Swiss banking system has a long and reputable history. Many of us know that Swiss bank industry is one of the strongest and safest around the world. However, I guess the best quality of Swiss banks is their secrecy and privacy. of Swiss bank account. Actually Swiss banks secrecy dates back to the Middle Ages. This old principle was codified in the Banking Law of 1934.

The Swiss bank system is very well developed. All banks are regulated by a specialized public law entity – Swiss Financial Market Supervisory Authority. The bank industry includes around 400 banks with two very big banks UBS, the largest one, and Credit Suisse, the second largest, and other small banks. UBS and Credit Suisse have large branch networks both throughout the country but also in many international financial centers. For example, if you want to open Swiss bank account you can easily find main offices of the UBS in the United States, in London, Tokyo, and Hong Kong. You can open a Swiss bank account in one of its branches which are located on five continents.

The first step in opening a Swiss bank account is to contact a representative of the bank in which you would like to open the account and ask for conditions in this regard. Swiss banks open accounts for both residents and non-residents. However, many Swiss banks have for the non-residents a minimum deposit requirement. The initial deposit requirement varies from bank to bank but one thing is certain that the deposit for non-residents in much higher than that for residents. In addition, small accounts are a bit expensive to maintain.

In order to keep the reputable image, the Swiss banks will not accept opening bank accounts too easily. The domestic law of Switzerland regulates very strictly money-laundering, that is why Swiss banks are required in a way to be sufficiently sure that the person that wants to open a Swiss bank account is not into criminal activities. This requirement in a way makes the opening of an account a long procedure. For example some banks may require clients to pass an interview where the potential client is asked about the reasons of opening the bank account and how financial means will be used. After evaluation of all the information and submitted documents the bank actually takes a formal decision regarding opening a bank account for a certain person. Anyways, all these rules may vary from bank to bank as they are enshrined in their internal regulations and bank policies. So, if you actually decide that you want/need to open a Swiss bank account you must be aware of the existence of different formalities around this procedure

There are many reasons to open offshore bank account. The most important one I guess is related to saving on taxes. Another quite important issue that cannot be disregarded concerns the liability. Though, the laws differ from a tax haven to another still in many offshore centers offshore banking limits your creditor’s access to your financial means. And finally, safety and secrecy of your funds is also an important consideration.

While the majority think that offshore banking is actually an underground activity that is not quite true. Offshore banking is really legitimate. However, it works on different principle than ordinary banking activity. So, if you open a bank account in US the bank reports your income to the IRS. This does not happen in offshore jurisdictions. Your financial affairs and transactions remain private. This is done absolutely legally.

Still, you should keep in mind that if your main motivation to open offshore bank account is driven by an illegal act and though you will manage to ensure that your money will stay far away, you could still be charged with tax evasion. So there are some risks to consider. Additionally, there can be another risk that you have to consider. In some countries money deposited in a bank is insured by the government, like for example in the USA, not all offshore jurisdictions give the same insurance.

A general perception about offshore banking is that it is only for the very rich people. Not quite true. Ordinary people are also eligible to open offshore bank account. The main thing in this context is that to open offshore bank account there is a requirement regarding the minimum deposit. It varies from bank to bank.

You can opt for different tax haven jurisdictions. In Europe I guess Swiss banks are the most famous. But there are other offshore jurisdictions here such as Luxembourg, Malta, Monaco, Ireland, Andorra etc. In the Caribbean region there are such tax havens as Panama, Antigua and Barbuda, Barbados, Cayman Islands, Bahamas, Belize, Anguilla and Bermuda. In Asia Singapore and Hon Kong are the biggest.

Wherever you open an offshore bank account you should remember that offshore banking is an international business and there is no need “to visit” your money as there is for example online offshore banking. So you can handle any transaction and manage your financial means via Internet.

It is very easy to open offshore banking account. You can even open it via regular mail. Usually you have to fill in an application form and send also some additional documents.

You are resident of a foreign country, have property overseas, work abroad or you are retired abroad then, yes you might be a potential person who would choose/ need to have offshore banking. I know most probably the majority of people think or at least used to think that offshore banking is for rich people who have millions to manage. Indeed that is not fully a false statement offshore banking is definitely not for everyone. But, let me tell you that an offshore bank account maybe opened by an average expat as well. Of course the next logical question that may pop up in your head is why do I need an offshore bank account and how precisely I can benefit from it?

Let me start by shaking the general idea surrounding offshore banking: an offshore bank account is not exclusively about tax avoidance. No way. Mostly important offshore banking is a safe and modern method way of managing one’s financial means. This would be the first reason for an expat to bank offshore.

Let me now refer to some detailed characteristics of offshore banking, which in a way will reveal the motives of how can an expat benefit from offshore banking.

- Having an offshore bank account is clear advantage when it comes to flexibility that you get. Accessing your financial means is very easy to do wherever you are.

- Except flexibility offshore bank accounts very often come in different currencies. This is very comfortable because for example you can earn your salary or have any other income in a certain currency but spent money in a different one, especially taking into consideration that you are living abroad.

- Having an offshore bank account in multiple currencies you will save on currency transfer operations.

- Moreover, such accounts usually come with some very good benefits such as no fee for international ATMs card withdrawals.

- You also can get travel insurance which can cover any country in the world that comes hand in hand with your offshore bank account.

- Taking into account that offshore banking is really a modern system such advantages as having 24 hours assistance from an agent is a completely normal phenomenon. Thus, wherever you are and notwithstanding the time zones an offshore bank account is design in such a way that you will get support 24 hours and 7 days a week.

- In addition, having an offshore bank account gives you the possibility to have an account manager’s support who will understand your needs and will operate accordingly.

- There is also often the possibility to receive an international credit card if you have an offshore bank account.

- And of course the most important is that offshore banking gives you some taxation advantages.

- Another relevant benefit that comes with an offshore bank account is privacy. In case you make a lot of transactions and financial operations between different accounts, different currencies, different jurisdictions then definitely such an account will suit your needs.

All in all, these are the most evident benefits that come with an offshore bank account and can lure you in having one, of course if your needs dictates that.

We discuss in this article how to open an offshore bank account.

There are several reasons why people choose to open offshore bank account. Developing countries are often characterized by political and economic instability, so  people look for safer place to keep their wealth and this is where the offshore bank account comes into action.

In other cases it may be that offshore banking centers offer those banking products and services that are not available in account holder’s home country. Also in many instances people seek to save on taxes through offshore bank accounts. But be careful, ensure that by through offshore bank account you are not violating your home country’s legislation.

In the internet there are numerous sources on offshore banking, but they rarely discuss how to open an offshore bank account. They usually discuss its advantages, disadvantages, what you are allowed to do what not, etc. But how you actually get it remains a secret.

Usually banks ask for following documents to open an offshore bank account:

To open offshore bank account you usually need:

1. Bank application form filled out and signed by you;

2. A sample of your signature (some banks require this document to be certified by a public notary, some not);

3. Copy of your passport certified by a public notary ;

4. A reference from your original bank for each signatory of an offshore bank account;

5. Conformation of your address;

How to open an offshore bank account differs from bank to bank. Bank application form also varies from bank to bank. Some require it to be signed in front of the public notary, while some in front of bank officer, some do not have any of these requirements.

However if you choose to open offshore bank account with HSBC Offshore, you avoid fulfilling most of the requirements that other banking institutions pose on their customers. We recommend you to open HSBC offshore bank account.

With your offshore account has following features:

- a bank account is available in 20 different currencies;

- get a debit card linked to your offshore bank account on demand;

- enjoy tax advantages;

- 24/7 special relationship service;

- a single web site that will allow you to open, close, transfer money from your account;

An offshore bank is a bank which is located outside one’s country of residence. Mostly important thing or better to say the most valuable characteristic of the offshore banking is that it has low level of taxation. Overall it can be stated that offshore banking offers the following appealing things: tax efficiency, safe haven for a person’s financial means and secrecy.

Many people perceive offshore banking as being a product only designated for rich persons. Well, this is not always like that. Actually, mostly persons are eligible to open and have an offshore bank account. You can find out if you qualify for an offshore bank account if you satisfy one or more of the following scenarios: you do not reside in your country of origin or you move often from a country to another one, or maybe you are retiring and you are considering to move to a country different from your home country, you need to make different payments internationally or you need bank accounts in more than one currency, and you are looking for a safe place for your money. If one of these scenarios describe your own situation you definitely qualify for an offshore bank account and offshore banking is a product for you.

In addition to the above-mentioned criteria financial institutions proposing offshore banking have some rules that need to be satisfied. Usually, the most important rule that have to be taken into account is the minimum balance required to open an offshore bank account. The minimum balance differs from one bank to another. For example, the minimum balance required by HSBC Bank International is £5,000 (which represents $10,000 or € 10,000). In addition, the minimum balance to open an offshore bank account may vary depending on the jurisdictions the offshore bank is placed and citizenship or residence of the costumer.

The application procedure usually is easy and quite clear. After you select an offshore bank take a look at the list of the offshore banking services that the bank has. Choose carefully, read attentively the guide, pay attention to the charges for transactions, fees and rates.

Mostly of the financial institutions require an application form for opening an offshore bank account. The form need to be filled in and signed. Then sent directly to the bank with some supporting documents such as documents that would prove your identity, proof of your address of residence, bank statements etc.

With the creation of the free trade zone called Dubai International Financial Centre, the emirate of Dubai became a more luring spot and the offshore banking business flourished quite quickly. There were many advantages and incentives for that. First, it is well-known that Dubai has a geographically strategic position being a bridge between Europe and Far East and uniting also the business world of Far East and Africa. Second, thanks to its economic and political stability and flexible regulations offshore banking Dubai nowadays represents a stable, secure and a reliable option. Moreover, this market was for many years a new and emerging market that is why the largest banks and financial institutions harried to gain a portion of it and build a strategic presence. There are already opened offices of HSBC, Dresdner, Abbey National Offshore, Barclays and Merrill Lynch which propose offshore banking services.

Offshore banking Dubai proposes offshore services for persons living and/or working abroad who want and look to find a safe haven for their financial means. Those who are interested in opening an offshore bank account in Dubai can do it in a relatively quick time without too many complications and difficulties. The staff of the banks is multilingual and is able to speak at least in Arabic, Hindi, Urdu and English, thus making it possible to satisfy the needs of both Asian and European clients.

Moreover, in Dubai the taxation was strategically conceived to create very good conditions for offshore banking business. For example, there is no tax on interest or investment income, capital gains, inheritance. There is also no exchange controls here, so one can take advantage of global investment opportunities. In addition, one can make avail of financial products and services in major currencies including Shariah compliant (Islamic).

There is of course the possibility to open either a private or corporate offshore banking account, depending on the needs of the client. Investors undertaking offshore banking Dubai can manage and control their transactions from all over the world via Internet banking, which is offered with most offshore bank accounts. All you need is a computer and Internet connection.

In addition, there are no funds transfer restrictions as offshore banking Dubai allows real flexibility.

Notwithstanding the fact that many jurisdictions have changed their legislation in order to provide for more access to one’s banking information and details, offshore banking Dubai achieved significantly high level of secrecy. Today it offers safe offshore bank accounts secured with anonymity and privacy.

Barclays offshore banking calls itself a secure haven for your financial means. No wonder why! Barclays Wealth represents a well-known financial institution with a long history which reaches 300 years and good reputation. Barclays offshore banking is not only designed to satisfy your financial needs but also to help you in planning and managing your wealth. In this sense Barclays Wealth has a wide expertise that you can benefit from.

Barclays offshore banking is present internationally. So the cross border needs of any person are covered. At Barclays Wealth, you can choose to bank offshore in the following jurisdictions: Isle of Man, Jersey, Gibraltar and London. In addition, to these locations if your offshore banking needs involve large amounts of money Barclays International Private Banking will offer you to choose from other offshore banking locations. Each of these offshore banking centers offers a secure environment. The tax regulation is relaxed and the locations overall are stable both politically and economically. This is very important for someone who seeks security of their wealth. So at the end of the day it is for you to choose the location that suits your banking needs better, for example, you could opt for London if you seek to base your banking in the middle of the international financial services industry.

The Barclays Wealth offshore banking products and services meet the latest developments in this area. This means that at minimum with Barclays offshore banking you will get multiple accounts and the possibility to make transactions in multiple currencies; a easy and rapid access to your financial means worldwide through online and telephone banking; you will also get the possibility to make international payments in multiple currencies; you will get savings and investment solutions that will help to secure and grow your wealth. Moreover, the Barclays offshore banking offers a relationship manager service, so you will get your own manager that will assist you in all your offshore banking needs.

Barclays offshore banking products and services target both private clients and corporate ones. They are designed in such a way as to satisfy the needs of both private and corporate clients. The products and services include banking, financing and investment solutions.The banking products and services for corporate clients include banking, financing, investing and trading. Moreover, the process of opening an offshore account at Barclays is very easy and straightforward. You can apply online for one or you can do it by telephone.

Lloyds offshore banking presupposes a widely known banking system. Lloyds TSB International is a part of a trusted British bank. It operates from Jersey, Guernsey and the Isle of Man, three stable economically and politically jurisdictions with relaxed fiscal regulation and tax regime. So, Lloyds offshore banking can bring its offshore banking services to its customers wherever they are located in the world.

The presence of Lloyds offshore banking services is global because it has multiple offices in different jurisdictions, for example one can find their offices in Europe, China, the Middle East and Indian sub-continent, USA, Canada, and even Africa.

If you are interested in Lloyds offshore banking it is important to mention that they cover both offshore private banking and offshore corporate banking.

Let’s turn to the first category. If you are interested in Lloyds offshore private banking it has to be mentioned that you will be assisted by an offshore banking manager from the start. The manager is going to advice you on all matters related to your financial interests and needs. Further on you will get assistance in all your banking transactions.

Lloyds offshore banking for private purposes provides a wide range of services. If referring only to offshore banking service it has to be mentioned that it includes a current account, loans, savings, credits, mortgages, debit and credit cards and other facilities.

Lloyds offshore corporate banking provides corporate bank accounts. It provides deposits and loans. These products are provided through the bank’s offshore corporate banking managers which are based as already mentioned above in Jersey, the Isle of Man and Guernsey. The Lloyds offshore banking managers can provide multiple solutions to Trust and Company Administrators from the Channel Island and Isle of Man, to trading companies from the Channel Island and Isle of Man but also to off-island, non-trading, single owned companies and British corporate customers.

A very important thing is that Lloyds offshore banking created for its overseas corporative clients a company club which is available only for off-island non-trading companies. It allows such companies to benefit from holding financial means within a limited liability structure and thus acquire tax advantages. These accounts are available in Euros, starlings and American dollars.

All Lloyds offshore banking services can be accessed via the internet offshore banking service. This will allow a bank holder to manage and monitor his/her account 24 hours a day.

Although offshore investing provides wide range of benefits for its users, it has several important disadvantages that one should take into consideration before engaging in offshore investing:

Stricter Tax Laws: developed countries and especially USA continuously mold their legislation to eliminate tax avoidance practices that arise with the use of offshore investing. Although the loopholes are still left that can guarantee fair yield, their number is decreasing rapidly and at some point such investing may not bring attractive profit. For instance, IRS in 2004 changed internal policy and started to tax incomes generated through offshore investment from the corporations as well as residents of US. (You check out the details in “International Taxpayer – Expatriation Tax”).

Sunk Costs: engaging in offshore investing operations inevitably requires setting up an offshore banking account. Besides depending on plans of an investor in most jurisdictions establishing offshore corporation may be required. The problem here is that such establishments are quite expensive. They are subject to excessive legal fees and fees associated with consulting services. Some countries set high initial capital requirements ($100,000-$1,000,000) or require investors to hold a piece of real estate that is also a painful burden for an investor.

To sum up although offshore investing may be quite profitable and bringing reasonable income, it cannot be a choice for small investors due to high sunk costs that not everybody can afford. Besides even if a small investor decides to make investment anyway, he/she must make good anticipation of his/her future incomes to be sure that initial sunk costs will be compensated.

Safety: there are several popular and secure countries for offshore investing, such as Isle of Man, Guernsey, Jersey, Bahamas, Cayman Islands, Bermuda and etc. More than fifty percent of all worlds’ investment assets are held in such offshore jurisdictions and invested locally. Although this is so, offshore investors should be careful while choosing specific company for offshore investing and the best strategy would be choosing reputable company with long enough successful operating record. It would be helpful to use consulting services of reputable advisor, accountant or lawyer that have experience in related matters. Such consultation is has costs and they are an addition to sunk costs discussed above, but they can provide real assistance and prevent investors from higher losses and investment failures. In most cases benefits generated from consultations are much higher than costs that arise from the usage of such services.

Offshore investing is about investing tactics taking advantage of opportunities that are available outside the country, where investor resides.

There are several advantages of offshore investing:

Tax Incentives: very often investors choose to invest abroad (usually in offshore banking centers), because host country’s business environment offers tax advantages that are not available in investor’s home country. Such jurisdictions deliberately design business investor, so that it becomes highly attractive to outside investors and they are ready to make offshore investment in such country. For instance, small Caribbean island-countries do not have much opportunity for economic development. Therefore what they do is they liberalize and improve their business environment to attract businesses making offshore investing. In this way they increase economic activity. To put this in other way businesses making offshore investing set up a corporation in host country and in this way shield their money from high tax rates effective in their country. Often the condition for low or no tax burden is that these corporations can not conduct any transaction in the local market. USA loses large tax revenues due to offshore investing in offshore banking centers. Recently authorities made several attempts to close the loopholes.

Asset Protection: offshore investing can be a great tool for those investors, who fear that their asset ownership is threatened due to potential lawsuit or excessive debt. Offshore  banking centers are places, where individuals can transfer their assets to the legal persons and ensure that they assets are kept safe.

Anonymity: many offshore banking centers offer secrecy that is ensured by their special legislation. These countries have designed their laws so that individuals conducting offshore investment in these countries are guaranteed by the effective legislation that their identity shall not be disclosed to anyone. Such secrecy and confidentiality does not a priori mean that offshore investors are engaged in criminal activities, terrorism financing and they have something to hide. Client identity can be disclosed if client is linked to trafficking, money laundering, terrorism and other unlawful activities.

Risk Diversification: offshore investment gives a great opportunity to diversify investments and portfolio. Accounts used for offshore investing is highly flexible allowing investors to trading in international markets in any currency they desire. Besides investors find many opportunities in developing countries that they can not find at home, such as many government-owned enterprises that are privatized nowadays. For instance, China’s choice to privatize its public assets created great opportunities for international offshore investors, since China is a stable country continuously liberalizing its economy.