Take Advantage of Offshore Banking

Offshore Banking BVI

A very logical jurisdiction choice for offshore banking for either personal or business reasons is the British Virgin Islands (BVI). The British Virgin Islands is a highly reputed offshore financial service center with most prominent international offshore banks, in a very dynamic offshore market. The BVI is an English speaking British overseas territory that is located in the Caribbean and the islands are well known for their offshore services such as company formation and more recently their offshore banking products.

BVI banking is sought after by many corporations and individuals due to the reputation which precedes BVI offshore banking. BVI has proved itself to be a confident and prudent offshore financial center in the world. BVI companies are some of the world’s most sought after companies for investors. It is therefore quite understandable that offshore banking in BVI will inherit some of the credence and by reputation prove that a BVI offshore account is a low risk and highly regard account.

The offshore banking sector in the BVI has developed an extremely prominent offshore banking system which specializes in international and offshore banking products and services. Please note: as a British Dependent Territory BVI bank operations are subject to the EU Savings Tax Directive and offshore bank accounts on the BVI may be better suited for non-EU/UK citizens and residents. The EU Directive does not apply to corporate entities or companies.

Establishing a company BVI bank account in an offshore bank in the BVI is run of the mill as per offshore bank processes. BVI offshore banks follow the KYC requirements and the success of bank account application depends heavily on the particulars of the client/s and the business. As such the following documentation and items are required (for each account manager, director beneficiary or shareholder)

  • Completed bank issued application form
  • Proof of permanent address for all signatories such as a utility bill or bank statement
  • Certified copies of:
    • certificate of incorporation
    • memorandum and Articles of Assoc
    • copy of resolution where the authorized signatories are appointed
  • 2 certified copies of valid forms of picture ID including a passport
  • Bank reference and a professional reference
  • Business plans, source of funds, declaration of source of funds for the deposit, and other documents may be required by the individual bank.

The minimum deposit requirement for opening a corporate BVI offshore bank account is US2500.00. The process of opening a personal offshore bank account in BVI requires same documentation on the individual minus the company documents.

The BVI offshore banks have strict secrecy laws which they adhere too, and BVI offshore bank accounts may be set up in absence, no personal visit is required, documents and paperwork can be sent via couriers. Using offshore service providers or professional intermediaries is helpful in getting the process completed efficiently, and can assist where bank introductions are required by some prominent and exclusive private banks.

Offshore banking in BVI offers a full range of services to its clients once an account is set up for either personal or corporate accounts. The time to set up an offshore bank account in the BVI can range from 1 week to longer depending on the preliminarily work done such as due diligence and application completions.

Some BVI offshore banks have restrictions: limited to US currency, debit cards are available from some banks and only for personal accounts, and internet banking is limited to viewing of account balances only for several of the banks operating out of BVI. Depending on what your needs are it would be wise to shop around and get the help of local professional intermediaries who are familiar with the details on services and accounts available from international and offshore banks in BVI.

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