How to open an offshore bank account in Mauritius

February 26, 2021 - 6 min read

Fundamental requirements to open offshore bank accounts

Requirements to open an offshore account in a bank abroad are similar to opening one in your home country. For instance, with many expatriates established and living in Mauritius, opening a private offshore bank account as a non-resident is easy. Indeed, offshore banking requests for the basic information as well as Personally Identifiable Information. Documents to open offshore bank accounts include:

Certified identification document (Passport and/or ID)
Certified evidence of physical address
Proof of income
An initial deposit

Offshore banking place a considerable amount of importance on the authenticity of documents. Therefore, prior to sending the above-mentioned documents, it is advisable to request those documents to be apostilled. Generally, this type of document can be obtained in government offices. Banking offshore is also possible if you have an offshore company. In fact, business people who want to take advantage of the Mauritius jurisdiction usually look at offshore company formation with bank account.

Offshore banking is popular, but is sometimes associated to malpractices, including tax evasion and money laundering. Although opening an offshore account in a bank abroad may be simple similarly to one in your home country, offshore banks have to respect the procedures and legal requirements, as they would be liable for allowing any negligence.

How to open an offshore bank account - Basic-requirements

Opening an offshore bank account

The most effective way to open an account in a bank abroad is to go in person to the banking institution in the destined country abroad, even though if it is not required in some cases. Indeed, a vast number of offshore banks across Asia, Europe and Central America do not create offshore bank accounts, unless the latter is present in person to do so. Being physically present establishes trust and gives a better insight and assurance to both the client and the bank. In Mauritius, one of the best offshore jurisdictions, most home country banks provide banking services such as opening an offshore bank account in major currencies (including the USD, GBP and EUR).

You can open an offshore bank account:

In person to the bank in the country of your choice abroad
Some banks have banking services which allow clients of opening an account online
Entrusting this task to an Offshore Service Provider (OSP)

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It is also possible to open offshore bank accounts abroad through an OSP, which makes it easier for you to open this type of account. The OSP knows the document the bank will require for opening an offshore bank account and, will undergo a first Due Diligence, which will be reassuring to banks as to the authenticity of the client. You can contract the services of an experienced OSP, like Sunibel Corporate Services, to assist you in opening bank accounts which will make banking offshore much easier.

How to open an offshore bank account - choosing an OSP

Depositing funds to offshore bank accounts

Depositing funds to an account in a bank abroad is possible, as long as you state their sources. The best offshore banks will be ready to question you on how the funds were generated in order to ensure they come from legal foundations and to detect any suspect illegal sources.

Most foreign banks accepts:

Electronic deposits through international electronic wire transfers; and
May impose an additional charge to receive or to send funds internationally

Withdrawing funds from offshore bank accounts

Similarly, to home country banks, a foreign bank will provide the client with a debit card that grants the holder access to his or to her funds globally. However, part of its banking services, this one might be a bit costly due to commissions. The easiest way remains the same as for depositing funds, which is through bank wire transfer.

Another option would be to use two bank accounts, one offshore and the other a domestic one. In this case, bigger sums of offshore funds can be transferred to a domestic account in the bank. It can be processed through electronic wire transfers. This method assures more security, peace of mind and privacy to the client.

Withdrawing funds from a foreign bank is also possible by:

Using two accounts in the bank, an offshore one and a domestic one;
Larger offshore funds can be transferred to a domestic bank account; and
This option guarantees more security and privacy to the client.

Depositing funds to offshore bank accounts

Electronic deposits through international wire transfers
Banks may impose an additional charge to receive funds from abroad
Bank will ask for source of income

Withdrawing funds from offshore bank accounts

Through debit card from ATM or at the bank itself
Banks may impose an additional charge to send funds abroad
Electronic withdrawal through international wire transfers
Transferring funds to a home bank account

How Sunibel can help you?

Whether it is for economic reasons, political stability, privacy or to make international transactions go smoother, it is simple to open an offshore bank account in a foreign country. Saving money in an offshore bank account is legal given that the source of the money is from legal sources. Some experts confirm that having an account in a bank in a country abroad is a safe precautionary measure for depositors, the best offshore choice to make, especially since it has borne a considerable influence on the international economy worldwide. We provide you with a quick guide on how to open an offshore bank account, and how to manage it.

We can help you in opening your offshore bank account or offshore bank accounts in Mauritius, one of the best offshore juridictions to do so with ideal interest rates. We will help you and advise you in preparing your basic requirements and choosing the best offshore option, customised to your objectives.

Disclaimer

This article is provided for information purposes only. It is not intended to provide, and should not be used for, tax or legal advice. We may put you in contact with tax and legal advisers in this regard.

Although all information and opinions contained herein have been compiled from sources believed to be reliable and trustworthy, no representation or warranty, express or implied, is made as to their accuracy or completeness, and, to the extent permitted by law, Sunibel Corporate Services Ltd, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in the article or for any decision based on it. You should not act upon the information contained in this publication without obtaining specific professional advice.

Sunibel Corporate Services Ltd accepts no liability for any direct or indirect damage resulting from the use and reliance on the information published in this article.

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