INTERNATIONAL BANK ACCOUNT

BANK ACCOUNT ABROAD

BANK ACCOUNT OVERSEAS BANK ACCOUNT ABROAD OPENING A FOREIGN ONLINE BANK ACCOUNT ABROAD FOR NON-RESIDENT

A bank account abroad is by definition a money deposit service made available by a foreign bank located outside the country of its account holder and which will allow it to carry out banking transactions.

The bank account abroad aims to constitute a financial refuge for a person who wishes in addition to bank accounts in his country to open one abroad as an agreement with a foreign bank that allows to keep the cash with them to take some out whenever it is needed.

The overseas bank account is not only about a so-called offshore bank account which for one reason or another benefits its holder using foreign fiscal laws to achieve a reduction in taxes or duties, which is sometimes equivalent to tax evasion.

An international bank account, which in the past was a discreet way for businesses and individuals to hide their financial transactions, nowadays faces challenges from another dimension given the global measures taken to fight against money laundering.

A bank account abroad now faces two main obstacles: that of the tax authorities and the fight related to the new regulations in the context of bank compliance and KYC (Know Your Customer) procedures that are against non-legal cash deposits linked to criminal or terrorist activities.

Opening an international bank account is therefore suspicious, especially when it comes to bank accounts in exotic places called tax havens.

Despite the latest scandals which have revealed to the investigative press the complex structures of tax evasion and money laundering such as the Panama Papers, so-called offshore banks are still active for the benefit of individuals and creative companies who consider their activities as tax optimization.

WHY OPENING A BANK ACCOUNT ABROAD?

Opening a foreign bank account abroad because if several subjective and objective reasons depending on the situation of the account holder:

  • Living in several different countries.

  • Feeling financially secure knowing that there is a Plan B if the bank account in the holder's country of residence is affected by an unforeseeable event.

  • Lack of trust on the the banks of the country residence on the eve of a potential financial crisis by opting for an investment in a safer country.

  • Concealing financial assets vis-à-vis his relatives and the tax authorities of his country.

  • For professional reasons as is the case with entrepreneurs or cross-border workers.

IS OPENING A BANK ACCOUNT ABROAD LEGAL?

The answer is yes. Opening one or more accounts abroad is completely legal, both legally and from a tax point of view, it is nevertheless necessary to declare the accounts and their content as dictated by the tax directive according to which any natural or legal person who has any tax domicile is liable to income tax on the basis of all of its income.

Within the European Union, you should know that an automatic exchange of data has entered into force since January 1, 2015 including Luxembourg and outside the EU Switzerland which must follow by 2019 at the latest.

WHAT IS AN INTERNATIONAL BANK ACCOUNT FOR NON-RESIDENT?

A non-resident overseas bank account is defined by a bank account held by a person or organization that does not reside in the country concerned, in accordance with the country's regulatory definition of residence.

There are many reasons why one may wish to open a bank account as a non-resident, among many other examples, such as if you are often in the bank's country and want to reduce bank charges and card fees when spending money in the country.

A non-resident account abroad is also used for the acquisition of real estate or is part of other types of investments in the country without having to leave in the country where the bank account is opened.

IS IT POSSIBLE TO OPEN AN ACCOUNT ABROAD ONLINE?

Yes, it is possible to open an international bank account online without having to travel by just following the instructions for opening a foreign account via internet and uploading the necessary documents.

The online overseas bank account is first of all subject to opening the account which requires supporting documents and often the presence of the future account holder, unless they are represented with a power of attorney endorsed by the consulate of the country of the bank.

The online account abroad after opening is of course accessible via the internet wherever the bank account holder is, and gives the possibility to transfer cash into and out of the international bank account.

WHAT DOCUMENTS DO YOU NEED TO OPEN A BANK ACCOUNT ABROAD?

The documents necessary to be able to open a bank account abroad online are:

  • Identity document (passport, ID), driver's license are not accepted.

  • A bank form to be completed including the function of the account (current account, professional account, etc.).

  • A proof of address certified by the consulate of the country where you wish to hold an account.

  • A specimen of the signature that is certified by the consulate.

  • The source and origin of funds and wealth that will be deposited in the overseas account.

WHAT ARE THE ADVANTAGES OF AN INTERNATIONAL BANK ACCOUNT?

There are many advantages of an overseas bank account, including:

  • The terms and conditions of deposit and profitability are often better (investment rates, fees).

  • Better mortgage or auto loan rates.

  • A proof of address certified by the consulate of the country where you wish to hold an account.

  • The tax advantages in the context of tax optimization are often the main reason here.

  • It is sometimes essential to spread the risks if you have savings to save as long as the tax authorities of the account opener are informed.

  • Discretion when it comes to countries that do not have an information exchange agreement.

  • Last but not least, a bank account abroad has many advantages for its holder who feels comforted by having a reserve bank account outside his country for difficult times.

WHAT ARE THE DISADVANTAGES OF A BANK ACCOUNT ABROAD?

Are there any disadvantages of having a bank account abroad? Yes they are as opening an account abroad also has some drawbacks, and not the least:

  • The risk of currency devaluation if you have an account in foreign currencies.

  • A lack of protection of bank assets in some jurisdictions.

  • Hiding your money abroad is no longer as efficient as it once was, as the tax authorities have access to all bank accounts around the world nowadays justify that they are fighting against money laundering.

  • A foreign language that an account holder does not master can be the source of many misunderstandings.

WHAT TYPES OF BANK ACCOUNTS ABROAD AND FOR WHOM?

There are many types of account abroad including these:

  • Bank accounts for individuals and entrepreneurs.

  • For retirees.

  • Offshore bank account.

  • Account for expatriates.

  • For cross-border workers.

  • International and overseas account with bad credit.

  • Anonymous and numbered accounts.

  • For non-resident.

OVERSEAS STUDENT LOAN    LOAN BROKER    OVERSEAS PRIVATE LOAN   WITH GUARANTEE    EDUCATION LOAN    OVERSEAS MORTGAGE    BUSINESS LOAN   PERSONAL LOAN    TAX ON LOANS    WITHOUT COLLATERAL    MICROFINANCE    P2P LOAN    CAR LOAN    WITHOUT CREDIT CHECK    CREDIT CARD    DEBT CONSOLIDATION    WITHOUT JOB    WITH BAD CREDIT    WITHOUT UPFRONT FEE    FOR DISABLED    ISLAMIC LOAN    LIST OF BROKER    LEASING FROM ABROAD    LOAN FROM OVERSEAS BANK   CHINA    THAILAND   EUROPE   FOREIGN STUDENT    FOR MIGRANT    FOR WOMEN   CAR FOR FOREIGNER   ELECTRIC BIKE LOAN    STUDENT LOAN REPAYMENT FROM ABROAD   LOAN FROM INDIAN OVERSEAS BANK   FOR MASTER    LOW INCOME LOAN   FOR FOREIGN STUDIES   OVERSEAS CROWDFUNDING   FOR FARMER    OVERSEAS PAYDAY LOAN   WITH NEGATIVE RATE  OVERSEAS BANK ACCOUNT   OFFSHORE BANK ACCOUNT  ANONYMOUS BANK ACCOUNT  OFFSHORE BANK ACCOUNT  ANONYMOUS BANK ACCOUNT   GERMANY LOAN   SWISS BANK ACCOUNT    LUXEMBOURG ACCOUNT   PANAMA ACCOUNT  DUBAI BANK ACCOUNT    LOAN FOR US CITIZEN  LOAN FOR BRITISH   SWITZERLAND LOAN   MORTGAGE FOR ALIEN    LOAN FOR HOUSEWIFE  FOR FOREIGNER    UK LOAN    KREDIT OHNE SCHUFA    USA LOAN    AUSTRALIA LOAN   FRANCE LOAN    BELGIUM LOAN    NO PROOF OF INCOME    WITHOUT INTEREST   START-UP LOAN   MAURITIUS    MOROCCO   NEW ZEALAND   LUXEMBOURG LOAN   MONACO LOAN   SAUDI ARABIA  QATAR    LOAN FROM GOVERNMENT    ANDORRA LOAN    FOREIGN BANK    FOREIGN INSURANCE   FOREIGN CAR INSURANCE   FOREIGN HEALTH CARE   FOR EXPATRIATE    FOR CROSS-BORDER   FOR NRI   BLACKLISTED LOAN    MOTORBIKE LEASING    LICHTENSTEIN   CANADA LOAN  WITHOUT SCHUFA   ISRAEL LOAN   ITALY MORTGAGE   DUBAI LOAN   LOAN FOR REFUGEE   LEASING FOR FOREIGNER  SPAIN  PORTUGAL   LEASING GERMANY   CORONAVIRUS LOAN