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What You Need to Know to Open an Offshore Bank Account Online

First, you will need to consult the law in your own country, although it is not illegal to open an offshore bank account online. However, it is against the law to use the account to commit an illegal act, such as evading your taxes. You do not have to be wealthy to open an offshore account, however, there is usually a large initial deposit required. This amount varies from bank to bank so it is worth shopping around.

Some Swiss bank accounts do not ask for any initial deposits, these are usually stricter and less private than your average offshore account. According to the Swiss Banking Association, anyone can open an offshore bank account online in Switzerland. However, there are strict rules in place, especially when it comes to establishing the person's identity and identification such as a passport is required. Because you are an online customer, you will need to visit a representative bank based in your own country.

This enables them to check your identification so they can confirm with the Swiss bank that your application is legitimate. If no such agreement exists where you live, you will need to contact the Swiss Banking Association yourself and they will help you process your application further.

The OCBC Oversea-Chinese Banking Corporation is the largest offshore bank operating out of Singapore. This financial institution does accept online applications; however it also requires a minimum deposit of £10,000. The bank also has a minimum annual deposit scheme, which varies depending on the individual. There is a strict procedure in place for vetting new customers and if you wish to open an offshore bank account online you need to prove your identity. Bank representatives explain this rule and others regarding your application via email or Skype.

 

The advantages to offshore banking in Singapore are, if you follow the correct advice, the potential to enjoy tax-free savings. This particular bank also pumps a lot of money in to the country’s growing economy, meaning not only do wise investors protect your money but you also get to invest in Asia without leaving your front door.

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