Opening an Offshore bank account is the first step to protect your assets and get higher interest rates from your money.
It will help you to keep your wealth grow against unwanted circumstance caused by incapable government and sudden changes in regulation. Keeping part of your money in foreign banks gives you extra security. In addition, the banking world itself is getting more uncomfortable and scary. Unfortunately, your local banks are dramatically falling into this nightmare. Think about it! With this amount of the government's debt, who will protect your money if your local bank goes under? Government? Insurance? …
An offshore bank account normally refers to an account held in a foreign offshore bank. The account can be opened in the form of a personal or business account. There is also a possibility to control multiple currencies in one account.
An offshore bank is a regulated bank that has a banking license under international banking law. They are normally offering a range of different types of accounts for individuals and corporates. Must of these accounts are checking (current) or saving accounts.
Although offshore banks are not allowed to conduct any business and investment inside the country that they are established, there are many foreign wealthy investors who are willing to use their services.
As a matter of fact, foreign banks are often offering better products and services than local banks. Some of the high profile private banks are offering investment and asset management services with a reasonable return on your investment.
In general, having a bank account outside of your country is completely legal and normal. It will have many advantages and benefits as long as you are following your home country regulation. This is very important to check with your own country. In some countries, residents have to report their foreign assets or fund kept out of the country to their governments while other countries might not care at all.
Nowadays, people are looking for an easy and cost-efficient solution for their tax planning. Although, tax evasion is illegal and no one likes to get in trouble because of that, there are some eligible and proper ways to minimize or plan your tax. In fact, there are many ways to legally own an offshore bank account and enjoy the advantage of it without having a problem with authorities.
As we mentioned before, the local banks are getting unstable, insecure, and untrusted. In order to secure and protect your assets, you need to do what most powerful and experienced investors are doing. This is simple: "Not keeping all your eggs in one basket". It is advisable to diversify your funds into different asset classes, like real state, bonds, stocks, saving in different currencies and so on. The following are some of the reasons that people tend to move their funds to an overseas bank account:
Following, we will explain some of the advantages that an offshore bank account can bring for you:
Despite the advantage of an offshore bank account, there are a few disadvantages, which you need to take into account:
There are two main types of bank account that most foreign banks offer; checking (current) account and savings account. Indeed, there are more types of accounts are available in banks and other financial institutions. The following are the most common types of bank accounts:
Personal account means an individual own a bank account for her/his personal daily needs and expenses. This account has not designed to conduct any business or trade. In addition, this type of account is not transferrable. There is another type of personal account in which two persons can open a joint account.
Indeed, opening a personal bank account is easier and faster than a corporate bank account. Furthermore, more banks are available for a personal account.
Conversely, a corporate account is designed for an entity, which is conducting some sort of businesses. The account is normally opened under an entity like business, corporation, foundation, or trust. Only authorized signatories who are selected by the board of members have access to the account.
In the case of offshore companies with a nominee, the beneficiary owners have access to the company’s bank accounts. Most foreign banks accept nominee as part of company structure and they are accepting to open an account for these companies. You just need to submit the Power of Attorney (POA) and Declaration of Trust (DOT).
Opening an overseas bank account for a company is somehow challenging. It is mostly related to the type of business the company operates. Some banks are not interested to accept high-risk activities such as digital products, adult businesses, medicines, gun and the like.
It is very important to carefully select your company structure so later you can get your bank account easier. We suggest you get advice from an experienced advisor.
It is an anonymous bank account provided for high privacy of account holder. Although, It is very difficult to get such an account nowadays, there are still a few banks that offer pseudonym bank account for personal accounts.
This is different from "Number Account". Pseudonym bank Account gives you a nickname, which is different from your real name, and you can use it as normal.
Well, it is a little bit difficult to say but our experience shows that one bank account may put our assets into the risk.
If you have a few bank accounts in your own country, one additional overseas bank account will be sufficient.
You may need more than one corporate bank account if you have an offshore company. For example, if you incorporate your offshore company in one jurisdiction and have a bank account in the same jurisdiction, the chance to be affected by any political issue or unexpected event is high.
So, the best is to have an alternative account for your business. This can be another bank account out the country of your company
This is a professional way to use Offshore.
There are many banks offering offshore accounts to their customers. However, selecting a bank which suite your needs is difficult and overwhelming. The first thing that you need to consider is the selected bank accepts your business activity and purpose of the account. Sometimes, depending on your business activity, you do not have many options for banks and you have to choose one, which accepts your application. The following factors can be considered when selecting an overseas bank:
Nowadays, there are more Japanese people investing in Forex (Fx) trading. Due to the high tax and high risk and also the limitations and restrictions inside Japan, many investors invested their money in foreign Forex companies outside Japan. Some companies are developing their own Forex (Fx) related software and platform and they would like to offer their business outside Japan. So, how to open a bank account for Forex or Fx related activities?
We have to understand; there are only a few banks that open bank account for Japanese who want to do Fx trading. From the bank perspective, there is a big difference between the one who only trade with his/her own fund and the one who is intending to provide Forex services. Please note that opening account for Fx trading is not easy and time-consuming. Most banks are only accepting clients who are trading with their own fund. So, it is not possible to open bank account if you are going to gather your friends or clients money and then do Fx trading. You will not be able to give their profit with the same account. In fact, you need a valid license if you are going to provide services like MAM, asset management, and investment in Forex trading. Banks only accept such application with the related license.
Internet banking or online banking is a method that transactions are managed through the Internet. This is the best way to control your overseas bank account from home. It is really hard and time-consuming to go to the branch for a single transaction. Online banking will support almost all services that you can get in your local branch.
In general, almost all foreign banks utilize an Internet banking system. They are simple and easy to use. You can simply send or receive money from your offshore bank account.
Most offshore banks provide debit cards that can be used at any ATM around the world. The fee will be different from bank to bank and you need to check their fee before you order any card. Some banks have monthly fees while others charge on transactions.
Types of cards vary between banks. Please check with your bank for more information.
Please contact us if you need an offshore bank account.
This is your bank account and nobody should have access to your account except you. You must make sure that you have full access to your account if you are opening an account through an agent or using nominee services.
We at Oobac will handle all process of opening bank account such as preparing application forms, checking the documents, certifying documents (for some banks only), submitting the application forms, and communicating with the bank till your account is opened. From this point onward, you are the only person who has access to the account and dealing with the bank directly.
In general, since most of the process of opening a bank account is done remotely, the banks will require you to submit a certified true copy of your documents. The documents can be certified by an authorized agency such as a public notary, a lawyer, registered auditor or an accountant.
Some foreign banks may prefer an "apostilles" stamp. This is an international certification, which you need to get from an authorized center assigned by the government.
Please contact us if you need more information about how to certify your documents.
Each foreign country has its own regulation and requirements. Thus, banks in each country have to follow the regulation defined by the government and the central bank of the country. On top of that, some banks may require more documents and information.
Personal offshore bank account requirements:
Corporate bank account information and documents:
As a result, opening an offshore bank account is necessary if you are keeping all your assets in your local banks. The advantage of this account is so much more than its disadvantages. It will protect your assets against unwanted circumstance. However, we suggest not putting all your assets in one foreign bank account.
Some people hire a nominee for their privacy and confidentiality. We strongly suggest that the beneficiary owner of the company should have full control of the company's account. It is advisable to inform the bank about the nominee and let them know who is the real owner. We do not suggest opening account under nominee in order to hide your identity. It may bring you another issue in the future.
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