In this article, we’re sharing how to open an offshore bank account in Bermuda for foreign non-resident individuals and entities.
This will include the offshore banking options in Bermuda, who can open a Bermudian bank account, the benefits of offshore banking in Bermuda, and the key reasons why you might want to consider banking in the British Overseas Territory of Bermuda in the first place.
If you want access to our free series on banking in Bermuda, click the link above and unlock our team’s expert take on Bermudian banks, Bermuda banking requirements, personal and business banking in Bermuda, and much more.
You can also use the table of contents and jump to the section that matches your offshore banking needs in Bermuda below.
Table of Contents
- Open an Offshore Bank Account in Bermuda
- Who Can Open an Offshore Bank Account in Bermuda?
- Benefits of Offshore Banking in Bermuda?
- Frequently Asked Bermuda Banking Questions
- Ready to Open an Offshore Bank Account?
Open an Offshore Bank Account in Bermuda
An offshore bank account in Bermuda can be opened by both foreign non-resident individuals and entities. To open accounts successfully in Bermuda, applicants must select suitable Bermudian banks, complete AML and KYC procedures, and make a qualifying deposit.
Unlike a number of other banking jurisdictions, Bermuda has strong banking regulations and a number of non-resident banking options to choose from.
Bermudian banks typically require account opening deposits between USD 250,000 to USD 1,000,000, depending on the bank’s assessment of the client profile, the desired services, and the bank chosen.
Of course, regardless of the level of deposit you’re looking to make, there are financial-related concerns and Bermuda banking risks that you need to consider. Likewise, if you don’t select the right bank, the account dues and the Bermuda banking costs can be high and account opening can be challenging.
However, if you can successfully navigate the Bermudian account opening, you will be able to unlock a jurisdiction that offers a layer of financial privacy through international banking. Of course, privacy is just one of the many financial-related advantages and Bermuda banking benefits you can access when opening offshore accounts in the country.
Like other offshore jurisdictions, the account offerings, including the Bermuda banking services are supplemented by a wide range of Bermudian service providers. The non-banking services available in Bermuda include the formation of offshore companies and wealth management entities, tax advisory services, investment management, and much more.
This combination of services and remote opening makes Bermuda a suitable jurisdiction for anyone seeking related banking services. With this in mind, let’s look at who can open an offshore bank account in Bermuda in the next section of the article.
Who Can Open an Offshore Bank Account in Bermuda?
An offshore bank account in Bermuda can be opened by a wide range of individuals and entities. However, each applicant needs to consider their client profile, perceived risks, their rationale for banking in Bermuda, and their ability to meet the account opening requisites and Bermuda banking requirements imposed by each bank, to determine whether Bermuda is the best banking option for them.
That said, both foreign non-resident individuals and entities are eligible to open offshore bank accounts in Bermuda. This includes individuals and entities with existing ties to Bermuda, planned future ties to Bermuda, and no ties to Bermuda whatsoever.
Of course, individuals with residency in sanctioned countries or countries that are generally considered blacklisted will not be eligible to bank in Bermuda. Likewise, citizens of these countries regardless of their residency may struggle to open accounts with Bermudian banks in general.
Similarly, foreign non-resident entities that are registered in or operate from sanctioned or blacklisted countries will not be able to open an offshore bank account in Bermuda.
Not surprisingly, there are important nuances when opening offshore bank accounts in Bermuda for each client type. With this in mind, let’s explore offshore bank accounts in Bermuda for individuals, companies, and wealth management entities below, starting with Bermuda bank accounts for individuals.
Bermuda Offshore Bank Account for Individuals
Foreign non-resident individuals can open offshore bank accounts in Bermuda. That said, there are only a handful of verified financial institutions and a list of banks in Bermuda, so the account opening options are limited to begin with. With this in mind, whether applying with the smallest banking firms, the leading banking corporations, or the largest banks in Bermuda, applicants need to carefully assess their options before applying This is especially true if you want to open an offshore bank account in Bermuda with the lowest deposit amount possible.
In short, the top-notch banking firms and the best banks in Bermuda are different for each applicant. But generally speaking, individuals seeking a jurisdiction with the following characteristics might want to consider opening in Bermuda.
Why Open a Bermuda Offshore Bank Account as an Individual?
- Stable and reputable offshore banking jurisdiction
- Strong regulator that carefully complies with international standards
- Reputable international banks
- Reasonable account opening deposits for the quality offered
- Access to sophisticated private banking and wealth management solutions
- And more
If you’re interested in an asset holding account or a Bermuda personal bank account, click here to access our free guide now. On the other hand, if you are looking for a Bermuda bank account for companies, the following section will be relevant to you.
Bermuda Offshore Bank Account for Companies
Foreign companies can open an offshore bank account in Bermuda. However, companies looking to bank in Bermuda tend to be large commercial entities requiring institutional banking services. In other words, small businesses looking for transactional banking or basic offshore bank accounts should consider opening elsewhere instead. On the other hand, if a business has a local requirement to transfer funds and send money to Bermuda, or another justification for needing to bank in the country, account opening may still be feasible.
Of course, close ties to Bermuda will assist with account opening. This is especially true if a business has local suppliers, customers, or local operations. That said, Bermuda ties do not necessarily need to be commercial. Instead, it is possible for the company to have a local Bermudian shareholder, director, or other non-commercial connection to Bermuda. Likewise, if you have a need to transact in BMD, the official currency of Bermuda, this could be enough to open accounts at certain Bermudian banks.
Of course, applicants also need to select Bermudian banks that offer the services their companies require and deposits their companies can afford. Generally speaking, Bermudian banks ask for large deposits or seek businesses that require specific banking services.
All things considered, companies seeking a banking jurisdiction with the following characteristics might want to consider opening offshore accounts in Bermuda.
Why Open a Bermuda Offshore Bank Account for a Foreign Company?
- Experienced bankers familiar with international businesses
- Bankers who are familiar with insurance companies
- Support for institutional investors and investment vehicles
- Stable and reputable international banks
- Accepting offshore and foreign entities
- Sophisticated business banking services
If you’re interested in managing corporate funds with a Bermuda business bank account, click here to access our free guide now. On the other hand, if you are looking for a Bermuda bank account for wealth management purposes, the following will be relevant to you.
Bermuda Offshore Bank Account for Wealth Management
Bermuda is primarily a private banking and wealth management jurisdiction. So, individuals looking to bank in a Caribbean or British Overseas Territory with sophisticated private banking and wealth management services may want to consider opening here. That said, like most private banking and wealth management hubs, the banks in Bermuda have specific criteria that clients will need to meet.
As mentioned above, the criteria for banking in Bermuda include an account opening interview, providing supporting documentation, completing compliance reviews, and a qualifying deposit between USD 250,000 and USD 1,000,000. Needless to say, applicants who are able to successfully complete this process and meet the financial requirements are eligible to bank here.
With this in mind, applicants seeking private banking and wealth management with the following characteristics might want to consider opening an offshore account in Bermuda.
Why Open a Bermuda Offshore Bank Account for Wealth Management?
- Lower deposit levels compared to other private banking jurisdictions
- Access to sophisticated private banking and wealth management services
- A pristine international banking reputation
- Informed and competent banks that are familiar with international clients
- And more
If you’re interested in accessing specialized financial services or Bermuda private banking, click this link to access our free guide now.
Alternatively, if you are interested in exploring the benefits of offshore banking in Bermuda, continue reading to see why Bermuda might be worth exploring further.
Benefits of Offshore Banking in Bermuda?
The benefits of offshore banking in Bermuda are similar to those available in other offshore banking jurisdictions. These benefits include remote opening, multi-currency accounts, online account management, and more.
However, Bermuda does have a number of unique offshore banking benefits to offer as well. These unique Bermuda banking benefits include stable, reputable, and sophisticated banks, a currency that is pegged to the US dollar, and banks that accept non-residents, offshore companies, and foreign entities.
Here is a closer look at the offshore banking benefits you can unlock in Bermuda as a foreign non-resident.
Benefits of Offshore Banking in Bermuda
- Stable, reputable, and sophisticated banks
- Currency that is pegged to the US dollar on a 1:1 basis
- Accepting of non-residents, offshore companies, and foreign entities
- Access to foreign currencies and investments
- Remote account opening and management are possible
- Experienced bankers who understand international clients
- And more
Frequently Asked Bermuda Banking Questions
Below are a few of the most common questions we receive about opening offshore accounts in Bermuda. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How Do I Open an Offshore Bank Account in Bermuda?
To open an offshore bank account in Bermuda you first need to choose a bank to apply to. Then, you will need to submit supporting documentation and a completed application, attend an interview, and pass compliance checks. After account opening approval, applicants will need to make a qualifying deposit to unlock international financial services and Bermuda offshore banking.
How to Get a Bermuda Bank Account?
To get a Bermuda bank account, foreign non-residents need to know which banks match their profile. This is important because Bermuda is primarily a private banking jurisdiction that requires high account opening deposits. With this in mind, certain applicants may find other banking jurisdictions better suited to their needs.
Why Do People Bank in Bermuda?
People bank in Bermuda because it is a reputable offshore banking jurisdiction with a pristine reputation. Bermuda is also home to strong international banks and a stable economy. In other words, Bermuda offers stability, safety, and security for depositors. This can be attractive for anyone looking to diversify their funds into another legal jurisdiction. Additionally, Bermuda is attractive as a private banking and wealth management jurisdiction. This is thanks to banks that offer international investments, sophisticated services, and foreign currencies.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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