Not all banks offering offshore bank account services are suitable for your needs. This is why you should be careful with the selection of the bank; it is very important.

The main requirement for the opening of the bank account is to be clear about your needs and those of your company and that they are non-negotiable because you need the bank to have them.

You should ask yourself the following questions to know which bank you should choose, does the bank accept non-resident individuals and non-resident foreign companies, does the bank offer online banking and transfers from abroad, multi-currency accounts for international activities, fixed deposits and investment products to generate income from savings, low deposit and balance requirements, loans to finance capital projects, Real Estate or major purchases, among others.

You already know the requirements that you have as a client, now identify the bank that offers the services that your company and you need and that accepts you as a client, is the second step.

Once you have the list of target banks, carefully observe the list of requirements they ask for and even more the small print and conditions, because one thing is the requirements of the bank that they keep on paper at a glance and another are the unknown ones that they do not share publicly.

Among the necessary data to know and most of them are of a public nature is the deposit, the amount the bank wants you to deposit in the account, the maintenance of the account will be that the bank requires a minimum amount in the account to avoid charges, citizenship of the holder, residence, industry, country of registration, banking products, restrictions, among others.

We remind you that the above mentioned is part of the requirements for opening a bank account. Everything will depend on what you want and the regulations of the bank you are considering.

Finally, if you want to open an offshore bank account, know the rules of the game before entering, so that you do not waste time and money.

Know the peculiarities and requirements for opening accounts in each of the offshore banks, understand your compliance, create your risk profile, understand and accept where your vulnerabilities may be.

Consult a financial advisor for more information, info@fosterswiss.com