Online Offshore Banking Account in India – Beginners Guide11 min readReading Time: 5 minutes
Offshore banking refers to any banking processes that are carried out internationally. Emerged as a natural outcome of the improvements in technology and faster globalisation, offshore banking allows individuals or companies to have a bank account in a completely different country.
Therefore, all the transactions, payments, services, and even taxation in some cases are carried out without the need of constant travelling and/or transferring.
How to Do Offshore Banking in India?
Offshore banking means the practice of banking activities different from one’s country that one lives in as a resident. In this context, individuals or organisations can carry out banking activities in India with personal preferences or business purposes as well as other countries, too.
It is generally pursued for financial privacy or benefiting from international banking services that one cannot benefit from. Especially for the ones who carry out businesses in India, it may be helpful to do this practice from many aspects.
To do offshore banking in India, you should research jurisdictions, and then select an appropriate bank for your purpose. Completing the legal requirements is the key factor in this process. Following that, you must abide by the rules that are set forth by the Reserve Bank of India.
How to Open an Offshore Bank Account in India?
Offshore bank accounts in India come with its benefits especially in the context of tax efficiency. Many people around the world began to consider India as an offshore banking country as well as other popular European countries.
To open this type of account in India, of course you should choose a trustworthy offshore bank such as The Kingdom Bank which will provide your needs and purposes in an easy way. You need to document your regular personal information such as identification papers and verification of your address.
Basically, you should provide required documents. The Kingdom Bank offers its customers a wide range of account types, so it is not hard to find the type of account you want to open according to your wants and needs.
On the other hand, you should be managing your account in accordance with Indian policies and offshore jurisdiction laws. However, it would always be a better option consulting a professional in this topic.
Opening an Offshore Bank Account in India Requirements
With its high potential advantages in tax efficiency, asset protection, confidentiality in addition to diversification, India can be a good choice for opening an offshore banking account.
Depending on the bank you choose there can be little differences from bank to bank; however, required elements are generally the same for this activity.
Also, you may do these steps via the online platform of the bank of your choice. But if you are able to go to the country, it would be better to hold a face-to-face meeting. At first step, you need an identity proof which can be done by your valid passport and proof of address.
After that, you need to copy your visa or something that shows your legal residency. Banks generally require bank statements or salary slips that show your income.
Then, you must provide your source of funds which you want to deposit in this account. Also, you may need a reference letter, but it may not be crucial; so, it is best to consult a professional in this step as well as others.
The most important requirement of these steps is your identity verification since the bank wants to protect itself and its country. It is always a good idea to consult a consultant that is professional in this field. At this point, we can say that The Kingdom Bank can make it easy to conduct all this process with its fast and professional service in banking and finance.
Can a Non-Resident Open an Offshore Bank Account in India?
It is possible to open an offshore bank account in India as a non-resident. It is possible to open an account as a foreigner or as a Non-resident Indian (NRI). However, you need to check the banks that allow this act. Non-Resident External (NRE) accounts which are dominated by Indian currency, rupee, are there for NRIs.
These accounts provide individuals to hold and manage the income which is earned outside of the country, India.
You should provide the requirements of the bank in this case, which depends on the bank. You should consult the bank before doing these. This process generally includes the requirements of identification verification steps such as submitting passport and visa, and address proof in your country.
Opening an Offshore Bank Account in India for Foreigners
Opening an offshore bank account in India for foreigners has some ordinary requirements, but again, it should be reminded that each bank has their own specific policies and regulations. In general, here are the steps you must follow.
First, you should choose a trustworthy bank that fulfils your needs and wants specifically and choose an offshore jurisdiction with the same preferences.
You should be very careful with this since you are a foreigner and not familiar with policies, laws, and regulations of the country and the bank. Second, you should contact the bank you choose. Third, you should provide the required documents in full via online or by paying for a physical meeting.
After that, you should complete the account opening forms and documents of the bank. After verification, you should activate the account.
Finally, you can manage your account. As the best offshore bank, The Kingdom Bank will be helping you with this process the whole time with its professional team.
So, you may consider giving a look at The Kingdom Bank if you are a foreigner that wants to open an offshore banking in India.
Best Digital Bank to Open Offshore Bank in India
Generally, for foreigners who want to open offshore banking in a country outside of theirs, it is an important process. Opening an offshore banking account in India may come with its benefits for individuals and businesses such as tax-efficiency, which can be considered as the strongest reason for this activity. Individuals or businesses that want to open an offshore account in India can have many choices before them.
However, it is very significant to consider some factors such as the reputation, reliability, customer service, fees, and regulatory compliances of the bank you choose. At this point, you can check out The Kingdom Bank which fits in all of these.
From the beginning of the process, The Kingdom Bank will give you one of the best services in India with its reliability and other important key points. In this detailed and very strict process, we definitely recommend The Kingdom Bank as one of the best choices in offshore banking in India.