How to open an offshore bank account in Guernsey
Guernsey is not a country that often comes to mind when it comes to the conversation of which country can open an offshore bank account, which allows Guernsey to offer offshore bank accounts while remaining under the radar.
For customers that are looking to open a foreign bank account in a country not known as an offshore jurisdiction, Guernsey is one of the best choices available.
Banks that can open offshore account in Guernsey
Currently there is only one banking currency that opens offshore bank accounts and it is possible to open both a business and personal bank account in Guernsey. The clients have known relations to the country, however it is only suitable for investment purpose.
Customers planning to open a offshore bank account in Guernsey for transaction purpose are able to use this investment account for a small number of transactions, but the main purpose of this account is for investment.
Keeping the number of monthly transactional low is essential, in order to convince the Guernsey offshore bank to allow you to use the investment account for transactional purpose.
It is necessary to deposit a minimum balance of $150,000 USD in order to open an offshore bank account in Guernsey.
Benefits of opening offshore bank account in Guernsey
Customers living in countries facing economic and financial instability generally have the most interest to bank overseas.
Most international offshore banks understand the needs of international customers that are not being met by their local bank, and develops products to attract these type of customers.
Offshore banks in Guernsey offers investment accounts, allowing customers to have access to various investment opportunities, that they may not have in their home country.
Is it safe to open an offshore bank account in Guernsey?
Guernsey is a relatively safe jurisdiction for international customers looking to bank overseas.
Offshore banks in Guernsey have Asset Under Management (AUM) of approximately $2.5 billion USD, making Guernsey one of the safest countries for offshore banking.
- This is a total amount of funds deposited by businesses and individuals who have trusted offshore banks in Guernsey.
Guernsey offers a deposit insurance of $70,000 USD on all funds deposited into any personal or business non resident bank account
Offshore accounts opened in Guernsey are strictly view only, which means in order to make a transaction, it is necessary to contact the bank to inform them and approve the transaction.
- Additionally it is necessary to provide documents on all transactions, incoming and outgoing, in order for the Guernsey offshore bank to verify the funds.
How much does it cost to open an offshore bank account in Guernsey?
Offshore banks in Guernsey do not charge any monthly or application fees, which makes the offshore account opening entirely free.
The only fees to be paid are transaction fees, when sending and receiving international payments.
Offshore bank account opening restrictions in Guernsey
As a Western country, Guernsey imposes various restrictions for international customers that they are able to accept for offshore bank account opening.
Offshore banks in Guernsey only offers bank accounts to citizens and residents of Western countries, and are unable to offer bank accounts to customers and any relations in the below countries, whether business or personal:
- Afghanistan
- Albania
- Algeria
- American Samoa
- Angola
- Argentina
- Azerbaijan
- Bangladesh
- Barbados
- Belarus
- Belize
- Bolivia
- Bosnia and Herzegovina
- Botswana
- Burkina Faso
- Burma (Myanmar)
- Burundi
- Cambodia
- Cameroon
- Cape Verde
- Cayman Islands
- Central African Republic
- Comoro Islands
- Congo (Democratic Republic of the)
- Cuba
- Djibouti
- Dominican Republic
- Ecuador
- Egypt
- El Salvador
- Eritrea
- Ethiopia
- Ghana
- Guam
- Guatemala
- Guinea
- Guinea-Bissau
- Haiti
- Honduras
- Iran
- Iraq
- Ivory Coast (Cote d’Ivoire)
- Kazakhstan
- Kenya
- Kosovo
- Kyrgyzstan
- Laos
- Lebanon
- Lesotho
- Liberia
- Libya
- Madagascar
- Malawi
- Maldives
- Mali
- Marshall Islands
- Mauritania
- Mexico
- Moldova
- Morocco
- Mozambique
- Myanmar (Burma)
- Namibia
- Nepal
- Nicaragua
- Niger
- Nigeria
- North Korea
- Pakistan
- Panama
- Papua New Guinea
- Paraguay
- Peru
- Russia
- Rwanda
- Senegal
- Serbia
- Sierra Leone
- Somalia
- South Africa
- South Sudan
- Sri Lanka
- Sudan
- Swaziland
- Syria
- Tajikistan
- Tanzania
- Togo
- Trinidad and Tobago
- Tunisia
- Turkmenistan
- Uganda
- Ukraine
- Uzbekistan
- Venezuela
- Yemen
- Zambia
- Zimbabwe
Guernsey offshore banks do not offer any debit or credit card.
How BUH consulting can assist
Our team will work with you to understand your requirements, eligibility criteria and apply for your business and personal bank account with the most suitable banks in Guernsey and assign relationship managers from various Guernsey banks that accepts international customers.
Your application will be sent to the bank for an informal review prior to official applying, in order to save time and effort.
Contact information
For a tailored solution, contact us to discuss about your requirements.
Email: – sam@buh-consulting.com
Phone: +971585086656
Whatsapp: +971585086656
Telegram: BUHConsultingAE