How do you set up an offshore bank account?
How can you set up an offshore bank account in a different name? What kind of ID do I need to supply to them? Can I just make up a name and start an account that way?
Personal Finance - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
in prison..
Answer 2 :
you will need proof of who you are you cant use a false name and they will the name of your normal bank so they can get a reference from it it is the anti laundering laws
Answer 3 :
lots of places don't accept payments from bank accounts that originate outside your country
Answer 4 :
offshore hunh.... what are you up to? ;-) are you rich...that avatar looks sexy...does he represent you well?? how you doin?!? LOL
Answer 5 :
There was a time when you could do this quite easily. Indeed all you needed was to nip over to Amsterdam and open a postal savings account. Now it is all but impossible. Banks are required to see valid ID so you would need to first get a passport in your new name. Then you would need an address. If you use a local address, the bank will also want to see some proof of your status as a resident (residence permit) or set you up as a non-resident account holder. As a non-resident account holder, your financial information will available to the country of your passport. Guaranteed. So now you have your new identity and an account. What next? Well the next is to get money into and out of that account. Nobody takes wads of cash any more and all banks require to know the source of money being transferred from another account. Maybe you are able to be paid offshore for a project? Then you can fund the account with a wire transfer although of course the company has to report that transaction somewhere and oops you have a false name . . . Do you get where this is going? Cheaper to pay the tax!
Answer 6 :
All banks have to verify identify of anyone opening an account under Money laundering rules. This would normally involve checking your name and your address. For offshore accounts, the bank will also want to verify the source of funds ie where you got the funds from that you are investing. Its best to talk to the bank of your choice as to what their own process is for verifying the above. Disclaimer: The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please go to http://www.unbiased.co.uk
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