Question 1

Is an offshore bank account legal?

Accepted Answer

Yes. Opening and holding a bank account abroad is legal in virtually all countries. The decisive factor is not where the account is held, but whether you declare it correctly to your tax authority. An offshore account is not a tax dodge, it is a legal instrument for diversification, privacy and security.

Question 2

Do I have to report my offshore account to the tax authorities?

Accepted Answer

Generally yes. As a tax resident you are obliged to declare foreign accounts and the income derived from them in your tax return. This obligation exists regardless of whether the country participates in automatic information exchange.

Question 3

What is the Common Reporting Standard (CRS)?

Accepted Answer

The CRS is an OECD standard for the automatic exchange of account information between participating states. Banks in CRS countries report data about accounts held by foreign tax residents to those residents' home tax authorities. Over 100 states participate, but far from all.

Question 4

What is bail-in?

Accepted Answer

Under the EU's Bank Recovery and Resolution Directive (BRRD), and under the UK's Banking Act 2009, a failing bank can be rescued using its own creditors' money. Depositors above the guarantee threshold (€100,000 in the EU, £85,000 in the UK) are legally unsecured creditors. In a resolution scenario their deposits above the threshold can be written down or converted.

Question 5

What documents do I need?

Accepted Answer

Typically: a valid passport, proof of address (utility bill or bank statement, not older than 3 months) and a source of funds declaration. Some banks also require a brief questionnaire about your financial background. We send you the exact checklist for your chosen bank after ordering.

Question 6

Can I open the account without travelling?

Accepted Answer

For most of our destinations: yes. Georgia, Kazakhstan, North Macedonia, Serbia and several others open fully remotely. For premium centres such as Liechtenstein, Switzerland or Singapore, a short video call or in-person visit may be required.

Question 7

How long does the opening take?

Accepted Answer

Depending on the jurisdiction: from 3-10 days (Georgia) to 3-6 weeks (Liechtenstein, Singapore). After ordering we send you the document checklist within 1-2 business days.

Question 8

What does the service cost?

Accepted Answer

Our service fee depends on the jurisdiction and starts from £990 (or equivalent) for entry-level destinations. The fee covers consultation, document preparation, direct submission to the bank and follow-up until activation.

Frequently asked questions

Basics & Legality

CRS, Privacy & the Home System

Opening Process & Documents

Costs & Service