How to Do Offshore Banking in Romania?9 min read

How to Do Offshore Banking in Romania?9 min read

Reading Time: 4 minutes

Offshore banking is among the most preferred digital banking methods in Romania lately. Romania is a great center of European customs and languages. Its affordable tuition fees make Romania an attractive study abroad option. Apart from these, with its profitable Romania offshore banking ecosystem, many have turned to Romania for their financial projects now.

Romania’s commitment to overcome its crisis, by taking difficult decisions and successfully correcting unsustainable macroeconomic imbalances, has created an unprecedented platform for economic expansion for even offshore banking needs.

Romania is home to huge economic potential thanks to its Black Sea location and energetic workforce.

Offshore banking in Romania is an increasingly pervasive global center that appears to provide advantages for both bankers and their clients. Banks usually establish in tax havens where laws are more flexible than in EU or developed nations. They provide asset management and investment consulting services to help you conceal assets and reduce tax liabilities.

Mostly they may also assist your business projects take advantage of favorable exchange rates or international investment treaties.

Romania offshore banking provides international clients, both individuals and corporations alike, the means to reduce tax liabilities, protect assets or access global investment opportunities such as e-commerce models.

Opening an Offshore Banking Account in Romania

Opening an offshore banking account in Romania is a trendy banking concept now since Romania offers an ideal regulatory environment for offshore banking operations. Romania’s Law on Foreign Currency Trading and Exchange permits non-citizens to freely purchase derivative instruments, treasury bills and other securities without limitations or commission fees for real-time transactions. 

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Opening an offshore bank account in Romania is a simple process thanks to online banking services such as The Kingdom Bank. We are ready to assist your offshore banking needs in Romania from creating accounts to managing transactions online. You can contact The Kingdom Bank to launch your offshore account in Romania now.

offshore banking romania

How to Open an Offshore Banking Account in Romania?

Romania has an advanced offshore banking system with an array of services and products offered to offshore banks, such as acquisition finance, project finance and general bank lending (often on non-recourse loan terms). Furthermore, the banking sector is supported by numerous specialized institutions such as The Kingdom Bank in Romania.

If you wonder how you can open an offshore bank account in Romania as a non-citizen, it can be said that it is a pretty easy-going process once you choose a reliable bank, The Kingdom Bank.

Romania Online Offshore Banking Account

There are countless advantages of offshore banking in Romania. These benefits combined with minimal regulation make offshore banks an appealing option for businesses that want to reduce risk while increasing profits.

Offshore banking involves the practice of keeping funds in offshore bank accounts located outside your country of residence. Offshore banking accounts in Romania can provide numerous advantages, including tax savings, security, convenience and online services. To be effective, offshore banking must comply with both local laws as well as anti-money laundering regulations to be executed appropriately and all income or assets related to offshore accounts disclosed and reported upon.

Romania offers an attractive tax environment for offshore banking. The country does not restrict conversion of profits into other currencies for repatriation back home, nor impose restrictions on capital gains and returns from investments, nor tax dividends and interest payments originating in Romania. 

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Furthermore profit shares and interest payments are exempted from domestic taxes altogether. Additionally it does not restrict circulation of foreign currency within domestic financial systems and conforms with EU standards on capital market regulations.

offshore banking

Opening Offshore Banking Account in Romania as a Non-Citizen

Non-citizens who want to open an account should bring their passport and provide other documents deemed necessary by their bank in accordance with anti-money laundering and know-your-customer regulations. After conducting due diligence checks in accordance with those regulations, due diligence checks will be completed by them as required.

Opening an offshore bank account in Romania as a non-citizen can be relatively effortless, especially for those with existing business ties to Romania. 

As with any banking account, fees vary between banks. Therefore, it’s essential that you do your research prior to opening an offshore bank account, in order to understand their fees and services in terms of wire transfers and ATM withdrawals compared with domestic banks in your home country. Sometimes offshore banks charge higher fees due to different policies, regulations and rules as compared with their domestic counterparts.

Requirements to Open Offshore Banking Account in Romania

Offshore banks are typically subject to regulation from their host countries’ governments, meaning that opening an online offshore account in Romania requires stricter requirements than opening one at home. The higher standards set forth assist ensure banks comply with local law while protecting customers and protecting assets.

If necessary, an offshore bank may request financial references from your local bank demonstrating average balances and an acceptable relationship over the last six to 12 months. They may also ask for documentation regarding transactions expected in your new online offshore account.

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Make sure that the online bank you select adheres to international privacy and security standards, preferring a well-recognized international bank known for providing exceptional levels of service and security such as The Kingdom Bank.

Importantly, any offshore bank account you choose must also be licensed by the regulatory body in Romania. We offer official offshore bank account services for you in Romania as The Kingdom Bank.

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Reading Time: 4 minutes Offshore banking is one of the most preferred services among…