Bank accounts in foreign banks. Open an account in a foreign bank for an individual: features, description of the procedure and recommendations

The economic crisis is forcing people to look for alternative ways to preserve capital and develop business, including abroad. That's why ordinary citizens and companies are increasingly interested in... This procedure is not easy, requires certain knowledge and can be solved in two ways - personally and through an intermediary.

Why is this necessary?

Reasons for opening an account in foreign bank different :

• Preservation of capital.
• The desire to conceal income from the state tax inspectorate.
• Establishing cooperation with partners abroad (for companies).
• Obtaining more flexible conditions for conducting international business.

Before opening an account in a foreign bank , decide on the tasks. Based on the goals set, a country and institution are selected (more on this below).

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Opening an account in a foreign bank: what are the advantages?

Opening an account in a foreign bank guarantees the following advantages :

• Guarantee of investment preservation. The main thing is to give preference to countries with stable economies.
• Data privacy. An account in a foreign bank is reliably protected from outsiders, because banking secrecy comes first for foreign credit institutions. Deviation from this principle entails reputational losses.
• Receipt favorable conditions lending. Foreign banks are loyal to regular customers and offer more flexible terms than in domestic organizations. This feature is a plus for legal entities who need additional funding.
• Accumulation of funds by opening a deposit. Despite low interest rates, deposits with foreign institutions are in demand. First of all, thanks to reliability.
• Possibility of opening line of credit significantly best rate than in Russian banks.
• Ease of design. Opening a foreign bank account online or in person is easy. The option is available for individuals and companies.

Which account should I open?

There are three types of foreign bank accounts:

• Settlement (trading)- option for legal entities (companies). Purpose - management financial activities, making payments. Preference should be given to specialized institutions that offer minimal transaction fees. Legal entities and individuals can open an account with a foreign bank online and manage it remotely.

• Investment (savings)- an option for individuals whose goal is to preserve and increase capital. Deposits can be short-term or long-term. The conditions vary and depend on the bank or the type of deposit - for regular storage or for investment activities. In the latter case, the risks and interest are higher. Before how to open an account in a foreign bank, choose institutions that raise capital from individuals.

• Private- a service designed to save funds. Such accounts are suitable for personal savings and are not used for business activities.

Opening an account abroad: step by step

The main question: how to open accounts in a foreign bank? The algorithm is like this :

1. State choice.
   Today there are three directions - Baltic, European and Asian. Baltic credit institutions They are distinguished by favorable tariffs for cash settlement services and simplicity of the procedure. European banks accept funds for long periods, and costs for cash settlement services are higher. Asian institutions open accounts if they have a business in the country. There was also great demand for opening accounts and transferring capital to England, but in light of this country’s exit from the European Union, the mood has changed a little, since the economy is being rebuilt in a new way, which will certainly lead to a change in the terms of service.
2. Selecting a bank. Guidelines for choosing:

• Reliability.
• Rates.
• Requirements for non-residents.
• Conditions for depositing and withdrawing money.

1. Submitting an application and papers. To open an account in a foreign bank, a package of documents is transmitted:

• Statement.
• Copies of documents confirming the client’s identity.
• Letter of recommendation from banks.
• Constituent papers of the company.

The transferred papers must be certified and translated. The exact conditions should be clarified with the bank.

1. Notification to the tax office.
   As soon as an account is opened in a foreign bank, it is required to issue and send the appropriate notification and receive confirmation. A document from the tax office is needed to transfer money to a foreign bank.

Deadline for opening an account abroad- usually about seven days from the moment the banking institution receives all the papers. For urgent processing - up to 4 days.

Reading time: 6 minutes. Published 01/26/2020

In conditions of an unstable economic situation, ruble devaluation and bankruptcy financial institutions It is becoming increasingly important to place savings in accounts located beyond national borders in more stable and reliable financial institutions. How to open an account in a foreign bank? This is exactly what this article will discuss.

Opening an account abroad: pros and cons of offshore companies

Opening accounts offshore is a traditional practice for many entities. This allows us to ensure high level safety of your savings, and also beneficially reduce the tax base.

Nowadays, there is a gradual transition in favor of servicing accounts of Russian individuals by foreign banks. Citizens transfer their savings to Liechtenstein, Andorra, Switzerland and Cyprus.

+’What are the advantages of this type of offshore accounts:

• Firstly , confidentiality of information regarding the account owner is maintained.
• Secondly , there is a complete removal from domestic economic risks.
• Third , opening an account is very simple; in most cases, the investor does not even need to travel outside the country: all procedures will be carried out remotely.

As for the obvious shortcomings, they include:

1. The need to interact with the tax service in matters of opening and maintaining a foreign account.
2. Difficulty in crediting and withdrawing funds from the account.
3. Lack of outside control national bank of a given country over the activities of financial institutions from other countries of the world, which creates a certain insecurity for the client.

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It should be added that when choosing a foreign bank to open an account the stability of the political and economic situation in the country should also be assessed placement of a financial institution.

Choosing the right bank to open a foreign account

Any foreign bank will charge an account opening fee to its foreign customers. At the same time, the most reasonable prices are offered by banking institutions located in offshore zones (offshore banks). In order not to make a mistake when choosing a bank, it makes sense to consider the tariffs of the most popular ones.

Tariffs for opening an account in foreign banks

Is it possible to open a foreign account without leaving Russia?

Recently, Russian citizens have been able to open an account in a foreign bank remotely.

Now, in order to register your account, you don’t need to travel to Hong Kong or Mauritius at all - just do the following:

1. Choose a suitable foreign bank.
2. Fill out the application form online and attach a package of required papers to it.
3. Wait for the bank's decision and pay for the account opening procedure.
4. Receive the details and place the minimum balance on the account.

Important point: Most modern banks offer foreign clients to use Internet banking mechanisms that allow them to manage their accounts remotely.

What documents are required to open a foreign account for a Russian citizen?

Each foreign financial institution requires from its clients its own list of documents that are necessary to make a decision on opening an account.

However, in most cases, individuals are required to provide:

• A notarized copy of your passport.
• Original certificate from place of residence.
• Summary according to established form in English.
• Documents confirming the person’s sources of income.
• Certificate from the bank serving the client in his country.

Since an account can be opened remotely, all of them are scanned and certified with an electronic digital signature.

Important point: In the online application you will have to indicate the purpose of opening the account, as well as the approximate planned turnover of funds for it.

The procedure for opening an account abroad for an individual: instructions to help

Russian citizens received a real opportunity to open accounts abroad after Instruction No. 100 “On accounts of resident individuals in foreign banks” was adopted in 2001.

Important limitation: Russians have the right to open one or more accounts in foreign banks only in those countries that are members of international banking organizations(eg FATF).

Once a suitable foreign financial institution has been selected, taking into account existing legal restrictions, an individual must perform only two actions:

• Submit an application and receive a positive response from a foreign financial institution.
• Notify about this within one month after opening the account tax service.

It should be added that the Federal Tax Service will issue the citizen with a notification, which will become a documentary basis for the transfer of funds from banks in a given country to foreign financial institutions.

Important limitation: Individuals can open accounts in foreign banks for purposes unrelated to entrepreneurial activity goals.

How to use the account: features of transferring money abroad

Once an account in a foreign bank is opened, all that remains is to transfer funds from Russia to it.

How this process happens:

• Translations Money from Russia are considered as foreign currency payments and are regulated by the relevant section of Russian legislation.
• To replenish your account, you must open it in any Russian bank current account and transfer money abroad exclusively through it as an international transfer.
• To transfer funds to the servicing client Russian bank You will need to submit documents such as a passport, an application and a copy of the agreement on opening an account in a foreign bank.
• The depositor must receive written confirmation with a stamp from a foreign bank that an account has been opened with it. This document is sent to the Russian bank.

It remains to add that such a mechanism for transferring funds assumes that the Russian bank monitors all transfers of funds to an account at a foreign financial institution.

Tax reporting. What awaits the owner of a foreign account?

As mentioned earlier, opening an account in a foreign bank requires a Russian citizen to notify the tax service, which is carried out no later than a month after opening the account. Only on the basis of a notification from the Federal Tax Service can you subsequently make transfers of funds to foreign banks.

When using an account in a foreign bank to an individual you will also need to submit it to the tax authorities reporting in the established form regarding the movement and balances of funds in foreign accounts (Resolution No. 1365 of December 12, 2015).

It is important to follow these rules:

• Reflect the sum of inflows, outflows and account balances.
• Prepare a separate report for each foreign account.
• Send the document to the Federal Tax Service through the taxpayer’s online account or by registered mail.

When submitting reports to the tax service, there is no need to attach statements of accounts in foreign banks.

Opening an account in a foreign bank is a convenient opportunity to protect your funds from inflation and other domestic risks. This practice seems very convenient for individuals who often leave the country. However, the seemingly simple procedure for opening an account requires transactions through the accounts of domestic financial institutions, as well as mandatory notification to the tax authorities.

The scandal around the Panama Archives continues throughout the world - during the leak of information, it turned out that politicians and businessmen were withdrawing money to offshore companies in this country. Among them were acquaintances of Vladimir Putin. that these people withdrew about 2 billion dollars from the country.

Not only influential people can place money abroad: many banks work with non-residents, however, the conditions for them are somewhat different from the rules for citizens of the country. The rates on deposits of European banks are much lower than in Russia, and transferring money from country to country is not very convenient. However, Russians still bring money to Western banks, not trusting Russian credit institutions and fearing the introduction of new barriers to the transfer of rubles into foreign currency. The Village learned about the peculiarities of opening foreign accounts and spoke with one of the depositors.

Where and how can I open an account?

Not all banks are ready to open regular current accounts to foreigners. Many of them require that such a person have a residence permit in the country or other justification for the need for an account, such as the presence of real estate. For example, most Scandinavian banks - Swedbank, DNB - also do not open accounts for Russian citizens without reason. This is also typical for Singapore. “And, for example, in the UK, even if you have a student visa, it is almost impossible to open an account,” says Alexey Pospehov from Futur Capital. “To achieve this, several startups in the field of finance are now being launched, aimed at “migrants,” which include Russian citizens.”

According to Pospehov, it is almost the only bank in Latvia that actively works with Russians both in business and in the field of personal finance, - Rietumu Banka. “They have their own processing and many other goodies,” he notes. Opening an account remotely there will cost 250 euros - then the card will be delivered to Russia by courier. From it you can transfer money to cards of other European banks, as well as to Russia via SWIFT system. In addition, the bank helps foreigners obtain a residence permit in Latvia.

The Baltic states are perhaps the only place in Europe where a Russian can open an account with a small amount. In other countries there is a high entry threshold for opening a deposit by foreigners - from 50 thousand euros. The list of credit institutions willing to work with you expands significantly if you are willing to deposit more than $100 thousand into your account. Well-known banks like Credit Suisse, UBS, Barclays will be ready to place more than a million in an account from a foreigner without a residence permit, says Konstantin Ziyatdinov, head of the international projects department of the Prime Advice consulting group. More democratic conditions are offered by Chinese banks - for example, Bank of China or ICBC. To open an account you will need only 20 yuan (about 200 rubles), and the entry threshold does not exceed a thousand yuan, says Oleg Tkach, financial director of MTVK Greenwood.

Permission to open an account is issued by a bank manager abroad. And he may have many different reasons why he may not give it. It is almost always necessary to prove that the funds were obtained legally. There are situations when one manager refuses to open an account, and when the application is reviewed later, another manager approves it, says Vladimir Knyazhitsky, General Director of Fast Lane Group of Companies in Russia and the CIS. Therefore, when opening an account, Russians need to understand that this is a rather long process that requires a personal visit (most likely, more than one). In some cases, you can open an account under a power of attorney, for example, in the name of a lawyer. But you definitely need to clarify the conditions for closing: in many banks you can close a deposit only in the office where the account was opened, or at least in the same country. When choosing a bank, it is also worth clarifying what deposit guarantees the country provides and what minimum deposit balance the bank wants to see (for non-residents it is usually high).

How do Russian authorities look at this?

“Russian residents can freely open accounts and deposits in any foreign banks. The only thing you need to do is to notify your account partner of this fact within 30 days after opening the account. tax office, otherwise you may be subject to a fine of up to 5 thousand rubles,” says Konstantin Ziyatdinov. After opening an account, you must annually provide the tax authorities with a simple cash flow report (essentially four figures - the balance at the beginning and end of the year and the amount of write-offs and credits for the year).

Unfortunately, Russian currency legislation greatly limits the list of transactions for which funds can be credited to such a foreign account of an individual, Ziyatdinov complains. Failure to comply with these requirements entails draconian fines ranging from 75 to 100% of the amount not provided by law operations.

How beneficial is it?

“Withdrawing cash in general is a big headache, despite the so-called SEPA,” says Pospehov. Single European Payment Area - a single europayment area, which includes the euro area, as well as Hungary, Poland, the Czech Republic, Romania, Bulgaria, Sweden and Denmark. If you open an account in Italy and withdraw money in Sweden, you may be charged a commission in accordance with the bank's rules.

For interest-free withdrawals, Pospehov advises using Russian maps and bills. The same Sberbank has ATMs in many countries of Eastern Europe - no commission is charged for withdrawing money from them. You can also use the services of Citibank. "This is the largest international bank, it is represented in more than a hundred countries around the world and also does not charge commissions at ATMs from its cards,” says Oleg Tkach, financial director of MTVK Greenwood. In his opinion, the benefits from deposits abroad is doubtful. Investors here pay not only for opening an account, but also a significant income tax. In Switzerland, for example, it is 35%.

“Interest on deposits is completely negligible by Russian standards,” says CEO GC "Fast Lane" in Russia and the CIS Vladimir Knyazhitsky. This can be 0.25% per year, and if the account currency is not native to the country, then interest is often not accrued. Thus, make money on bank deposit V developed countries almost impossible - rather, there will be small losses in the form of commissions for transfers and for account maintenance, Knyazhitsky sums up.

But opening accounts in foreign banks is rarely dictated by the goal of getting increased profitability or get a better level than in Russia banking services. Rather, we are talking about confidentiality and independence from the Russian banking system and the “country” risks associated with it, says RB Partners partner Alexander Lukin. For example, many opened accounts out of fear that the authorities would impose restrictions on cross-border transfers and currency conversion. In addition, foreign accounts provide access to international investment products, and when purchasing and maintaining real estate, conversion losses can be avoided.

Inna Alekseeva

CEO PR Partner

Personal experience

Last year I opened an account as an individual in two Spanish banks, I chose those that allow me to do this without ID card, that is, roughly speaking, I opened an account as a non-resident.

I was considering the possibility of having my second child in Barcelona, ​​so I needed about 10 thousand euros in my account. The bank requested information about my wages in Russia - I translated and notarized the 2-NDFL certificate, as well as a certificate of dividends. Then I transferred a thousand euros to the bank every month for a whole year to show my reliability. If I want to translate a larger amount, for example, 90 thousand euros for studying at a business school, then you will also need a certificate explaining where the money comes from.

The bank employees immediately warned me that if I suddenly wanted to withdraw the accumulated amount, I would not be able to do this without justification, where and why. In my case, the justification could be an invoice and a certificate from the local maternity hospital. In the same way, you can pay for a business school, language courses, travel around the country, etc. I haven’t needed the account yet, but if so, it works.

The reasons for opening an account in a foreign bank for Russian citizens can be very diverse.

The desire to maintain privacy, the need to work with foreign partners, receiving higher and guaranteed interest on deposits than in domestic banks, simply transferring money is far from full list situations where such a measure may be necessary.

Moreover, the account needs to be opened abroad, since banks with foreign capital, operating in Russia, are actually not much different from domestic ones.

The main reason for Russian citizens to open an account abroad is, of course, the advantages that this option has compared to the traditional use of the services of Russian banks. The most significant of them are the following:

1. Reliability and confidence in the safety of money. This mainly applies to situations where an account is opened in countries with stable financial and economic situation. Considering the current situation in Russia, almost all of them can be confidently classified as such. developed countries. Transferring money there is a guarantee of reliability and peace of mind for Russian citizens.
2. Confidentiality of information and protection of client interests. Banking secrecy to this day, despite numerous efforts by the official authorities of the most influential countries in the world, including Russia, it remains one of the basic principles of the majority of banking systems. This is not surprising, since it is one of the most significant factors that attract customers.
3. Benefits when receiving loans at the bank where the account is opened. The standard and widespread system of providing advantages when lending to your own clients is extremely profitable and effective. Especially in recent years, when, due to the imposed sanctions, the activity of working with foreign banks among domestic individuals and legal entities has decreased significantly.
4. Status and new prospects for business. An account and money in a foreign bank, in addition to confidence and reliability, also give additional status to the owner, an individual or legal entity.

In addition, despite the fact that the vast majority of foreign credit institutions have much lower interest rates, they are taken much more seriously and serve additional advantage when considering various business projects.

Therefore, transferring money to a foreign account is an additional plus for an individual’s business.

A fairly long list of advantages that foreign bank accounts provide abroad explains the presence large quantity intermediary companies providing services for opening them and helping to transfer money from Russia abroad.

Opening an account: step-by-step instructions

Opening an account with a foreign bank abroad is a rather complicated procedure that requires solving a large number of financial and legal issues.

Therefore, it is advisable to seek help from one or more consulting firms. But even in this case, it is necessary to present the main stages of the event.

Country selection

One of the most important issues, the solution of which largely depends on the purpose of opening an account. Can be conditionally grouped foreign countries according to the characteristics of their banking systems, formed by decades of successful work.

They stand apart Swiss banks– they are most suitable for those who want to preserve capital in the most reliable way. Using it is not so profitable, since most Swiss banks have restrictions on the number of transactions and quite high limits on account balances.

However, transferring money from Russia to Swiss bank- means ensuring their guaranteed safety.

Banks of others Western European countries no less reliable and also very prestigious, but extremely expensive to operate settlement and cash services. Interest rates they are usually low. In addition, one should take into account the difficult political situation and existing sanctions, which can be expanded unpredictably at any time.

In recent years, Russians have been actively using the services Baltic banks, especially Latvia and Estonia. Their undoubted advantages are:

• modest prices for servicing foreign clients;
• convenience associated with the fact that almost all bank employees speak Russian, in addition, they have an excellent understanding of the specifics Russian business and customer characteristics.

But in the case of Baltic credit institutions, as well as Western European ones, a rather risky political factor should be taken into account.

A separate group of states with attractive conditions for providing banking services present Singapore and Hong Kong.

A favorable financial and economic climate has been created there for those wishing to do business in Southeast and East Asia, and service prices are relatively low. The downside is the unfavorable conditions provided for deposits.

It is advisable to use Asian banks to conduct business, but not to store and increase existing funds.

Registration or purchase of a company

To open a foreign account, you need a company registered there. This condition is one of the reasons for the large number of offshore companies - a significant part of them were created not for doing business, but for owning assets and managing accounts.

Given the great demand, in almost any state where opening accounts for foreign clients is actively practiced, there are many intermediary firms offering services for creating or acquiring companies.

The procedure for purchasing a ready-made company can take just a day. Opening a new one takes a little longer, but is cheaper. It makes sense to follow a similar path if you have a serious intention to conduct business abroad.

The presence of a company registered abroad is an additional guarantee of the reliability of an open account, since when resolving possible property disputes it is in the zone of international law.

Bank selection

The banking system of each state has its own characteristics. But also credit organizations, its components can also be quite different from each other.

Experience of several financial and economic crises recent years showed that even large and seemingly reliable financial structures may turn out to be unstable and extremely unstable. Therefore, choosing a specific bank is an important and responsible step in opening a foreign account.

But given the huge amount of official and verified information available about any bank, making a choice is quite simple. Additional help can be provided by numerous ratings, among which you should pay attention Special attention to leading agencies Moody's, S&P, Fitch Ratings.

Applying for opening an account

Almost always, when opening a foreign account, a standard list of documents will be required:

• application for opening an account with original signatures of the future account owner or director of the company;
• documents confirming the identity of the future account owner (copies of passport or driver’s license);
• recommendations of other credit institutions;
• constituent documents of the company.

Often (but not always) the actual presence of the potential account holder is required.

Features of a foreign bank account abroad

Despite the fairly strong similarity of the banking systems of different countries, each of them still has its own characteristics. When opening a bank account abroad, they must be taken into account.

For example, the deadline for opening an account in various countries can range from 1 day to a month. In most cases, this procedure takes about a week.

In most cases, it is proposed to open one of three types of accounts (various combinations of them are also available):

• current. Used mainly for conducting foreign business, interest on such accounts is either very low or non-existent;
• investment. Opens if the client wishes to make long-term investments in various securities;
• deposit. Necessary for preserving funds and increasing them due to relatively high interest rates by deposits. However, the money cannot be used until the end of the deposit period without losing accrued interest.

You should also be sure to take into account the specifics of domestic legislation regarding the need to declare existing foreign accounts.

Conclusion

Opening an account with a foreign bank abroad is not particularly difficult. The main thing is to follow the recommendations of specialists or simply use the services of one of the many consulting firms.