THE ACCOUNT IN FOREIGN BANK

The current account in a foreign bank gives a lot of advantages. We are talking about foreign financial institutions, and not about the representative offices of the European banks in the Russian Federation. The latter ones, although based on foreign capital, are essentially Russian. Therefore, contacting such structures is the same as interacting with local organizations. That is, risks remain when economic and political instability arises, currency restrictions, etc.

What does a legal entity get by opening an account abroad? The main advantages are the same as for individuals. This is an opportunity to conduct transactions with foreign companies, to participate in tenders, to preserve and increase the capital. In addition to the above, the benefits include confidentiality, reduced taxation, stability and safety of funds. Besides, in some foreign banks, the interest rates on deposits are higher than Russian ones, which is important.

Which foreign bank can open an account without any problems today?

Before opening an account in a foreign bank, the Russian citizen will have to choose a country and a financial institution. One of the popular options is Latvia, where Russian-language service and reasonable prices for banking products are offered. In terms of reliability, Denmark, Germany, and Austria take the leading positions. The choice should be made taking into account the reliability and the amount of the minimum contribution, the requirements for foreigners, the existence of the opportunity quickly and comfortably replenish the amount of funds. The most famous banks are German KfW, Dutch Bank Nederlandse Gemeenten, Swiss Zurcher Kantonalbank and French Caisse des Depots et Consignations. The next most popular banks were: Latvian Rietumu, Austrian Meinl Bank and Swiss CIM Banque.

Not every bank abroad opens an account for foreigners. Some financial institutions put forward a number of requirements, including a residence permit, the existence of real estate in the country, etc. Among other European countries, only in the Baltic States the beginning of cooperation with the bank is acceptable with a small amount (50 thousand euros). Those who are ready to invest from 100 thousand euros, a greater number of financial organizations will open their doors. If we are talking about a million, you will be met with open arms even without a residence permit in the most prestigious banks. The most democratic requirements are at Asian (Chinese) banks.

How to start the process?

When planning to open an account in foreign banks, you should start by choosing a country. First of all, determine the purpose. For example, if the prestige is important, then Western European institutions will do. But most of them are not ready to provide settlement and cash services for non-residents, so it makes no sense to cooperate with them. It is more convenient to carry out settlements through Estonia and Latvia. Banks of Hong Kong and Singapore are glad to the businessmen who opened a business in Southeast Asia, but deposits here are not very fond of, with the exception of very large sums. Switzerland will be suitable for saving finances, but it will be unprofitable to be engaged in international commerce. Be sure to take into account the economic and political situation in the region (current and projected).

The next step is to decide what is more profitable: to buy a local company or register a new one. It is known that offshores are created not always for commercial activities, and often only for the opportunity of opening an account in a foreign bank. Therefore, buying an offshore company is a good choice if you enlist the support of an experienced lawyer. Those who plan to run a business here, it is better to register your company. This will not only save assets but also will protect the owner in case of bankruptcy from subsidiary liability.

Procedure and choice of banking product

To open an account of a legal entity in foreign banks, it is necessary to prepare a number of documents. The list varies in each country, but the standard package includes the following:

  • a statement signed by the director of the company;
  • copy of the passport;
  • recommendations from other banks;
  • constituent papers.

The term of consideration of the submitted documents and decision making depends on the country and lasts from 1 day to 1 month. Also, the duration of the procedure is influenced by a type of a banking product (current, investment or deposit). The first is opened to service the operating costs. It is characterized by low percentages or their absence. The second is suitable for long-term investments into securities. The third is for saving and multiplying funds (high percentages compensate for the impossibility of withdrawing funds before the expiration date).

It is important to understand that foreign banks have enough customers and without Russians, so the selection is conducted strictly. It is possible to go through all the stages of the process on your own, but if difficulties arise, the processing time will be delayed or refusal will be received. Therefore, the best way to achieve what you want is to seek help from international lawyers of RPI Solutions. We are ready to recommend the checked banks with a reliable reputation and loyal conditions in different countries. Our experts possess relevant information on the state of the economy in the world and can predict the most profitable way to invest money abroad. We will help you quickly and easily to receive your own account in a foreign bank, to open a company in an offshore, to buy real estate and other actions.

How profitable is it for Russians?

Russians are interested in a bank account abroad because its opening is followed by a mass of advantages that are inaccessible in the homeland.

The main reasons are as follows.

  1. The confidence is that the finances will remain in safety. We are talking about the deposits in countries with a stable economy and reliable banking institutions. Considering the current situation in Russia, banks in all developed countries can be considered reliable. Money transfer becomes the guarantee of peace of mind for equity.
  2. Privacy. Foreign financial institutions not only in words offer the protection of interests and confidentiality of customer information, but also in practice. The banking secrecy really exists, despite the efforts of the authorities of various states, including Russia. This factor for many people becomes fundamental when choosing a bank.
  3. Preferential credit conditions. Banks offer profitable products to their customers. Such a strategy has long been tested and brings income to the banks themselves, as well as their customers. Especially now, when, against the background of sanctions, compatriots represented by individuals and legal entities have lowered the activity of bringing finances abroad.
  4. Prestige and prospects for businessmen. Existence of money in a foreign bank not only gives you confidence in the future, but it also has a beneficial effect on the status of the owner. This will serve as good support for aspiring businessmen who rely on loans and a profitable partnership.

The listed advantages are far from a complete list of benefits that are received by interacting with foreign banks. More information can be found already at the first consultation with the lawyers of RPI Solutions.

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EN Заказывала в этой фирме налоговый аудит. С компанией знакома еще со времен регистрации своей фирмы, и филиалы они же потом регистрировали. Теперь вот настал черед разобраться с налогообложением. Аудиторы поработали на совесть – всю бухгалтерию изучили, рекомендации дали. Теперь реально налогов плачу меньше, а в бухгалтерии порядка больше. Планирую периодически к ним обращаться за аудитом. Лучше уж хорошему аудитору заплатить разово, зато потом сэкономить на излишне уплаченных налогах.
Guzel Khismatullina,en директор компании TeamsoftMore reviews
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