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Opening accounts in foreign banks

Opening accounts in foreign banks

Depositing funds on an account in a foreign bank has long been considered a reliable method of safekeeping and increasing savings. Individuals placing their funds abroad justify their decision to do so by a need to protect their savings from possible economic fluctuations in their countries of residency. In turn, an account in a foreign bank maintained by a legal entity pursuing international activities facilitates business and expands cooperation. Availability of an account in optimally selected banking jurisdiction contributes to proper operation of the company, with due regard to all its peculiarities, enhances its status and improves reputation as a business partner.

SPECIAL CONDITIONS OF BANK SELECTION

A developing trend towards automatic exchange of information, as well as intensification of the processes of banking secrecy involution, increased compliance requirements for a client, make it necessary to carefully review the matters related to the selection of a reliable place for keeping funds and to the timely completion of payment transactions.

In many instances, such characteristics of a bank as 'prestigious, major, popular' are crucial for selecting the bank. However, being focused on meeting such criteria does not always correspond to real needs and, as a result, may not have an expected outcome. At the same time, a bank that does not meet such criteria may instead fit well for achieving objectives of the opening of account.

Additionally, before making the final choice, it is necessary to analyze, in reliance upon professional advice, the orientation of the bank (by clients, areas of business, etc.), bank's policy for opening accounts, account opening procedures and requirements in respect of the package of documents depending on the type of account (personal or corporate), and other factors.

ICF Legal Service has more than 10 years of experience in cooperating with banks on matters related to the opening and maintenance of accounts. Today, our company cooperates with more than 60 banks globally, including:

  • offshore banks;
  • banks of Cyprus;
  • banks of the USA
  • banks of Baltic countries ;
  • banks of Hong Kong and Singapore;
  • banks of Austria;
  • banks of Lichtenstein;
  • banks of Switzerland;

ICF Legal Service will provide you with professional advice on the choice of bank and jurisdiction that best suit your needs and peculiarities of your business or personal goals. Our experts will fully support you in account opening process and preparation of all necessary documents, and represent your interests in negotiations with the bank. ICF Legal Service will help you attain, in the shortest possible time, the goals and objectives associated with opening accounts abroad.

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