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How do I Choose the Best Free Offshore Bank Account?

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  • Written By: Patrick Roland
  • Edited By: A. Joseph
  • Last Modified Date: 14 September 2016
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A free offshore bank account provides many benefits to its owner, such as tax relief and privacy. There are many countries and many more banks that offer this service, so it can be difficult to choose one. With a little research, you can find a personal offshore bank that meets your needs. Consider minimum deposits and location in choosing, but also think about issues such as online access and the bank's security before placing your money with an offshore institution.

There is a clear dividing line between offshore banking institutions based on what kind of fees are charged for opening an account. A free offshore bank account will not require you to add any additional money to your initial deposit. This does not mean that there are not minimum requirements to set up an account, and all offshore banks have such rules in place.

Before choosing a free offshore bank account, find a bank that has deposit requirements with which you are comfortable. In order to open an offshore bank account in many places, a minimal amount is required. For example, only a few thousand US Dollars (USD) are needed for banks in the island nation of Antigua. Other banks demand larger sums, ranging from $25,000 to $50,000 USD, such as with Swiss and Cayman Island accounts. Choose a deposit that matches your financial stability.

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If you are able to place money in either type of free offshore bank account, another deciding factor frequently will be customer service. Banks that require higher initial deposits often provide more services than smaller banks because of to the size of the staff required for such an operation and, generally, a larger income stream. Services can include personal bankers, ATM cards, secure online banking and more. Spend time researching what service options a bank has before choosing.

Another major concern that you must investigate before opening a free offshore bank account is the level of security that your money will receive. This is a primary concern for any offshore bank account, because there is no insurance protecting the money like, for example, the Federal Deposit Insurance Corporation (FDIC) does in the United States. You should ask questions to bank officials about vault security, guards and that particular bank's history of theft when choosing a bank. Online security also should be a concern. After you find a location that suits your demands for safety, you will be able to believe your funds are safe.

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