Offshore Bank Accounts
What is the timeframe for an offshore bank account opening?
The clock actually starts ticking after the bank has received the completed bank account application. The account application must contain a number of documents and information from the beneficial owner. Of course, we can not influence the time taken by the client to fill these forms and to obtain these due diligence documents. From the moment the application is with the bank, it can take from a couple of days to a couple of weeks until the bank comes up with a letter of acceptance - or, sometimes, rejection. In some cases the bank would ask for some clarifications or extra documents from the applicant. Then, obviously, it would take additional time until such information or documents are provided. All in all, it is difficult to determine an exact timeframe for an offshore bank account opening. A previous experience with the same bank may serve as a point of reference, but only to a degree.