How to Do Offshore Banking in Colombia?10 min read
Reading Time: 4 minutesIf you were to ask those in the know about international finance, many would tell you’re Colombia has become one of the new top offshore banking jurisdictions in recent years.
The South American country has a strong economy with little-to-no tax, developed banking system and permanent residency — an ideal destination for those who want to invest abroad.
How to Open an Offshore Banking Account in Colombia?
Identify a licensed offshore bank in Colombia. An example that has really stood out over the pack would be The Kingdom Bank.
The Kingdom Bank is also a more traditional digital-first institution, and as such our entire application and account management process can be done online.
To open an account with The Kingdom Bank you simply go to the website and click Open an Account. From there you simply input some basic pieces of information about yourself and your financial activity.
Then we ask for your gov’t ID & a utility bill or a bank statement with your address on it. All of it is pretty typical stuff you find with most banks.
The Kingdom Bank boasts of a rapid approval. You will usually have an answer within the week whether you get accepted.
You will get your login details and you can use the online banking portal as soon as it gets approved.
Opening a Free Offshore Bank Account in Colombia
Why would a bank give away offshore services for free? But The Kingdom Bank has designed its model around digital convenience, rather than account fees.
Your The Kingdom Bank account will never cost you a single cent in maintenance or any hidden fees, as long as you do at least a few transactions a year (funds transfers).
This indeed makes it a very cheap option for persons and small businesses testing the Colombian offshore waters. Forget about minimum deposits or monthly fees.
Lastly, The Kingdom Bank offers competitive exchange rates and multi-currency balances as well.
How to Apply to Open an Offshore Bank Account in Colombia?
While completing the application on the The Kingdom Bank website, you should be ready to upload the next few important documentation digitally:
- Passport or government ID – A clear photo of the info and signature pages is required.
- Proof of address – A recent utility bill, bank account statement or another official letter, over the past 3 months should be sufficient.
- Source of funds documentation – Statements that will show you the source of your initial deposit (ie: a payroll deposit)
- References – Information of two persons who can certify you, should be business partners if the account is for company purposes.
After uploading, applications go under review at The Kingdom Bank very quickly.
Most of the time you will get a decision within 5-10 business days, depending on volume. Your account will be ready to use shortly after approval, provided everything checks out.
Which Bank is Advantageous to Open an Offshore Account in Colombia?
Out of all the offshore bank accounts in Colombia you can set up The Kingdom Bank is right at the top of that list. Here are a few reasons why:
No Hidden Fees
Zero cost per year – in real terms, it is all you see. Forget about minimum deposits or monthly fees.
Digital Convenience
Using our acclaimed website and mobile app, manage your finances on the go without seeing a single brick branch.
Multicurrency Capabilities
Be able to have dollar, euro and many other balances. Instantly convert between currencies at the best available rates.
International Reach
This is why we have partnered which enables global money movement instantly.
Colombian Tax Perks
Likewise, interest that is earned through an offshore account, but still within the context of a Colombian-licensed entity such as The Kingdom Bank earns exempt from both local and foreign taxes.
Business Opportunities
For businesses operating internationally, an offshore bank account in Colombia can facilitate cross-border transactions, streamline payment processing, and open up new market opportunities.
Please note that Colombia can be a difficult place to source, but in terms of price, experience and offshore banking access, The Kingdom Bank is considered the best option. It means we are super cost-effective compared to traditional competitors because there are zero fees.
Can Businesses Open an Offshore Account in Colombia?
You bet! Whether foreign or domestic Colombian companies are allowed to open bank accounts through a licensed provider such as The Kingdom Bank.
Below are some of the most common reasons businesses engage in this:
- Separate Finances – Separate business income/expenses from personal funds for simpler bookkeeping and tax reporting.
- Facilitate Trade – Revolutionize international payments — Send and receive in multiple currencies seamlessly to suppliers, clients and partners.
- Offshore Tax Planning – Depending on the tax treaties in place, profits that are held abroad may not be taxable to a business’s home country.
- Asset Protection – On a global level, wealth distribution is also an insurance policy against political or legal risks at home.
- Privacy – Corporate accounts are protected from prying eyes by bank secrecy laws.
Business registration documents and ownership ID will be needed, but the app is otherwise similar to personal accounts. Then a designated individual can run daily operations on behalf of the company. The Kingdom Bank caters to local Colombian as well as offshore needs of foreign firms.
In today’s global economy, offshore banking has become an increasingly valuable tool for individuals and businesses seeking to optimize their finances, protect their assets, and access new opportunities.
And with its stable political climate, favorable tax environment, and robust financial infrastructure, Colombia has emerged as a highly attractive destination for those looking to open an offshore bank account.
The Kingdom Bank even offers a fully-digital solution which is outstandingly easy to get into with zero fees and no minimum deposits.
So, whether planning to diversify assets internationally as an individual or create favorable conditions for international exchanges, designing open-style opportunities from a business sense — The Kingdom Bank will keep your global money flowing anywhere with its offshore account.
Get started with the fast application process at The Kingdom Bank. Within days, an account could be established in order to start benefitting from everything Colombia has to offer the offshore space.
