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Offshore Banking Account in Denmark for Non-Citizens14 min read

Offshore Banking Account in Denmark for Non-Citizens14 min read

Reading Time: 6 minutes

If you’re planning to open an offshore banking account in Denmark, be sure to research its requirements properly. While Danish banks may be more accessible for residents, non-residents may face some challenges accessing by using traditional banking solutions.

CPR numbers, proof of address documentation and special savings accounts that provide interest can all be obligatory requirements to establish your offshore bank account in Denmark.

Denmark permanently ranks among the happiest places on Earth, making it an attractive offshore banking location for expats and non-residents alike. 

Unfortunately, though, its stable financial system and high standard of living come with some steep fees and paperwork requirements. 

Whether you’re moving there permanently or simply searching for banking solutions specialized to you, having the appropriate offshore bank account can make all the difference in your experience in Denmark.

Each person registered or receiving pay in Denmark has the right to a basic payment account that lets for deposit and withdrawal transactions, transfer funds and online banking access. 

Furthermore, you can assign one as your offshore bank account in Denmark so public authorities and certain companies send payments directly. In order to open an offshore account in Denmark, however, you will require some paperwork such as valid photo identification as well as proof of address such as utility bills, rental contracts or work contracts as evidence of residency. 

Additional documents may also be necessary depending on your special needs.

How to Do Offshore Banking in Denmark?

Denmark is one of the attractive offshore banking centers, but it makes an ideal location for expat banking. 

Danish banks that cater to non-citizens typically require an in-person visit and CPR number in order to open accounts for non-EU citizens. You can start this process from home before your arrival if needed, with many staff speaking English. 

Non-citizens may use The Kingdom Bank’s multi-currency account instead. It provides debit cards, as well as offshore bank account details tailored specifically to them (such as UK sort code, US address, or EU IBAN numbers), which enables transactions with money globally with low and transparent fees. 

The Kingdom Bank is safe and fast, our online offshore banking services offer reliable services and fees are extremely affordable relative to Europe. 

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The Kingdom Bank is a well-known digital bank offering multi-currency accounts and easy interfaced mobile apps. There are also no international card fees when spending in Denmark – making this option especially appealing.

offshore banking in denmark

Opening an Offshore Banking Account in Denmark?

Denmark permanently ranks among the happiest nations worldwide and boasts robust banks that provide both national and international banking options. Unfortunately, however, opening an offshore account in Denmark may prove challenging if you are neither a resident or citizen.

Denmark offshore banks typically require residents to present documentation, including CPR numbers and addresses, in order to open accounts with them. Furthermore, fees are charged for services out-of-network transfers. It’s crucial to understand these fees so you can find an institution without them.

Most Denmark offshore banks offer online banking, and some can even assist open an account without your arrival in Denmark. You won’t need to visit one of their branches in person in order to finalize opening your account and registering your yellow health card.

Once you become a resident in Denmark, it’s crucial that you establish your offshore account and assign your offshore bank account which serves as your designated account for public sector payments such as tax refunds and benefits. You can do this via a self-service website or at a bank branch.

Can Foreigners Open an offshore bank account in Denmark?

As a foreigner living in Denmark, opening a Danish offshore bank account should be practical. All that’s necessary to open one are photo identification documents like a passport or national ID card as well as your CPR number (which you receive upon becoming a resident), proof of address such as utility bills or real estate contracts and proof of CPR number from Denmark itself. 

Even though it is not common, some banks may require yellow health cards or official documents that contain your CPR number as additional requirements.

Most Denmark offshore banks impose rigorous identification protocols, so you will need to gather all required documents prior to opening an account with them. Furthermore,  you should be aware of any fees involved with opening an offshore account in Denmark as well as minimum balance requirements that might apply.

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Note that many Danish banks do not manage during weekends or public holidays. If you cannot visit in person, consider online banking or reaching out to a local consultancy for help with opening an account in Denmark. 

Alternatively, open a The Kingdom Bank multi-currency account for low rates when managing transactions globally.

offshore banking in denmark

What is Required to Open an offshore bank account in Denmark?

As part of Denmark’s offshore bank account opening requirements, proof of residence must be submitted depending on your bank of choice this could include an employment contract or yellow health insurance card. 

Furthermore, it’s crucially significant that you determine an institution with a full banking license rather than just an e-money license since companies with such licenses are only allowed to provide limited services and don’t provide full deposit saving.

When opening an offshore bank account in Denmark, you should not have doubts to request cards with no annual fees associated with them. It is worth researching whether there will be additional annual costs before you decide which card best meets your needs.

Additionally, make sure that the bank offers fast and secure ecosystems, which is a public digital signature used to log into policies offered by both government and regulations online. 

This service can help non-residents who wish to access Denmark offshore bank accounts but do not possess citizen ID cards get the online services they require. 

Offshore Banking Account in Denmark for Non-Citizens

Denmark allows non-citizens to open offshore bank accounts in Denmark. It is significant that you become aware of the requirements prior without moving to Denmark so you can prepare accordingly.

As part of your transition to Denmark, you must also open an offshore bank account in Denmark to receive public sector payments such as family allowance, pension or social welfare advantages. 

If you already possess a Denmark offshore bank account you can assign it as your offshore bank account in Denmark free of charge and assist streamline finances and avoid confusion and delays when starting to receive government opportunities. But, if you are non-citizen be prepared to pay fees associated with using this service.

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Offshore Banking Account in Denmark for Non Citizens Online

Non-citizens may also qualify to open offshore bank accounts in Denmark; specific requirements will depend on the financial institution. Most Denmark offshore banks require either a valid passport or residence permit as well as proof of employment and any obligatory documentation to submit identity requirements of the institution.

Many banks allow new customers to launch the application process online and complete all necessary documentation in person when they arrive in Denmark. 

The Kingdom Bank offers an online self-service portal where applicants can apply for accounts and create offshore accounts without being in Denmark. 

You may even request debit and credit cards though these cards may take time to arrive.

Offshore bank account in Denmark is also required before opening an offshore bank account in Denmark and should be used to receive government payments such as tax refunds, pensions and advantages. It is essential that you are familiar with their requirements before opening an account there.

Best Offshore Banking Account in Denmark for Non Citizens

Denmark, with its high income, stable economy and high standard of living is an attractive location for expats and non-citizens looking to open offshore bank account in Denmark.

But be warned that Denmark may boast of banking secrecy. Opening and operating an offshore account here can be expensive; also check fees associated with global transfers before opening an offshore account in Denmark.

Many Denmark offshore banks require you to submit an in-person application before opening an account. However, The Kingdom Bank allows customers to start the application process online with an initial form which will then be followed up on by one of its customer service representatives.

When it comes to offshore banking in Denmark, you will require a bank that accepts deposits and payments made in Danish kroner (DKK). 

A digital bank that offers flexible sign-up processes, low fees and seamless user experiences across Europe and beyond may be best. For instance The Kingdom Bank seamlessly integrates into N26 to let you transfer and spend in 38 currencies at fair exchange rates is such an example.

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