Everything You Wanted to Know About Seychelles Offshore Bank Account

Opening an offshore bank account is an attractive proposition for anyone who wishes to protect their financial assets and take advantage of various benefits of having a foreign account. Offshore accounts are often maligned as relating to unlawful deeds and shady activities, which does happen, but money laundering is very closely watched these days and no country’s banks are immune from money laundering in any case. An offshore bank account is best held in countries or jurisdictions that understand the offshore structure you have established and can provide the types of services required to facilitate your business or investment goals. Anyone who needs fast access to funds in order to manage a business or an overseas investment property is a good candidate for an offshore account. If you are thinking of opening an offshore account in Seychelles, below are some important things you should know:

·         Offshore accounts are completely legal. There is nothing innately illegal about opening and owning an overseas bank account. The problem lies with account holders who deliberately avoid declaring their income and earnings from the account in their annual tax return. Do this, and you will find yourself straddling the law and crossing over to the wrong side.

·         Depending on the bank or financial institution you wish to partner with, the process for opening your own offshore account may vary, as well as the types of documentation they may require. Generally, you will have to provide basic documents like your passport, your proof of address, and a verified (signed) declaration of the funding source for the account you are opening. Deposits to your brand new offshore account are typically made through international money transfer.

·         To open an account from your home country, you will need to follow certain procedures laid out by your Seychelles bank of choice. In line with due diligence and international laws, all banks must verify the identity of any customer on the basis of official documents. This is why it is not possible to open an account anonymously.