.

Second, many offshore banks ask about the nature of transactions expected to take place through the account. This may seem intrusive, but offshore banking centers have been under increasing pressure to stop illegal activity.

For this purpose, many offshore banks want additional documentation, noting the source of funds you are depositing in the bank.