Most people never think they’ll need an offshore savings account, but you may want to know how to open one nonetheless. Who knows, you may become rich and need an offshore account for doing business or to earn higher interest than you can in the United States. Just in case you do want to know, here’s how to open an offshore bank savings account.

Before attempting to open an offshore account of any kind, you’ll need the following documents:

* Passport or another form of acceptable identification. Rarely can you use a driver’s license to open an offshore account.
* Legal address. You can use an electric, water, or other utility bill to verify your legal residence.
* Background documentation such as a copy of your employment contract.

Familiarize yourself with the guidelines set forth by the US Department of Treasury (USDT). You may be limited in which countries to choose from when opening an account, how much you’re legally allowed to maintain in your account, and minimum deposits you’re allowed to make. The Office of Foreign Assets Control (OFAC) at the US Department of Treasury can provide these guidelines to you.

The steps to opening an offshore bank savings account are as follows:

1. Choose one of fifty countries allowed by the USDT. Organizations such as Delta Quest and Maritime International can give you advice about staying in compliance as well as which country will offer the best investment opportunities for your hard-earned money.

2. Choose the bank you want to open the account with. Will you be able to access your account through the internet? How much are the fees to open the account? What are the services they offer to bank customers?

3. Find out what the minimum deposit amount is and what fees you’ll be charged if you fall below that amount.

4. Research to find the bank in your chosen country with the best interest rates.

5. Ask for an application and fill it out including all information to prove residency, identification, and a reference letter from your current bank.

6. Make your deposit, based on their minimum allowable amount or more, and keep in mind that the account could take up to seven days to become active once the deposit is received. The minimum can be as little as $1,000 for countries like Belize and Antigua but as much as $15,000 for countries like Switzerland or Austria.

If the offshore bank you’ve chosen offers a branch in the US, they can help you open your offshore bank savings account. They can also advise you if you need further information. Stateside branches also help you to maintain communication with your offshore bank to make deposits or check on your balance.

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