August 25, 2020 Connor Steens

WHAT TO CONSIDER WHEN OPENING AN OFFSHORE BANK ACCOUNT

BY CONNOR STEENS

Offshore Bank Account

One of the many favorable aspects to settling a Southpac asset protection structure is the opportunity to choose from one or more of the offshore banking relationships on offer.

The way your money is invested and preserved begs the question – what should be considered when opening an offshore bank account?

Offshore asset protection tends to go hand in hand with offshore banking and for all the right reasons. It is estimated that over 40 million lawsuits are filed every year in the United States alone. With an offshore structure utilizing a Cook Islands or Nevis Trust, unscrupulous claims are put through rigorous tests to legitimize the claim, while the trust assets are kept safe under the trustee’s umbrella of protection.

Trust assets usually include a bank account offshore.  This offshore account can hold a variety of investments in the global market.

With a reservoir of options and choices in the offshore banking market, a fundamental question to ask yourself is this – what do I want my assets to do for me?

Knowing how you want your money to be maintained brings light to the various options to consider when opening an offshore bank account:


  1. Jurisdictional Stability

Today, threats to your savings come more from government risk than market uncertainty. Scenarios of governments moving to bail-in your money, nationalize retirement savings or introduce deposit taxes, have all been legitimized in countries such as Cyprus, Argentina and Spain. A significant aspect of the offshore banking strategy is to reduce your political risk by moving monetary assets to more stable jurisdictions.

  1. Financial Options

Whether your investment appetite calls for an aggressive or passive strategy, Southpac can direct and maintain your relationship with investment advisors that can build and nurture the preferred strategy.  Within these choices, further possibilities arise such as precious metals, index funds, or self-directed trading of bonds, stocks, securities and alternative assets. The options truly are endless, whether you aim to grow your investment portfolio, or simply to preserve what you have.

  1. Reporting and Maintenance

Opening an offshore bank account can require extensive amounts of due diligence to meet the requirements of modern anti-money laundering (AML) and countering the financing of terrorism (CFT) legislation. Southpac, with almost 40 years of experience in the offshore services industry, can navigate these complex requirements, as well as take care of the recurring maintenance that is required.

  1. Financial Stability

It is important to select a bank with a secure balance sheet. To that end, Southpac works with non-lending private banks to ensure your capital is protected.


All of this might seem like hard work, and it certainly can be if you have never opened an offshore account before.  Southpac can make the experience less daunting and significantly reduce standard opening times by working with you to prepare the information required for the account opening.

Southpac assists with account openings in multiple jurisdictions including Switzerland, Hong Kong, Nevis and the Cook Islands.  We work alongside acknowledged investment advisors and custodial banks. We offer assistance establishing advisor investment accounts or self-directed investment accounts. Accounts can involve precious metals, credit cards or lending facilities. Our team can offer their technical expertise and firmly established relationships for your benefit.

Contact us to get started.

Connor Steens

Connor Steens works as an Analyst at Southpac Group. Connor has worked closely with Guy on investment an banking relationships. Connor currently oversees and monitors current marketing analytics, exposure and direction, content creation and market presence.
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