Opening a Bank Account Abroad

First of all - reliability: the bank’s license, track record, and experience. Today, all key information about financial institutions is accessible and transparent. 
In addition, confidentiality is important - not in terms of anonymity, but in terms of data protection. There must be a guarantee of information security. 
You should also bear in mind that banks differ, and each has its own approach to prospective clients. It is necessary to look into interest rates on deposits, any transfer-related fees, minimum deposit amounts, and penalties for early account closure.

Depending on your needs, banks offer several types of accounts:

• Current account - the most common type used by companies for transactions and work with counterparties.
• Deposit account - holds a specific amount of money and generates passive income through interest.
• Private investment account - suitable for long-term investments in securities.
• Brokerage account - required for buying and selling securities through a broker.

The main condition is the “entry threshold,” meaning the minimum investment amount required. These funds must remain in the account at all times. In EU countries, the minimum balance may range from tens of thousands to millions of euros. Sometimes, partial funding is allowed at the time of account opening, with a commitment to make up the full amount within a specified period - this is formalized through a separate agreement.

Interest rates in foreign banks are modest. For deposits in euros, rates typically range from 0.5% to 1.5% per annum; for US dollars from 1% to 4.5% per annum.

Banks may have their own lists, but the main documents generally include:

• A copy of your international passport
• Visa
• Proof of residence (utility bill, etc.)
• CV (résumé)
• Certificates:

1. Certificate of no criminal record
2. Information about existing bank accounts
3. Proof of income
4. Family composition

• Document confirming ownership of real estate abroad, if applicable

All documents must be notarized and translated into the language of the country where the account will be opened.

Once the documents are submitted, they undergo a compliance check. The bank’s compliance department carefully examines the submitted information, checking the potential client against various data bases for links to “risk groups.” Open sources, including the internet, are also analyzed. 

Working with an intermediary significantly simplifies the procedure. Law&Trust specialists will handle the majority of the process for you - from selecting the bank to preparing the documents. All you need to do is sign the necessary paperwork. You can contact us by phone or through our website.