How to Open an Offshore Bank Account: A Guide For 2025

Opening an offshore bank account might sound like something only big corporations or wealthy individuals do, but that’s no longer the case. More and more entrepreneurs, freelancers, and small businesses are using offshore banking to expand globally, diversify assets, and manage international payments more efficiently.

Still, the process can feel overwhelming if you’re not sure what to expect. That’s why we’ve put together this practical guide to walk you through how offshore accounts work, how to deposit and withdraw funds, and what to keep in mind to stay compliant.

In this article, you’ll find:

✅ Where and how to open an offshore bank account

✅ What documents you’ll need (and what banks really look for)

✅ How to move funds in and out securely

✅ Tips to manage your account while staying on the right side of tax law

If this all sounds good to you, let’s take a look.

Offshore banking refers to holding a bank account in a country other than your country of residence or business operations. These accounts are typically used to manage international finances, access multi-currency services, and benefit from favourable banking regulations or tax frameworks. While often associated with privacy, offshore bank accounts are fully legal when used transparently and in compliance with home-country reporting obligations.

Yes, many offshore bank accounts can be opened entirely online, especially when working with licensed fintech providers or banks that support digital onboarding. Remote access makes the process faster and more cost-effective, eliminating the need for travel and reducing paperwork. However, whether remote setup is possible still depends on the specific regulations and banking practices in each jurisdiction.

Some jurisdictions that allow remote account setup include:

• Hong Kong: Available through fintechs like Statrys and some banks like HSBC 
• Singapore: Supported by digital-first platforms like Aspire and selected digital banks
• The UAE: Remote onboarding is available through providers in free zones and digital banking platforms
• Switzerland: While many traditional banks require in-person visits, some private banks like CIM Banque support onboarding via video calls

While the steps to open an offshore bank account may vary depending on the bank and jurisdiction, here are the general steps to get started:

1. Choose the right jurisdiction
2. Choose an offshore bank or provider
3. Prepare your documents
4. Submit the application and complete identity verification
5. Fund and activate your account

In the following sections, we’ll take a closer look at each of these steps in detail.

The jurisdiction you choose plays a significant role in how beneficial and practical your offshore bank account will be. Before deciding, consider the following factors:

• Tax treatment: Does the jurisdiction offer tax benefits for non-residents or offshore income?
• Privacy laws: How strong are the banking secrecy or data protection rules?
• Asset protection: Does the jurisdiction offer legal structures that help safeguard your funds against claims or instability?
• Ease of access: Can you open and manage the account remotely?
• Political and financial stability: Will your funds be safe in the long run?

Here’s a comparison of some popular offshore banking jurisdictions:

After selecting a jurisdiction, the next step is to choose the right financial institution. Your options typically fall into two categories:

• Traditional banks: Known for security and full-service offerings, though they often require in-person visits and higher minimum deposits. Banks like HSBC, Citibank, and Standard Chartered offer international banking services, but may not be accessible to all businesses.
• Payment institutions: These are licensed providers that offer multi-currency accounts, international payments, and online onboarding. They are a good fit for SMEs and remote businesses. For example, Statrys offers a Hong Kong business account that can be opened entirely online, as long as your company is registered in Hong Kong, Singapore, or the BVI.

Once you’ve selected the right location, the next step is choosing the right bank. Consider the following factors when making your decision:

• Bank Reputation and Reviews: Research customer feedback, especially from those in similar industries, to ensure the bank aligns with your profile.
• Compensation Scheme: Check whether the bank participates in deposit protection programs, such as Hong Kong’s Deposit Protection Scheme (DPS), which covers up to HKD 800,000, or any other compensation scheme for offshore funds. Be sure to verify the protection limits.
• Service Offerings: Evaluate the bank’s range of financial services, from digital banking to foreign currency savings accounts and wealth management. Contact the bank to understand what suits your needs.
• Online Account Opening: Determine whether the bank supports remote onboarding. Some banks offer fully online applications, while others may require in-person verification or a local partner.
• Eligibility Requirements and Terms: Review the bank’s specific eligibility criteria. Some banks require a locally incorporated company or a valid residence permit in the jurisdiction. Others may limit services to clients with a physical presence, local directors, or a proven business activity in the region.
• Customer Support: Reliable support across multiple channels and a quick response time will greatly benefit customers facing offshore banking challenges.
• Fees: Understand the fee structure for account maintenance, international payments, exchange rates, foreign currency conversions, and any other associated costs.

Opening an offshore bank account requires documents to verify the identity of the account holder and the source of their funds. While requirements vary by bank and jurisdiction, here are the most commonly requested documents:

• Personal Identification: A clear, colour copy of your passport. Some banks may require it to be notarised or carry an apostille stamp, depending on the jurisdiction. Ensure that the passport is valid for at least another six months.
• Proof of Address: Proof of your residential address, such as recent utility bills (like electricity, water, or gas) that are less than 3 months old. These should clearly display your name and address.
• Financial Standing or Proof of Income: This could be recent pay slips, a tax return, or an employment contract. For entrepreneurs or business owners, this might include business financial statements.

• Proof of Business Incorporation: Official documents such as a Certificate of Incorporation that verify the legitimacy of your business entity.
• Share Distribution Document: A document detailing the distribution of shares within the company, identifying major stakeholders.
• Business Licence: A valid licence that permits your business to operate.
• Company Structure: For businesses with a complex structure, a diagram or an organisational chart might be required to illustrate the hierarchy and relationships within the organisation.
• Letter of Good Standing: If your company has been running for several years, a bank might request this letter, which confirms that your business is compliant with relevant regulations and has no outstanding liabilities.

The bank will also want to know the nature of the transaction and how you intend to use the account.

While this list covers the most common documents, not all banks will ask for everything listed, and some may request additional items. Always check with the bank to make sure you're prepared.

Once your documents are ready, the next step is to submit your application to the selected bank or provider. Application forms are typically available on the bank’s website or through a representative.

Some banks support fully online applications, including identity verification via secure video calls. Others may allow you to begin the process online but still require an in-person visit or document submission through an authorised agent.

Because offshore accounts involve depositing funds outside your home country, banks often apply stricter KYC checks than domestic accounts. Be prepared for more detailed questions about your business activity, source of funds, and intended use of the account.

Once your application is approved, the bank will provide you with your account details, including access to online banking or other account management tools. 

Depending on the requirements set by your selected offshore bank, you'll need to deposit funds into your account to finalise its opening. Different offshore banks may provide a specific timeframe for this deposit or might require an immediate transfer. 

Failure to comply with these requirements risks the offshore bank deactivating or closing your offshore bank account.

The cost of opening and maintaining an offshore bank account varies depending on the institution and jurisdiction. Key costs include the following:

Some banks cater to startups with lower or no deposit requirements but may have higher international transfer charges and higher monthly maintenance fees that apply to foreign customers. 

Ongoing costs include transaction fees for deposits, withdrawals, and transfers, with international wire transfers often incurring additional charges.

You can typically make deposits to a bank account in a foreign country through international wire transfers, as most offshore banks do not accept domestic cheques or cash deposits. Some banks allow deposits in different currencies, but fees and processing times can vary depending on the provider and destination.

For withdrawals, many offshore banks provide debit cards with ATM access worldwide. However, fees can add up quickly, especially for frequent or small transactions. Withdrawing larger amounts at once or transferring funds to your local bank account can help reduce costs. While some banks still issue cheques, they’re often avoided due to limited local acceptance and privacy concerns.

Opening an offshore account is only the first step. Keeping it active and accessible requires ongoing attention. Here are a few tips to help you maintain smooth access and avoid disruptions.

• Choose a reputable jurisdiction: Look for stable financial centres with clear regulations and strong legal protections.
• Prepare documents in advance: Have notarised or apostilled copies of required documents ready to avoid delays during KYC checks.
• Maintain good standing: Keep your account active by meeting minimum balance requirements and responding promptly to compliance reviews.
• Use reliable access methods: Go for banks that offer secure online banking, debit cards, and multi-channel support to manage your account from abroad.
• Keep records updated: Notify the bank of any changes in ownership, address, or business activity to avoid access restrictions.

Stay compliant: Regularly review reporting obligations in your home country to avoid penalties or account freezes.

If you're looking for a modern alternative to traditional offshore banks, Statrys offers a practical solution to help you make and receive payments internationally while saving on FX rates and fees. While not a bank, Statrys is a licensed payment service provider designed to support international operations.

Here are the highlights of what you’ll get:

✅ Multi-currency business account supporting 11 major currencies

✅ Send and receive global payments via SWIFT, plus local payment options in 12 currencies

✅ Mastercard® prepaid cards for payments and cash withdrawals. 

✅ 100% online onboarding without the need for in-person visits

✅ Dedicated account manager for personalised support

✅ Free MT103 tracking for every international transfer

✅ No minimum deposit required to get started