Quickly And Easily Open Your Low Cost Offshore Bank Account
And it really shouldn’t – opening a low cost offshore bank account is easy and relatively painless, as long as you know what to look out for. This article will provide three simple tips that will help you open a low cost offshore bank account quickly and easily. Before we look at the three things you’ll need to provide in order to open your low cost offshore bank account, let’s look at what you should know about offshore banks. Like their onshore counterparts, most offshore banks still require proof of identification. The number of ID’s varies, as do the rules, depending on whether you are setting up your low cost offshore bank account in person or if you are mailing in the information. If you’re opening a low cost offshore bank account in person, a passport is generally perfectly adequate in terms of ID. The banks should take a copy of your passport for their records, and then you’re done – easy as that.
If you’re opening a low cost offshore bank account by mail, three standardized pieces of identification are required, each with their own ramifications that we will address individually. These items are: - a notarized copy of your passport - letter from your accountant - a letter from a bank where you have held an account for twelve months or more. Let’s look at them one at a time. The first is simply a photocopy of your passport that has been signed and sealed by a notorary to ensure that it is your passport. It’s a quick process, but the notary will ask you a few questions, like: a.. Why are you doing this? b.. Why do you need this? c.. Where is this information being sent? Notaries are bound by law to make this information known to various government reporting agencies; feel free to be very vague with your answers, because it’s really none of their business. To make the process smoother, make your own photocopy of your passport for notarization as it saves time and money. It is also a good idea to take multiple photocopies, as some notorary republicans may be convinced to notarize multiple copies for the same price or just a little extra. If you have spare copies at home, you don’t need to go to all this trouble again. Secondly, you’ll need a letter from your accountant, stating that he or she has known you for a period of time – basically, it’s a character reference, and shouldn’t pose too much trouble. The third thing you’ll need to provide is a letter from your regular bank, and that’s where it gets tricky. At first glance, a letter from the bank may seem as harmless a request as that of the letter from the accountant. But in reality nothing could be further from the truth. What happens as part of the due diligence process carried out by the offshore bank is that, when they receive the letter from the bank, they then fax it back to the bank of issue for confirmation of its authenticity. Sadly, once this is done – and even though you’re not breaking the law – your privacy has been somewhat compromised. Some offshore banks now have a section on their low cost offshore bank account application forms asking permission for them to contact the issuing bank. If you ask them not to for privacy reasons, they will respect that and it should have very little bearing on the opening of your low cost offshore bank account. For the more patient investors, open your low cost offshore bank account and let them check with the bank; twelve months later, open another low cost offshore bank account in another jurisdiction, using a reference from your original offshore bank. This way when they fax the form back for verification it still stays offshore! Knowing what lies ahead can be your best ally in opening a low cost offshore bank account – and once you know the ins and outs of the system, you can more easily play with it to your advantage, and added privacy.
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