Banking Overseas – More Tips and Advice

An Overseas Bank Account simply means, banking with a financial institution that is based in a country other than your own. Banking overseas for Americans typically means a safe and popular financial haven such as, Switzerland, the Cayman Islands, Belize and Luxembourg. Consequently, using a bank account overseas is similar to your domestic account. That is, overseas banks are readily available through ATM machines and online account management.

Overseas Bank Accounts with the world’s safest and strongest financial institutions: Utilize the number or form on this page.

Advantages of Banking Overseas

  • Financial Privacy
  • Better Interest Rates
  • Enhanced Asset Protection from Lawsuits
  • Opens the Door to Attractive Offshore Investments

Overseas Banking

One big tip that will help you increase financial privacy and asset protection is to open an overseas bank account in the name of an offshore company. This provides significantly enhances financial confidentiality. There are a number of ways to increase your privacy and protect your assets with offshore bank accounts, companies and trusts. For example, the Nevis LLC statutes offer the strongest asset protection in our opinion. Case law points to the Cook Islands Trust as the most effective offshore legal tool.

As you know, protecting your wealth and financial privacy has never been more important. Fortunately, you can enjoy comprehensive privacy and asset protection vehicles in the safest offshore jurisdictions. Thus, providers such as us form thousands of offshore companies and trusts for their clients every day. Moreover, their new owners deposit millions of dollars in overseas bank accounts. As eligible introducer for Switzerland’s strongest banks, this organization has assisted thousands of others with offshore banking; that is to help them open an overseas bank accounts. As such, you can open them with a lower initial deposits when an experienced professional leading the way.

The IRS taxes US people on worldwide income. Thus, be sure you seek the guidance of a CPA who can give you sound tax advice. So, if you are seeking a legal way in which to protect assets and are operating in a legally compliant fashion, feel free to use the number or form provided.

How to Open a Foreign Bank Account

A Foreign Bank Account refers to a bank account in a jurisdiction where the signer or account beneficiary is not a citizen or resident. We commonly refer to these jurisdictions as banking havens due to their strict enforcement of customer privacy. When you open an offshore bank account in one of these favorable foreign jurisdictions, you gain significant of financial confidentiality. So, how do you maximize privacy? In short, our customers usually open their new accounts in the name of private offshore companies that we establish. The primary reasons for opening foreign bank accounts are privacy and asset protection. There are additional benefits such as estate planning as well as international investments and business. These benefits often require the proper legal tool.

Moat foreign banks have very similar requirements when opening accounts in order to comply with international standards. This includes information about you, identification and an initial deposit. Depending on your financial institution, the bank may ask you for copies of your passport, references and proof of residence. We are able to open the door to the world’s strongest foreign banks and are eligible introducers to Switzerland’s largest and strongest banks.

When you form an foreign company and open the bank account in the name of the business. This ties your financial account to a private company. When you have assets in your name directly, they are much easier targets for lawsuits. Increased financial privacy comes from utilizing two foreign jurisdictions, one for your company and another for your bank account. Essentially, you are taking advantage of a foreign country’s laws. In favorable offshore banking jurisdictions, it is a serious offense to provide customer information, and in another jurisdiction it is also an offense for someone to provide information about the ownership of your company. This is the fastest way to protect your wealth from prying eyes.

Due Diligence Requirements

The Financial Services Commission (FSC) or equivalent body in that country or region regulates each bank. Internationally, the Organization for Economic Cooperation and Development (OECD), European Union, and other organizations, put forth recommendations and requirements for the FSCs to enforce and the banks to follow. 

There are strict know-your-customer requirements to help avert money laundering or other illegal activities. Some of the items that you will need to provide in most cases are as follows.

1. Bank account application.
2. Signature card
3. Notarized copy of passport
4. Proof of address, such as a utility bill
5. Bank Reference Letter from bank with whom relevant person has had banking relationship with for at least two years
6. Professional Reference Letter from Accountant/Attorney with whom relevant person has had professional relationship with for at least two years

This is by no means an exhaustive list. The FSC and the OECD and the bank, itself, may have additional requirements. This is all meant to maintain the integrity and legality of the banking system and help prevent crime. Bank officials will thoroughly check the documents and make telephone calls to make you have provided valid references.

Foreign Bank Account Benefits

Foreign banks often offer better interest rates as well as managed account services. Adding privacy is one feature, another is the opportunity for favorable foreign investments. Adding a foreign bank account to your financial picture is a great way to take charge of your own wealth protection. We open bank accounts the world’s safest and strongest foreign jurisdictions.