June 27: How Opening Up A Low Cost Offshore Bank Account Can Be Easy And Relatively Painless

by David Jenyns on June 27, 2007

How would you like to find the three simple tips that will help you open a low cost offshore bank account quickly and easily.

Before we look at the three things youíll need to provide in order to open your low cost offshore bank account, letís look at what you should know about offshore banks.

Like their onshore counterparts, most offshore banks still require proof of identification. The number of IDís varies, as do the rules, depending on whether you are setting up your low cost offshore bank account in person or if you are mailing in the information.

If youíre opening a low cost offshore bank account in person, a passport is generally perfectly adequate in terms of ID. The banks should take a copy of your passport for their records, and then youíre done Ė easy as that.

If youíre opening a low cost offshore bank account by mail, three standardized pieces of identification are required, each with their own ramifications that we will address individually. These items are:

  • – A notarized copy of your passport
  • – Letter from your accountant
  • – A letter from a bank where you have held an account for twelve months or more.

Letís look at them one at a time.

The first is simply a photocopy of your passport that has been signed and sealed by a notorary to ensure that it is your passport.

Itís a quick process, but the notary will ask you a few questions, like:

  • Why are you doing this?
  • Why do you need this?
  • Where is this information being sent?

Notaries are bound by law to make this information known to various government reporting agencies; It is a good idea to always be very vague with your answers, because itís really none of their business.

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