Opening a bank account for non-residents

Opening a bank account for non-residents

A company or individual may from time to time need to open a bank account in a jurisdiction different from the country of its incorporation or residence. The reason can be business interest in another country, or foreign partners and clients, as well as access to financial opportunities of a particular jurisdiction.

Non-resident clients usually open accounts in foreign banks for bank secrecy reason, stability of assets, high ranking reputation, excellent expertise in private wealth management, high deposit guarantee schemes, access to effective investment opportunities, solutions for offshore companies. Depending on individual objectives, it is possible to choose a most suitable jurisdiction from a variety of options. For example, banks in Marshall Islands can be a good fit for offshore companies. Medium to large-sized companies working with international clients look for such jurisdictions as Singapore, Hong Kong, etc. High net individuals desire to have stability, protect its assets and safeguard its wealth when choosing country well-known for its exceptional banking services and confidentiality guarantees. One of the most reputable centers of the world are UK, Switzerland, Liechtenstein to name a few.

Though banks advertise banking services for non-resident clients, it cannot be so easy to open a bank account in a foreign jurisdiction. Some banks may ask to explain economic reasons for opening a bank account in a particular country or ask to open a branch in the country before the bank account is opened. Above all, a list of documents and account opening term can be extended for foreign clients. Some banks are difficult to be accessed without a help of advisors or a reference from another reputable bank or firm.

Because more companies and individuals develop business abroad, some bank specifically specialize on international trade of goods and services. An ideal option can be an account in an online payment system that ensures that the formal process of account opening is completed quickly and easily.