What is an Offshore Bank Account ?

How open and use an Offshore Bank Account ?

The Offshore Bank Account Basic Information

An Offshore Bank Account, means , simply, a bank account in a jurisdiction different from the one where you live, works and are legally resident  and citizen.

This means that an Offshore Bank is  every bank outside your home country . Again this means that the terms Offshore bank is referred to all types of banks and jurisdictions , tax havens and not tax havens, that are not your citizenship/home country. So, for an American from USA, a bank in a normal country like Ecuador is an offshore bank like the one in a tax haven like Panama. Offshore just means something far from your border. It not means secrecy or tax avoidance. Offshore banking is frequently considered as a type of tax avoidance and tax evasion in ineffectively managed, dangerous environment; this is not true . A fraction of offshore banking centres might be inadequately controlled, yet it is up to a potential offshore account holder or investor to build up accounts in jurisdictions such as Switzerland, Cayman or Panama since they give significant security. Elements of offshore banking incorporate asset protection, security and tax relief for business relations and privacy protection .

How understand which offshore bank is good for you ?

Decide which Offshore Bank Account open, in which bank and in what  country open it , depend of your own, personal, subjective requisites, needs, satisfaction. Generally is mandatory have a personal account in the new country where you will become resident. This account will be recognized as Offshore Account in your home Country, but the same bank account you have in your country of origin, should be recognized as offshore bank account in your new country where establish your new residency visa. In that case, we, with our CPA ,  can help you optimize them and not incur in any problem with IRS or National (Local) Tax Agency of the new Country of residency.Offshore banking functions as a way to ensure assets for account holders. People who live in a politically or economically unstable country profit by such protection of assets. Numerous countries permit offshore banking, filling in as tax havens- offering min tax liabilities- – to secure assets of investors or account holders.

be owner of a foreign bank account gives you more choices. More choices  always imply more freedom and opportunity. It’s a pivotal step in liberating yourself from total dependence on any one country. Accomplish that freedom, and it turns out to be troublesome for any government to control your fate.

An Offshore bank gives indistinguishable service as an offshore bank does. It is an institution in which to deposit funds, and it likewise provides investment services to its clients. People who deposit don’t have to go face to face to open an account (service not available in any country). Since offshore banks are found in a place that would involve long travel times, they often open accounts dependent on certified documentation of the person’s identity and assets. For extensive deposits, records might be set up through inland delegates situated in the investor’s nation of residence.

General Requisites to open an Offshore Bank Account 

To open an Offshore Bank Account you are required to show some documents that help the bank recognize you/your activity and identify you  correctly.

Independently of the Country of Your choice be prepared to show :

- a valid not expired Passport

- a Valid not expired Identity Card

- the correct visa applied on your passport ( if any )

- the Plastic Residency Card (  if any )

- the new Identity Card ( Resident Identity Card) ( if any)

- a reference bank letter apostilled 

- a tax declaration  in your home country 

- cash, to deposit into your new bank account

- some forms to fill and sign like the FATCA form for US persons

- some countries requires a job contract ( we can provide it if needed) 

- some countries requires a proof of domicile like an Utility Bill ( we can provide it if needed) 


We only utilize private offshore banks and offshore international financial institutions that offer features needed by our clients; such as online access, debit cards, wire transfers and low fees, little paperwork. Our network of offshore attorneys conduct regular due diligence inquires in their home jurisdiction banks to insure that protective structure funds are safe and secure. Additionally sit-down interviews with offshore bank directors are conducted at least semi-annually. As worldwide banking specialists we have relationships with numerous international banks and financial service providers around the world.

Remember that open an offshore bank account is only one of many steps you MUST do to obtain financial and personal freedom. We describe some great steps here :

Open at least two bank or brokerage accounts in different jurisdictions outside of the U.S. If one account becomes temporarily frozen you will still be able to access some of your wealth.

Diversify a portion of those assets away from the dollar. Clients differ on what level of diversification is prudent and it ranges from 10% to 100% of non-dollar diversification.

Consider currencies that can easily access alternate payment systems, including the British pound, Australian dollar, and Chinese renminbi.

Place a portion of your wealth in precious metals including, gold, silver, and platinum which should be in bullion or coin form and not in electronic representations of those metals.


Acquire foreign real estate to protect wealth, generate cash flow, or to simply secure a “nest egg” outside of the United States.

Acquire residency or citizenship in another country. This will frequently enable the opening of bank and financial accounts in that country particularly if the country does not permit its banks to open accounts for non-residents. More and more offshore financial centers are imposing a residency test as a condition to open a bank account.

Maintain several months of “cash” outside of the banking system. This should be in your home or a non-bank private vault facility.

Observe compliance with all tax and regulatory requirements.

We are insiders of the Panama private banking industry. Our Panama Bank Attorneys have more than 30 years of experience in the Offshore Bank Industry.The correct decision to choose the right offshore bank to work with, based on insider know-how in private banking combined with tailor-made international asset protection, can make a huge  difference between protecting your life saving or losing everything overnight. 

Contact Us

Panama : MMG tower floor 30 ,Costa del  Este , Ciudad de Panama, Panama Republic, 0816 .

Ecuador : Guayaquil , Puerto Santa Ana, Edif. The Point. Floor 1

Mexico:Ciudad de Mexico, Polanco CDMX .


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© 2023 OVS, Offshore  Visa Services, the Legal Offshore Platform for your internazionalization

Erick Stuart
Calle 50 TowerBank
Ciudad de Panama , Panama/Panama , 0816 Panama
Law Office, Offshore Services, Offshore Bank Account, Offshore Company Incorporation,

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