Can Foreigners Open an Offshore Bank Account in Ireland?11 min read

Can Foreigners Open an Offshore Bank Account in Ireland?11 min read

The strategic location of Ireland, the political stability, and the mature financial services industry make it an attractive choice for offshore banking. Getting an offshore bank account is one of the most common ways for expats to make international banking and financial transactions. 

Here in this post, we will find out whether a foreigner is permitted to open an offshore bank account in Ireland, what types of accounts are available, how to use an Irish offshore account for international investment and what the advantages of Irish offshore banking are. We will also be introducing The Kingdom Bank, a digital offshore bank headquartered in Ireland that facilitates safe and easy offshore banking.

How to Open an Offshore Bank Account in Ireland?

There is certainly a way to open an offshore account in Ireland for non-Irish individuals. The process is pretty straightforward and similar to opening a domestic bank account elsewhere, which involves usual know-your-customer steps.

In particular, you would opt for an Irish bank that provided online offshore services to foreigners, such as The Kingdom Bank. Then upload your application documents, passport, address proof, and source of wealth information.

Checks are verified, often by video calls if identification is required by the bank. As long as your paperwork is accepted, you can activate your account by depositing a few thousand euro in the first place.

Next, online and mobile banking services allow remote access to accounts from anywhere in the world. While there might be some branch visits upfront, once organized and prepared, opening an Irish offshore account is fairly simple.

Types of Offshore Bank Accounts Available in Ireland

If you’re thinking of getting an offshore account in Ireland, here are some things to consider:

• The personal account is best suited for all types of private banking, such as savings and bill payments.
• Corporate accounts are made for small businesses that separate business from personal cash.
• Savings accounts have higher interest rates but fewer transactions than checking accounts.
• Euro accounts store and withdraw euros in the Eurozone; conversion charges apply to transactions outside the Eurozone.
• Multi-currency accounts offer you the greatest flexibility, as they store and trade major world currencies such as US dollars and British pounds.

Depending on your specific financial circumstances and objectives, you’ll need to choose the appropriate account type. Check the minimum balances and features and choose the correct offshore account for you.

How to Do International Investments with an Ireland Offshore Bank Account?

One of the many advantages of having an offshore bank account in Ireland is that you can easily make international investments. Here are some of the most popular investments facilitated by Irish offshore accounts:

• International stock exchanges – Access international stock exchanges with built-in brokerage services. Sell and buy US stocks, European shares, etc.
• Fund management abroad – Buy international funds and ETFs on one platform. Automatic reinvestment of distributions available.
• Real estate investing overseas – Handle overseas property transactions, including cross-border loan agreements and rental revenue collection.
• Cash management – Stores multiple currencies, and converts as markets open up or obligations are incurred.
• International business financing – Get international business loans, pay foreign suppliers, and manage overseas customer revenue through offshore accounts.

By holding funds in all the major currencies, trading around the world, and routing money worldwide, Irish offshore banking presents new frontiers in diversifying portfolios out of the country. It’s simple and cheap to get exposure to international investments.

Benefits of Offshore Banking in Ireland for Foreigners

In addition to offering access to international investments and financial activities, the key advantages that make Ireland such a good option for offshore banking include:

Political and Economic Stability

Ireland as an EU member state provides a stable business environment and solid legal guarantees in par with other major financial centres.

Pro-Business Regulation

The Irish finance regulators are forward-thinking, seeking to entice qualified foreign investors with a lax, liberal regulatory regime.

Strong Banking Infrastructure

Ireland is home to more than 30 licensed banks and a strong payment network that is connected to Europe and the rest of the world. Payments are processed and encrypted.

Favorable Tax Treatment

There is no capital gains, inheritance, gift or wealth tax in Ireland for non-residents. Income received overseas is also exempted from taxes.

Strategic Time Zone Positioning

Irish offshore banks can be accessed seamlessly between New York and Asia at any point in the European or North American working week.

World-Class Lifestyle

Ireland’s combination of an attractive standard of living and easy connectivity to the entire EU makes it a compelling destination for expats and their families.

Such aspects make Ireland a very attractive option for an offshore banking solution – especially for anyone in Europe, the Americas or Africa who wants to bank abroad in a politically stable country.

Online Digital Offshore Bank in Ireland to Do International Banking

If you’re an international client looking for a totally digital offshore banking solution in Ireland, The Kingdom Bank is a great option. As an Irish offshore bank licensed and regulated by the Irish financial services, The Kingdom Bank offers all the benefits of Irish offshore banking online.

The key benefits of selecting The Kingdom Bank include:

• No branch visits – Create an account and do everything online or via our mobile app.
• Multi-currency accounts – Store, convert and withdraw euros and other major currencies at favorable rates.
• International payment capabilities – Send and receive foreign wire payments on the go with the click of a button.
• Superior security – Military grade encryption ensures that accounts and payments are always secured.
• First class client service – Account managers, and support around the clock.
• Low fees and charges – Low fees for accounts, transfers and currency conversions.

By eliminating the paper documents and branch fees, The Kingdom Bank brings the offshore banking experience into the modern age. Now our foreign clients can take advantage of the long-established advantages of Irish offshore banking anywhere that has an internet connection.

An offshore bank account in Ireland, set up by The Kingdom Bank, can be a great option for those who are foreigners who are looking for a secure and accessible access to global financial services and investments. With Ireland’s pro-business climate and The Kingdom Bank’s digital know-how, global customers can securely hold their wealth in a stable offshore jurisdiction via the internet.