What Are the Main Reasons to Open an Offshore Bank Account?

 Getting an offshore bank account simply means opening an account outside of your home country. It is a legal service provided by a licensed financial institution. They are provided by both local banks with branches in offshore banking centers such as citigroup or UBS as well as international banking institutions such as HSBC.

Individuals may open an offshore bank account by selecting a professional company that specializes in secure personal and corporate banking. There are several reasons why people decide to open offshore account. One of the main reasons is that developing countries are often characterized by political and economic instability, so people look for safer places to keep cash.

How to Open an Offshore Bank Account   

Most multinational financial institutions usually request the following documents from those who wish to open offshore bank account:

- A fully filled and signed bank application form filled out by the person who wishes to open the account.

- A signature sample certified by a public notary.

- A certified copy of one’s passport.

- Confirmation of address and

- A reference from ones original or domestic bank for every signatory of an account.

Main Reasons to Open an Offshore Bank Account

Privacy - Shield your assets from prying eyes.

Asset protection - Wealth held offshore is harder to reach for anyone who might want to get their hands it.

Earn tax-free interest - Many offshore accounts will not have interest taxed at source like your home bank account.

Higher interest rates

For more information on Offshore Bank Account opening visit our website at [banking instruments] for comprehensive advice and tips on how to open your Offshore banking account.