Opening an offshore account means opening a bank account in a foreign country which is completely legal and of course profitable. Today, anyone can open an account overseas. Most applications can be handled online. Opening an offshore account generally require only a few pieces of documentation – a copy of your passport, electrical bill information, and maybe some banking references. The overall process usually can be completed in days.
The other benefit of opening an offshore account is privacy. Some of them even allow you to open an account using fictitious name.
Your account should be setup in a currency that is different from your domestic currency. Pick ones that are going to be strong against inflation over the next few years.
You should do some research before open an Offshore Bank Accounts. You also need to consider the location of the bank. A larger bank may offer greater security and more services, but with higher fees. The smaller bank can be cheaper regarding payment, but lack some services. Be sure to communicate regularly with your bank, check your account, deposit, and withdraw funds, and even visit them occasionally.
Don’t forget to check on the monthly and yearly fees. Check the account’s interest rates, and the charges for wire transfers.