How to open an offshore account

Tuesday, June 23, 2009

How to open an offshore account

The current economic upheavals made it necessary to have an offshore account for those who have plenty in their kitty.

The country in which you reside may not be doing well enough, economically.

You want to explore global markets, and to invest globally, you need to have an offshore account.

Before you go for an offshore account, you need to make clear goals as why will you want to have an offshore account. Is it just to tell your friends that you have an offshore account, or are you quite serious to invest globally?

If you had made up your mind to open an offshore account, then you need to finalize where you will invest. For instance, if you stay in India, you need to find those banks that might have  a presence in countries where you wish to invest your money in.

You may decide to open an offshore account on one of your tours to a foreign country. Still, opening an offshore account from the place where you reside is advisable.

It gives you plenty of advantages as you can rush to your bank in case of any trouble and push your bank to resolve your case.

The first thing that you need to do is get a passport.

If you do not have one, approach the nearby passport office, fill in details and obtain a passport for yourself.

Voters ID card or any other documents that proves your citizenship can also be helpful in case you are not able to obtain a passport.

Fill in customer details along with your valid citizenship documents. Each bank in different countries has their own norms in regard to the amount that needs to be deposited along with the documents. For instance, you will have to deposit much higher to open an account in banks, present in Singapore.

Likewise, there are countries that allow you to deposit exceedingly less as low as below $1000 to have an account in banks stationed in their countries.

It’s beneficial to find banks that allow you to invest through them. Look at banks with low balance criteria.
Always keep an eye on the currency valuations. Make sure you do not lose touch with the currency status. Any foreign investments made without an eye on the currency exchange figures can prove detrimental to your financial plans.

You must know your International bank account number (IBAN). IBAN helps you to be able to remit funds without you being there on the scene.

Finally, before you invest, know all the transaction legalities and transaction fees. Also check if there’s any hidden cost involved in the investment procedures.

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