Offshore Bank Accounts
What is the timeframe for opening of the offshore bank account?
The time actually starts ticking after the completed application file, which includes quite a lot of documents and information from the beneficial owner, has reached the bank. We can not really influence the time taken by the client to fill the forms and to obtain the few due diligence documents. From the moment the file is with the bank, it can be from a couple of days to a couple of months until the bank comes up with a letter of acceptance – or, sometimes, rejection. In some cases the bankers would ask for some clarifications or additional documents from the new client. Then, obviously, the timer would stop until such information or document is furnished. All in all, it is practically impossible to determine an exact timeframe. We would certainly share our previous experience with any particular bank, and sometimes this information gives something to go by.