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What You Need When Opening an Offshore Bank Account

June 08, 2012 | Comments: 0 | Views: 144

If you are looking to open an offshore bank account then there are several offshore multinational banking institutions that you can choose from that offer accounts in US dollars, Sterling Pounds and Euros. These are Barclays, HSBC, Lloyds and TSB. Unlike what most people think, operating or owning an offshore bank account is simple, convenient, and absolutely safe. The following article provides useful in formation and tips on what one needs to know when considering the option of having an offshore bank account:

Reasons Why People Opt for Offshore Bank Accounts

There are a number of reasons why people choose to open these accounts. The main reason most people opt for such accounts can often be traced back to external political, economical and sometimes technological factors. An illustration of one such reason can be drawn from taking in to consideration developing or less developed countries (LDC's) that are frequently characterized by economic and political instability and as such requiring individuals to look in to safer places to keep their money. Off shore an offshore account for individual from such countries helps them ensure that their savings/money remains safe in a time of economic or political uncertainty.

Benefits Offered by Offshore Banks

Apart from providing security offshore banking usually offers account holders additional financial banking services and products that are on occasion unavailable in domestic banks. Such product and services that can be enjoyed by people from developed countries such as the United States, UK and others are: cheaper or more affordable loans and or mortgages, higher interest accumulation from savings, affordable bank charges and so on. In addition to this having this type of bank account allows individuals, businesses, and various organizations to benefit from making a saving on taxes which is great for people who have o are considering taking on a mortgage or business development loan. Though when doing this one must be cautious so as to ensure that home or domestic tax legislature is not being violated.

What You Require

Most multinational financial institutions usually request the following documents from those who wish to open offshore bank account:

- A fully filled and signed bank application form filled out by the person who wishes to open the account.

- A signature sample certified by a public notary.

- A certified copy of ones passport.

- Confirmation of address and

- A reference from ones original or domestic bank for every signatory of an account.

The various steps involved in opening an account typically vary from one bank to another. Contacting respective bank representatives and inquiring as to what is needed when setting up an account is one way to determine which multinational offshore bank best suites your needs.

Atanu Shaw is a banking sector professional that writes detailed check credit score online articles as well as how to articles that are a great reference for those looking for open offshore bank account advice.

Source: EzineArticles
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