10 Reasons Why You Need an Offshore Bank Account Today
You may have wondered: “What can an offshore bank account give me that an account at Bank of America can’t?”
The Republic of Seychelles is a group of 155 islands in the Indian ocean, at the North-East of Madagascar and 1,500Km east of the African continent coast. Seychelles manages one of the fastest-growing International Business Companies (IBC) registers in the world and is governed and protected under the enactment of the Financial Service Authority Act 2013. The descendant of Seychelles International business authority (SIBA), the financial service authority, is responsible for regulating non-bank financial service sector.
Central bank of Seychelles, established in 1983, exerts the power over regulating and supervising the banking system. Seychelles is one of the first countries in the region adopting Anti-Money Laundering Act in 1996.
The banking sector in Seychelles operates under the single regime licensing in which banks are allowed to conduct both domestic and international (offshore) banking business without separate licenses. As of the end of 2018, there are 8 licensed commercial banks in Seychelles, of which twos are fully and majority-owned by the government, namely Seychelles Commercial Banks and Nuovobanq bank, the rest are subsidiaries of foreign banks.
Opening bank accounts in Seychelles gives many advantages. Beside extensive banking facilities offered i.e. multi-currency accounts, internet banking…, most banks have reasonable account deposits. Moreover, opening accounts without signatory travel would add a plus for banking in Seychelles.
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Intial Deposit|
|Belize||Caye International Bank Ltd.||USD 1,000|
|Heritage Bank||USD 3,000|
|British Virgin Island||First Caribbean International Bank||USD 25,000|
|Mauritius||ABC Banking Corporation||USD 5,000|
|Bank One Limited||USD 10,000|
|Mauritius Commercial Bank||USD 50,000|
|Investec Bank||USD 50,000|
|Puerto Rico||Euro Pacific Bank||USD 500|
|Singapore||Citi Bank||USD 300,000|
|OCBC Bank||USD 30,000|
|UAE||RAK Bank||USD 10,000|
Though banks will have different requirements on documents needed to open bank account with them, some of common ones can be named and listed below for your review. We strongly recommend you to contact us to get free consulting for your case.