August 27, 2019 Cornelia Lawrie



There are varying offshore banks around the world, all offering different products and services, but fundamentally they are the same.  You should seek to ask yourself, and I mean really ask yourself, “What do I want to do with my money”?

Consider this:  you walk into a café, you’re hungry and there is nothing but desserts in the cabinet. Look at all those different desserts, so much variety. Well, offshore banks are the same.  Here you are browsing a global market with no idea of exactly what you want to do with your money. Picking an offshore bank is like picking which dessert you want: whether it be day-to-day general use bank accounts or high end investment accounts, there are many options to choose from.

The way the global banking industry operates has changed significantly over the last few years to accommodate increased Anti-Money Laundering and Countering Financing of Terrorism requirements.  Due to this, the way some offshore banks are opening accounts has changed.  Some banks require that the Ultimate Beneficial Owner (UBO) organise an appointment and fly over in person for an interview to open an account before waiting between two and six weeks for a decision on the application. If the bank determines that the UBO’s situation or position is unfavourable, than they will decline the account application. The result is a small fortune spent for no return.  For this very reason we recommend that you determine exactly what you would like to achieve from your money and speak to your offshore trustee or registered agent about your options. Southpac has relationships with several offshore banks and asset managers around the globe, and we have recently recruited an in-house investment specialist to offer an increased benefit to our clients.

When deciding on a bank, consider first if you are a US person, classified as a resident or citizen of the United States of America. If you are a US person your options become limited due to FATCA reporting requirements, which have caused many offshore banks to stop accepting US persons as clients in recent years. If you are a US person, there’s no need to worry, as other options are available.

The next step is to get down to the nitty-gritty – how much money do you wish to deposit? Is the amount low (under USD50,000) medium, or high (over USD$1 million).  Would you like a general day-to-day account with credit card and lending facilities?  Would you like to actively invest your money, perhaps in partnership with an SEC-registered asset manager, or just hold precious metals, or cash in a certificate of deposit?

When you consider investing would you like to a passive or aggressive investment or even precious metals? Would you like to own stocks or bonds? The flavours are vast and the options endless, exactly like the desserts in the cabinet. A range of different options, you just need to decide which one is the best fit for you.

Ultimately, the choice of dessert is yours, but when you have decided on the basics of what you would like, feel free to reach out to one of our friendly and knowledgeable team so that they can help you develop the idea.  With its global offshore relationships and in-house expertise, Southpac can help you identify the banking or investment institution that can best serve your needs, and can even help you complete the application forms.

For more information, please reach out to your point of contact at Southpac, or email us

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