How to open a foreign bank account

There are several interesting options for those looking to broaden their financial horizons by opening a foreign bank account. Opening a foreign bank account allows for greater diversification of assets.

Advantages of opening a foreign account

Financial privacy

Foreign accounts offer a high level of confidentiality, allowing you to protect your financial privacy.

Diversification of assets

Investing outside of your country of residence can represent a strategic way to diversify your portfolio, helping to mitigate risks associated with local economic and political events.

Fiscal optimization

Many foreign states offer favorable taxation regimes with substantial tax incentives, including tax exemption on capital gains. 

Access to international financial services

Opening an account abroad provides access to a wide range of international financial services in terms of investment and asset management.

Steps to opening an account abroad

• Choosing the bank: research and selection of a reliable bank that can fulfill the required financial and service needs;
• Remote opening: in this scenario, you do not need to be present to open the account and can complete the entire account opening process remotely;
• Certification of documentation: the documentation required for opening a foreign bank account must be certified, translated and apostilled. REFRAMED takes care of document gathering and validation;
• Assistance: REFRAMED offers a comprehensive service for opening a foreign bank account, from validating documents to organizing the bureaucratic process;
• Initial deposit: in order to open a foreign account, an initial deposit must be made. The amount of the deposit varies greatly, so it is necessary to check the minimum amount required by the bank in advance.

Timescales for opening a foreign account

Timescales for opening a foreign account may vary depending on the bank chosen and the complexity of the procedure.
Typically, the process can be completed within a few weeks.

Documentation required to open an account

• Copy of passport or valid ID;
• Proof of residency;
• Completed and signed application forms;
• Other documents at the discretion of the bank and the country in question.

How to navigate opening a foreign account

Opening a foreign bank account is a complex process that requires thorough research into the opportunities available across various international jurisdictions.

After identifying the country and specific bank that best meet your needs for managing capital, it is essential to prepare the required documentation, translated into the local language and apostilled, within the correct time frame. In most cases it is not necessary to go to the foreign bank in person to open the account.

REFRAMED can provide all the assistance necessary to open a foreign bank account.
First, book your consultation with our professional advisors: contact us to discuss your specific needs.