How to Open an Online Offshore Bank Account for Jet Owners?14 min read

How to Open an Online Offshore Bank Account for Jet Owners?14 min read

We’ll see why having an offshore bank account online will make your life a lot easier as a jet owner. We’ll also talk about The Kingdom Bank – a digital banking solution specifically made for international clients like you.

Whether you’re buying and selling jets at cross-border exchanges, sending money abroad or securing your investments, you’d do best with a banking partner.  An online offshore bank account has some of the major benefits over a traditional onshore account. 

It, for example, enables you to quickly transfer and hold money in foreign currency without currency conversion. This is great if you’re doing business across multiple countries regularly. In offshore accounts, you get extra interest rates and investing opportunities that are not available in your home country.

Most importantly, having an offshore account protects your financial anonymity and your assets. You get your money out of your home country’s banks and out of domestic creditors and lawsuits. It’s a feeling that matters a great deal to ultra-rich people such as jet owners.

Why Should Jet Owners Open an Online Offshore Bank Account?

Here are just some of the most compelling reasons why jet owners should open an online offshore bank account:

• Pay globally – You can easily send and receive payments worldwide through your offshore account. No having to wire funds multiple times and incur fees.
• Protects your wealth – From lawsuits, debtors, taxes or unstable political/economic conditions in your native country.
• High interest rates – Offshore banks normally offer more interest rates for savings than their local counterparts. Returns on unutilised funds should be maximized.
• Get access to foreign investments – Get access to an extended set of investments outside your country, including foreign stocks, mutual funds, real estate, and more.
• Privacy and anonymity – Banking secrecy laws in most offshore jurisdictions shield your identity and funds from exposure.
• Potential for tax deferral – Depending on where you live, you may be able to defer or remove taxes by putting your offshore account into an international tax plan. Consult an expert for advice.

When you own a jet, and you need to keep track of your money from one end of the world to another, an offshore bank account online is what makes it simple to handle your money anywhere in the world. Now, let’s take a look at one of the best options – The Kingdom Bank.

Choosing the Best Offshore Bank for Jet Owners

You want an offshore bank with a good reputation and a customized service for wealthy clients such as yourself. The Kingdom Bank is a perfect one.

As an online-only bank, opening and retaining your account with The Kingdom Bank is easy. There is no branch anywhere to visit. Our website and mobile app offer it all for you.

The Kingdom Bank is authorised and supervised by Dominica’s Financial Services Unit. The country of the Caribbean is renowned for its robust banking confidentiality policies that secure client privacy and bank account information.

We provide a comprehensive range of private banking, corporate banking and wealth management products for jet owners and other international clients. This applies to multi-currency accounts, payments, wire transfers, etc.

The Kingdom Bank prides itself in personal, intimate care. You’ll be partnered with an experienced relationship manager who knows you and is always available to help. We’ll help you make international payments, calculate taxes, or buy or sell a jet.

Interest rates on savings, access to accounts online or by phone 24/7, and an insistence on privacy, security and service make The Kingdom Bank one of the best options for jet owners who are in search of a foreign banking partner. Now let’s explore the account creation process.

Can Jet Owners Open a Bank Account in Another Country as a Foreigner?

So, if you own a jet in one country and do business in other countries, you might be asking yourself: Is it possible to open a bank account as a foreigner in another country? In most instances, the answer is yes.

All offshore financial centres welcome foreigners to open bank and brokerage accounts on the following grounds:

• You’ll need to submit standard KYC (“know your customer”) information such as passport, proof of address, and wealth source information.
• The purpose of the account should be legitimate banking, not tax avoidance. The banks will want to know how your jet business is run.
• Some jurisdictions have minimum deposit/balance requirements – typically $25k-50k. This will make you a serious customer to work with.
• You may, but not always, have to personally come in and sign documents and review work. Some now allow remote/online account opening.

Banks abroad will happily serve non-resident clients, as long as you abide by anti-money laundering regulations and make yourself out to be an official international entrepreneur. Just be clear about what you’re doing with your jets upfront.

Opening an International Offshore Bank Account as a Jet Owner for Beginners

Now that we’ve covered why an offshore account is a good idea, and what you can do as a foreigner, let’s walk through opening one in the step by step mode for a first-time jet owner:

• Select Your Bank – Choose leading banks such as The Kingdom Bank based on jurisdiction, service, reputation and reviews.
• Fill the Application – Collect KYC documentation and fill up the new account application online with all business and ownership information.
• Check Your Identity – The bank will ask you for additional proof of identity such as notarized IDs or utility bills.
• Add The Minimum Deposit – Once approved, add the minimum deposit amount (i.e. $25k) from your existing bank.
• Set Up Online Access – Pass the security check and sign in to transfer funds between your accounts on our website or on mobile.
• Initial Transactions – Conduct sample business, add payees and beneficiaries to familiarize yourself with the platform.
• Stay in the Relationship – Make sure to speak with your banker and follow review rules to keep your account current.

It’s a good idea to start small – make the most of payments, holding funds and quick transfers first before moving on to higher level services and tactics. Stick with a reputable partner like The Kingdom Bank for guidance.

Which Bank is Best for Jet Owners to Do International Transactions?

When it comes to allowing you to do international payments and transactions as a jet owner, the offshore banking partner you select is very important. 

A few reasons why The Kingdom Bank is one of the best options are listed below:

• Multi-Currency Accounts – Maintain balances in USD, EUR and other large currencies at attractive exchange rates on accounts transfer. No currency conversion fees.
• Pay in Minutes – We can wire funds all over the world for $15-25 per wire. Domestic transfers are available free of charge in the same currency.
• e-Wallet – Transfer funds from your computer or mobile device to anyone, instantly, by email. Perfect for down payments, escrows, etc.
• Virtual and Physical Debit Cards – Instantly transfer funds while traveling or surfing. Give yourself some extra protection by creating virtual cards to be used only once.
• Pay Bills Online – Automate the payment of expenses on a periodic basis. You can pay suppliers, contractors, taxes and so on directly from your account.
• Business Banking Features – It makes invoicing, payroll, expense simple. Integrate with accounting software to handle your money efficiently.
• Personal Banker Support – A personal helpline for understanding foreign rules, cash flow and executing difficult transactions.

The Kingdom Bank provides you with a safe, economical solution specifically designed for jet owners who are always transacting money across borders. Contact us today to create an account and manage your worldwide company finances.

Call one of our private bankers today and talk about how we can help you in your unique position as a jet owner. 

It’s free, and you’ll walk away with insight and an action plan for taking your business to the next level financially. It begins with a simple conversation — check The Kingdom Bank to get started.