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.