Opening an Offshore Bank Account
How to Grow Your Wealth on Foreign Soil and Protect Your Assets, No Matter Where Life Takes You
Offshore company setup is the easy part. The not-so-easy part is getting approved for a bank account in your country of second residence, but hard does not mean impossible! The difficulty depends on various aspects, with the most obvious one being which country you want to open a bank account in.
Why Open an Offshore Bank Account?
Protect Your Assets
Stop falling victim to your broke local government. Offshore bank accounts let you take much better care of your assets. America loves to go on about how it’s the greatest nation on Earth, but let’s get real – they’re broke. In fact, they’re the poster child for debt, knee-deep in almost $130 trillion dollars of it. Yes, that’s trillion with a T. The more time goes on, the more the US uses their citizen’s tax money to pay their bills. They’ll continue to spoon-feed you stories about needing more tax money to “Make America Great Again”, but honestly – most of it is being used to pay off the country’s debt, and that is NOT your problem. “Banking at home” is not always necessarily the smartest move. Just look at what’s been happening lately in places like Poland, Ireland, and Cyprus. The government can, for all intents and purposes, freeze your assets whenever they like, even when you’ve done absolutely nothing wrong. It sounds illegal, and it should be – but sadly, it is all too true. Your money and assets would be much better off offshore, in a country that is NOT up to its neck in absurd debt. With your money abroad, your home government will have a much harder time accessing it. Plus, there’s the added bonus of keeping your money out of reach of creditors, lawyers, ex-spouses and business partners, and other greedy sharks who won’t be able to take one more bite out of YOUR hard-earned wealth. If you ask us, opening an offshore bank account shouldn’t be optional at all. It should be ESSENTIAL if you are serious about turning your assets into your legacy, breaking free of the grip of your home country’s broke government.
Diversify
Every smart investor and entrepreneur knows that value of asset diversification – and not only in terms of your earnings. We’re also talking about political risk diversification here. If there is one thing we’ve learned over the years, it’s that while diversification through stocks, bonds, real estate, and more is all good and well, few investors consider geographic diversification. All it takes is one crisis to put everything you own in jeopardy, and, if you ask us, it’s just not worth the risk. They say lightning never strikes the same place twice, but on the contrary – history has a nasty habit of repeating itself, and we’ve seen the same political storms attack again and again. That’s where geographic diversification comes in. Putting your money into one or more different offshore accounts, in different countries, is one of the smartest diversification moves you can make. And NBF can help you make the right decisions.
Earn More Interest
Your country might not necessarily offer the best interest rates. Think about it. That 2% interest might seem like a great deal from your current bank in your home country, but what if you could take your money offshore and start earning 5% interest? It might seem like a hassle, but it could just end up being the most lucrative hassle you’ve ever pursued.
Optimize Your Tax
Opening an offshore bank account is a smart way to take advantage of the tax benefits of a different country, taking your wealth diversification strategy to the next level. If you’re like most smart investors and entrepreneurs out there, you’re surely interested in lowering your tax obligations – legally. Well, opening an offshore bank account could help you do just that! Sure, there might be certain conditions where you aren’t allowed to withdraw your money for a certain time period, but if you ask any of the clients we’ve already worked with, they’ll all tell you that the pros far outweigh any potential cons (of which there are few). Work with NBF to discover which countries offer higher interest rates with multi-currency accounts.
Some banks also require higher deposits than others, and most have unique requirements that need to be considered. In short, navigating it all alone can give you one hell of a headache, and that is where it pays off to use someone with experience.
At NBF, we will help you explore all 50 banks in the UAE, weighing out your options to help you make the most informed decisions possible. Here in the UAE, every bank is different. Some operate regionally, others internationally.
Some only allow payments within the nation’s borders, others allow for cross-border payments. The bank you choose should depend on your unique needs as a company, which is why you need to work with professionals to make the best decisions possible
There are also other factors we will need to take into account when opening an offshore bank account, such as the bank’s minimum balance requirements (this can vary from $25K to $250K). When you’re ready to apply, we will help you prepare all of the required documents, after which we will accompany you to the meeting at the bank that we believe to be the best for your needs, Generally, a couple of appointments may be necessary to organize everything needed to get your bank account in the UAE sorted.
The process can be compared to a multi-layered job interview, whereby the “employer”, or banker, will prepare a KYC and AML report, which comprises about 10 pages about you as the customer and your company. This will then be sent to the central bank in the UAE, where it will flow through various bank departments until a final decision is made.
When you work with NBF, you can rest assured that you stand the highest possible chance of getting approved at your bank of choice when opening an offshore bank account. Thanks to our expertise, experience, and know-how in avoiding common mistakes, we will make sure you get approved as quickly and as painlessly as possible.
Just ask the hundreds of clients we’ve already helped! They know that the smallest of missteps can result in denial or disqualification of your application. Thankfully, we’ve been doing this long enough to know exactly what we’re doing.
As we write this, it is become increasingly difficult for investors and entrepreneurs to obtain their second passports and open offshore bank accounts. Requirements and prerequisites are getting stricter every day, so there’s NO time to lose. Don’t let the door of opportunity slam in your face. The sooner you contact our team, the sooner we can get the ball rolling and get you approved for a bank account in the UAE. We’ll be ready when you are
