Open an offshore bank account in Europe
There are many factors that will determine what process is required when you start to investigate how to open an account in one of the jurisdictions that are regarded as offshore for you. Your country of residence plays some part in the process of registration. Banks accepting US residents have to abide by the new FATCA regulations, and European citizens are also having stricter regulations imposed, most recently by the OECD-wide Common Reporting Standard (CRS). Make sure that you are fully informed by the bank of their relevance for your own account.
Another factor that will affect the way the bank will require identification and the level of fees and deposits is the nature of the account (personal, commercial business, investment, family trust etc.) and the types of services that are being requested. Bottom line is to investigate the target banks thoroughly, and include the relevant regulations of the specific jurisdiction that the bank operates in.
Offshore European bank account
The process of opening an account in a European jurisdiction that is regarded as offshore differs both for your country of residence and for whichever country the bank is registered in. For example, Swiss banks typically require very substantial initial deposits, in some cases in excess of one hundred thousand Swiss francs, and may also require a personal interview on the premises of the bank. Other countries that have been involved for many years in off-shore banking services such as Luxembourg and Lichtenstein, also have high net-transaction requirements. Newer entrants into the field such as Malta (Largest Electronic Money Institutions in Malta), Latvia, Armenia and Cyprus will set easier levels and may provide purely on-line access to all processes.
Each country has detailed legal requirements, and the registration process published by the bank should set it all out clearl
How much does it cost to open a bank account offshore?
When you open a bank account in an offshore jurisdiction you’ll need to pay the set-up fee which can be about $550-$1,250. The amount can vary depending on the jurisdiction and type of bank account. Some banks also require a minimum deposit. For a corporate bank account offshore you may reach figures of $1,500-$2,500 for opening the account.