We have already mentioned before that opening bank accounts abroad presents certain challenges and difficulties. Discrimination is one of the latent problems that arise when wanting to open an offshore bank account. Belonging to a certain group of people or companies can translate into a negative response from the bank.

The groups that usually face challenges are non-residents, or those who have not established their tax residence. If you own a foreign company or do business with certain industries, you will automatically be classified as a high risk customer by banks.

Offshore banking is not a method to evade taxes, that should not be your strategy. Governments and banks have an exchange of information on account holders. So hiding money in this way is completely impossible.

On the other hand, if you want to reduce your tax bill, there are totally legal ways that can help you get there. There are completely efficient structures for this, you just have to study the existing ones well and make sure that the entity you choose can open a bank account.

One of the data that classifies a banking entity as strict is what we commonly know as “risk elimination”. They are preventive measures that banks apply since they can end in massive sanctions if they run into a client that could pose a danger to their entity.

Compliance departments lead the new customer onboarding process in a very specific way. They are in charge of passing judgment on whether to be accepted as a client or whether the account should be canceled or frozen.

The new regulations in banking centers have made the process of opening an offshore account very rigorous. Some banks have started to reject new customers altogether and have also started to screen existing customers who do not meet the risk profile they consider appropriate.

For banks, it is preferable to reject clients and cancel accounts than to face a series of lawsuits with which they will not be able to keep up, that is why to enter the world of offshore banking you must do it with the help of expert advisors such as Foster Swiss .

It is very easy to make the mistake of choosing the wrong bank and having a strategy that does not fully support your requirements. Without the necessary information, the process can be very complicated and cumbersome, which is why we offer you the experience that our consultants have in more than 120 jurisdictions and that they have a network of contacts in private banking around the world.

For more information about our services contact our consultants via email info@fostersiwss.com