Bermuda Bank Account Opening Requirements

Bermuda bank account opening requirements include government identification, supporting documents, proof of income, source of wealth, and more.

The requirements to open a bank account in Bermuda include submitting government-issued identification, supporting documents, qualifying financial information, meeting minimum deposit requirements, and a completed account opening application for the bank of your choosing.

That said, meeting these Bermudian requirements is possible for most applicants, as long as they can meet the financial qualifications for opening accounts. This includes non-residents of Bermuda, foreign residents of Bermuda, and foreign and offshore entities from outside of Bermuda.

In the following sections, we will break down the requirements for opening bank accounts in the British Overseas Territory, specifically in Bermuda. Of course, we’ll also share a few of the lesser-known Bermuda banking requirements that you should consider before applying here.

If you would like access to our free Bermuda banking series, click the link above and unlock our team’s expert take on banks in Bermuda, sending money to Bermuda, 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 banking needs.

Table of Contents

  1. Bermuda Bank Account Opening Requirements
    1. Offshore Bank Accounts in Bermuda
    2. Personal Bank Accounts in Bermuda
    3. Business Bank Accounts in Bermuda
    4. Private Bank Accounts in Bermuda
  2. Frequently Asked Bermuda Banking Questions
  3. Ready to Open an Offshore Bank Account?

Bermuda Bank Account Opening Requirements

Bermuda bank account opening requirements include due diligence processes involving identification verification, proof of address, source of funds, and submitting required documents as dictated by banking regulations in Bermuda.

That said, the specific account opening requirements that prospective customers need to meet in Bermuda will depend on their client profile and how risky Bermudian financial institutions think they are. This assessment of each applicant can also result in increased account maintenance expenses and Bermuda banking costs, which makes bank selection a critical step in the account opening process.

At a minimum, applicants looking to access Bermuda offshore banking, international personal banking, or business banking will need to complete a standard Know Your Customer (KYC) process, submit documents that meet Anti-Money Laundering (AML) regulations, and comply with the banking procedures in Bermuda.

Importantly, depending on the applicant’s country of citizenship and residency, additional tax reporting obligations may also need to be met. In these instances, banks in Bermuda will provide standardized documents to assist with these requirements.

In terms of the actual onboarding process, each bank in Bermuda will differ slightly. That said, there are a few general guidelines for Bermudian banks that applicants should be aware of, which include the following.

Bermuda Bank Account Opening Guidelines

  • Bank accounts can be opened remotely in Bermuda
  • Banks in Bermuda will conduct onboarding via video and email
  • You need a clear reason for wanting to bank in Bermuda
  • Bermuda deposit requirements are usually a minimum of USD 250,000

Offshore Bank Accounts in Bermuda

In Bermuda, an offshore bank account refers to an account held by a foreign non-resident individual or entity. Not surprisingly, the requirements for opening offshore bank accounts in Bermuda differ slightly from opening resident accounts.

That said, the difference between opening offshore accounts in Bermuda and resident accounts in Bermuda comes down to the applicant, the bank account solutions and Bermuda banking benefits they are looking to access, and the requirements they’ll need to meet during the account opening process.

Of course, additional proofs, international documentation, and certain certifications may also be required by Bermudian banks. However, this will depend on the bank in Bermuda you are applying to.

If you would like to explore your banking options, click here to access a financial entity schedule and list of banks in Bermuda prepared by our team. This list includes the major global financial institutions and the largest banks in Bermuda, including both foreign and domestic financial institutions.

Alternatively, if you would like to continue exploring Bermudian bank account opening requirements, read on to explore the requirements for opening personal bank accounts in Bermuda, business bank accounts in Bermuda, and private bank accounts in Bermuda for foreign non-resident individuals and entities.

Requirements to Open Personal Bank Accounts in Bermuda

Individuals looking for consumer banking options with a Bermuda personal bank account should use this link to review our detailed guide. This guide will be relevant for anyone looking to open Bermudian bank accounts, hold funds in the BMD, the currency of Bermuda, or invest locally. Likewise, individuals looking to transfer payment or send money to Bermuda can unlock important considerations with this guide.

In addition to providing specific requirements, this guide also provides an assessment of personal banking in Bermuda and offers unique insights you won’t find elsewhere. On the other hand, if you are looking for high-net-worth financial services or Bermuda private banking you can click here and learn how to start the process of opening accounts.

Bermuda Personal Banking Requirements

  • Government-issued identification
  • Proof of residency in Bermuda (or elsewhere)
  • Tax ID number from country of residence
  • Clear rationale for wanting to bank in Bermuda
  • Bank reference letter (if applicable)
  • Proof of income
  • Proof of address
  • Source of funds
  • Qualifying deposit

Importantly, when applying for a business bank account in Bermuda, the above requirements will be requested for each shareholder and director of the company as well. That said, there are additional documents you will also need to provide to Bermudian banks for the business, which we discuss next.

Requirements to Open Business Bank Accounts in Bermuda

Individuals looking to open a corporate capital account or a Bermuda business bank account should use this link to review our detailed business banking guide. That said, it’s important to reinforce that operating businesses looking to bank in Bermuda tend to be large commercial enterprises or local operating entities. With this in mind, smaller businesses looking for suitable offshore banking jurisdictions should consider opening accounts elsewhere instead.

The guide above provides a more detailed assessment of business banking in Bermuda and shares important information that could impact your entity’s banking choices.

Bermuda Business Banking Requirements

  • Certificate of incorporation from the country of registration
  • Certificate of good standing for entities over a year old
  • Tax identification number from country of operation
  • Proof of address in the country of operation
  • Economic ties to Bermuda (in certain instances)
  • Financial statements (or similar)
  • Bank reference letter (if requested)
  • Commercial reference letter (in certain instances)

In addition to the documents Bermudian banks require, businesses also need to supplement their application with the following information.

Additional Business Information Required by Banks in Bermuda

  • Detailed description of business activities
  • List of clients and suppliers
  • Expected transaction activities
  • Clear rationale for banking in Bermuda

In the following section, we’ll take a look at the requirements for opening a private bank account in Bermuda for foreign non-residents.

Requirements to Open a Private Bank Account in Bermuda

As mentioned, when it comes to personal banking, Bermuda is primarily a private banking jurisdiction. With this in mind, the requirements to open a private bank account in Bermuda, involve the same documents, identification, and proof that Bermudian banks require for personal accounts.

That said, depending on the deposit, banks in Bermuda will put a stronger emphasis on the source of wealth and the individual’s reason for wanting to bank in the jurisdiction.

Here’s another look at the requirements that applicants will need to meet to open private bank accounts in Bermuda.

Private Banking Requirements in Bermuda

  • Government-issued identification
  • Proof of residency in Bermuda (or elsewhere)
  • Tax ID number from country of residence
  • Clear rationale for wanting to bank in Bermuda
  • Bank reference letter (if applicable)
  • Proof of income
  • Proof of address
  • Source of funds
  • Resume or CV (supporting source of wealth)
  • Qualifying deposit (varies by bank in Bermuda)

When it comes to banking in Bermuda, we consider the fees, minimum deposit, and overall expense of banking here to be reasonable when considering the level of asset financial management solutions and Bermuda banking services that are offered. This is especially true when compared to banking in other offshore jurisdictions that focus on private banking.

Likewise, while Bermuda does tend to impose higher deposit requirements, most applicants will have other jurisdictions that they can consider opening in as well. Of course, when comparing jurisdictions you should also look at the red flags of the financial system and the Bermuda banking risks and how they compare to banking elsewhere.

Of course, if you have a specific reason for wanting to open a private bank account in Bermuda, you can use our free Bermuda insights to navigate your options.

Alternatively, if you want access to the renowned banking groups or the best banks in Bermuda and unlock expert insights on how to quickly and affordably open Bermuda accounts, join GlobalBanks IQ using the link below.

Frequently Asked Bermuda Banking Questions

Below are a few of the most common questions we receive from people exploring bank account opening requirements in Bermuda. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

What Do You Need to Open a Bank Account in Bermuda?

What you need to open a bank account in Bermuda depends on the bank you choose to open with, your specific client profile, and the banking services you require. Generally speaking, all applicants will need to meet the banks’ standard requirements such as proof of identification, proof of residency and address, a qualifying deposit, and a clear reason for wanting to bank here. Additional documents will be required if you are looking to open a business or private bank account.

Can a Foreigner Open a Bank Account in Bermuda?

Yes, a foreigner can open a bank account in Bermuda. That said, foreign non-residents looking to open individual accounts in Bermuda should be looking for private banking and wealth management services. On the other hand, individuals looking to access more transactional accounts and basic offshore banking services should consider opening elsewhere.

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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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.

Use this link to see how GlobalBanks Insider can help you successfully open accounts.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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