How to Open an Offshore Checking Account
Introduction
Offshore checking accounts offer wonderful advantages over regular bank accounts. Offshore accounts often have better interest rates, are free of many taxes, are untraceable, and are not bound by all American laws. Offshore accounts are most popularly opened in Switzerland and the Channel or Cayman Islands but it is possible to open offshore checking accounts all over the world. The newest restrictions on offshore checking accounts include anti-terrorist laws and new tax regulations.
Difficulty: Moderate
Instructions
Step 1
Choose a country to open an offshore checking account in. Check the International Monetary Fund for warnings of bank failures and scams.
Step 2
Compare the offers of different banks. Call up different banks and find out information such as what fees you will have to pay and what the interest rates are. Ask them if there are any requirements for the depositors. Find out what the banks’ policies are including minimum deposit amounts. Most banks will require deposits of between $10,000 and $100,000.
Step 3
Pick the bank that has all the services you need like online banking or wire transfers.
Step 4
Visit the bank or a local branch of the bank. Ask for any documents that you need. Fill out and submit all of the bank’s mandatory forms.
Step 5
Deposit the necessary amount of money into your new account once the account has been approved. Withdraw money when you need it.
Step 6
Warning
Check the OFAC website for officially sanctioned countries and do not open an off-shore account in those places because it is illegal to do so.