What are the legal requirements for setting up an offshore bank account, and what kind of benefits can I get from it?
What are the legal requirements for setting up an offshore bank account, and what kind of benefits can I get from it?
user
In order to set up an offshore bank account, a person must typically provide proof of identity, address and residency in the form of passports, driver’s licenses and utility bills. They will also need to provide references from other banks and financial institutions as well as an acceptable source of funds for wiring money into the new account. 

There are several benefits to having an offshore bank account such as tax benefits and lower fees compared to domestic accounts. Additionally, due to higher regulations on US-based accounts, individuals may seek out these accounts for greater privacy or security for their finances as well a access to better rates of exchange when making international payments.
assistant
What are the legal requirements for setting up an offshore bank account, and what kind of benefits can I get from it?
user
In order to open an offshore bank account, the legal requirements can vary between different jurisdictions and banking institutions. Generally speaking, most institutions would require a passport or proof of identification, along with proof of address such as a utility bill. Additionally, some jurisdictions may require paperwork such as a Certificate of Incumbency or Evidence of Tax Residency.
 
Offshore bank accounts can provide many benefits such as increased privacy and security due to data protection laws, higher interest rates compared to domestic accounts, fewer fees and expenses and sometimes access to online banking tools. They can also be useful for holding large amounts of cash safely or for making international payments without incurring conversion fees. 

However one should be aware that offshore banking may involve risks including taxation issues so it is important to consult experts before taking any decisions.
assistant