Offshore Bank Accounts ? The Procedure and the Benefits

Posted by Sterlingoffshore on May 18th, 2016

Offshore banking pertains to banking that occurs in a country outside your resident country. It has a bad reputation as a tool for hiding unlawfully obtained money and wealth, but actually, it is not illegal to open an offshore bank account—and it is not just for the super wealthy, either. Having a bank account overseas is a crucial component of a good financial planning and asset protection strategy.

Benefits of Offshore Bank Accounts
Confidentiality is one of the biggest advantage of having an offshore bank account in a country or territory that guarantees full privacy and security when it comes to protecting your personal information. Offshore bank accounts are typically opened in tax haven countries or International Financial Centers which specialize in international investment and business banking. Some offshore banks offer a wider range of reliable banking services compared to local banks, including multi-currency bank accounts, trade financing and similar. .

Offshore banking may help save your assets if you own an international business company (IBC). When your money is offshore, it is harder to seize or freeze. It can be a good idea to open offshore bank accounts if you want to protect your wealth from malicious third parties.

If you have recently set up, or you are planning to set up an offshore company, you may open a bank account in that country, too. The bank will provide globally recognized debit or credit cards so you can easily access your money anywhere. One of the most convenient aspects of offshore banking is that you do not need to be physically present to open an account. You can open one with help from a reputable provider of fund, fiduciary, trust, and corporate services.

How to Open an Offshore Bank Account
It is recommended that you work with a licensed and regulated company that specializes in assisting its clients in opening and managing offshore bank accounts and treasury-related activities. This service provider is flexible and can work according to the scope of your requirements. Services can be tailored to meet your needs, growing with your business as it continues to expand.

You do not always have to travel personally to the country where you are opening an offshore bank account. Most banks require only a proof of address, identification, and an initial deposit that can be as minimal as a few hundred dollars.

About the Company:
Sterling is a leading licensed and regulated corporate, trust, fiduciary and fund services provider delivering specialised solutions for a global clientele of international corporations, institutional investors, high net worth individuals and families as well as their intermediaries. Whether an end user of our services or an intermediary, Sterling provides an efficient, personalized approach to ensure smooth, efficient delivery of services that meets the requirements of each client.

Sterling establishes, manages and administers offshore companies and international companies, offshore trusts, private foundations and funds utilized in various structures for an international clientele spanning over 80 countries.  These entities combined with Sterling's supporting services allow us to provide a number of different solutions designed to achieve specific objectives of our clients.  These objectives broadly include asset protection, international investment, tax optimization and foreign market entry.