Opening An Offshore Account

[plachon]

Recently applied to open an offshore account with Nationwide in IOM, after hearing good things about them. Filled in all the forms, got my passport copy certified by my boss (Thai manager) and put in the other required docs and sent off.

But just got a letter back saying that I am unable to open an account until satisfying the following:

1/ Passport copy must be certified by a "professional person such as British Embassy official, public notary, lawyer, bank official, serving police officer or someone of similar standing".

2/ My "residential address" must be verified (I sent them a bank statement to my PO Box address and don't have a postal home address in Thailand, as I rent and think that post is safer to a PO Box).

Hence, my dilemma is twofold - how to find someone of "professional standing" in an upcountry province who will satisfy the requirements, as I rarely travel to Bangkok and dislike queuing and the hassle at the Brit Embassy intensely and secondly, how do I get round the "residential address' dilemma?

Before anyone suggests going to my local bank manager, I already tried it at Kasikorn Thai, and the manager refused, saying he would only verify documents issued by Kasikorn, so assumed this is some obscure local rule. Also thought about the lawyer as an option, but they all seem unable to speak or function in English locally, and their stamps would be in Thai, which would probably be rejected by IOM Financial Supervision Commission also as non-kosher.

So what are my options? Grateful for the experiences of anyone who's been through the hoops before and can make it any easier.

Cheers!

[Florin]

How about going here:

British Honorary Consul

198 Bumrungraj Road

Muang, Chiang Mai 50000

Thailand

Tel: +66 (0) 53 263015

Fax: +66 (0) 53 263016

Email: [email protected]

Opening Hours:

Monday - Friday 0900-1130

Closer to your place and probably queue-free...on the other hand, it IS just a honorary consulate...

[plachon]

How about going here:

British Honorary Consul

198 Bumrungraj Road

Muang, Chiang Mai 50000

Thailand

Tel: +66 (0) 53 263015

Fax: +66 (0) 53 263016

Email: [email protected]

Opening Hours:

Monday - Friday 0900-1130

Closer to your place and probably queue-free...on the other hand, it IS just a honorary consulate...

<{POST_SNAPBACK}>

Thanks for the possible option Florin, but slightly further to CM than BKK for me, and without any certainty that the honary consul would be able to perform this duty, then I'd not be too keen on taking the risk of a wasted journey north. But good to know it exists and handy to have the address.

Nobody else tried to get an offshore bank account opened from this end in the last couple of years?

[BillyParadise]

Opening an offshore bank account is never easy. It's designed that way. Know Your Client is the mantra of all bankers worldwide.

Spend the time, do the trip. If the account is worth it to you, make the trip. Get your bank statement changed for a month.

It took me 4 months of back-and-forth to get my offshore company and bank account set up. But it's worth it. I'm now globally mobile.

BP

[jingjingna]

I got my local cop shop to certify my documents free of charge! Best to take a Thai friend with you. The officer could not speak English but willingly copied "I certify that this document is a true copy of the original", signed, stamped and dated it and even included his mobile number.

[briley]

As an aside,

If you are non-resident for tax purposes in the UK then the UK is a very good offshore financial centre, good interest rates and low taxation.

But if you are UK resident for tax purposes then offshore accounts have little benefit as you get lower interest rates and you still have to declare the income - the only benefit is you pay the tax later.

There are many other senarios - some that make investing in the IOM etc a good idea - but it is not an inevitable good idea.