Can a citizen of Ukraine open an account in a foreign bank?
Can a Ukrainian citizen open an account with a foreign bank? Someone will say: “Yes, it’s easy!” – and will be right. And the other will answer: “It is very difficult” – and he will not be mistaken either.
Some Ukrainians immediately rely on their choice of a banking institution, while others cannot decide, because they want to be fast, convenient, and reliable. The selected bank can open an account remotely, or it takes a long time to verify the identity in the presence of the client.
Some who wish will turn to a firm that will represent interests and open an account remotely with minimal client effort, others will proceed by trial and error. And it is they who, in response to the question: “Can a citizen of Ukraine open an account in a foreign bank?”, They will answer: “It is very difficult.”
Why does a Ukrainian need a bank account abroad
Opening a bank account abroad will help you buy property, receive wages or dividends, and provide personal expenses while traveling abroad. Often the goal is even simpler: to preserve and increase capital.
It is necessary to decide for what purpose the account will be used before opening. A bank employee will definitely ask such a question.
And if a citizen of Ukraine works abroad and needs an account to receive a salary, questions about goals may end there. And about other intentions, you will need to give detailed explanations:
- what is it for?
- Where will the funds come from?
- where did they come from?
- what will the money from the account be used for?
- What is the relationship with the country where I plan to open an account?
and provide the required documents (property sale agreement, company ownership documents, tax return, etc.)
Which jurisdiction is preferable
Banks that provide an opportunity to open an account for non-residents are grouped into 4 types:
- European – prestigious, reliable, but demanding (especially on client identification and origin of funds);
- Turkey and the CIS are more loyal, with reasonable rates, but they request information about activities on their territory;
- Asians and USA – stable, respectable, highly confidential, cost-saving and business-oriented;
- offshore – unpretentious, maximally distanced, tax-free or low-tax.
Which bank to choose
Again, it depends on the purpose of opening an account and the desire of the applicant, including participating in the process personally:
- to receive wages, select an institution in the country of the employer and, preferably, its banking institution;
- for wealthy citizens, the doors for investments, in appropriate amounts, are open in banks in Switzerland, Liechtenstein, Luxembourg;
- Institutions of Latvia, Lithuania, Estonia, Lithuania, Cyprus, Macedonia are more suitable for operational activities;
- you can focus on the reliability and prestige ratings of banks in the network;
- if sources of origin of funds are proven – financial institutions of Cyprus, Latvia, Lithuania, Macedonia are preferable;
- Convenience and low cost of opening and maintenance are offered by Latvian banks.
There are enough options for opening an account abroad: both for a businessman and investor, and for an ordinary citizen of Ukraine.
Having decided on the bank, we study its conditions and requirements:
- what is the minimum deposit amount:
- how much does it cost to open an account and maintain it;
- is it possible to open and service remotely (some foreign banks require a personal visit of the client to the office of the institution for the procedure);
- interest on the deposit account;
- its opening date;
- what is the client verification procedure;
- privacy level;
- availability of Russian-speaking staff;
- do you need confirmation of a real connection with the country (work, business, relocation);
- and many more.
Agree, they are all important. Terms and conditions must be studied independently. Or seek help from experts. In order not to say later: “It is very difficult.”
What types of accounts are available to Ukrainians
Foreign banks enable non-residents, depending on their goals, to open current (for any operations with funds), card (they are settlement, but with a plastic card for ease of use), savings (for saving and increasing capital) and investment (deposits in stocks, bonds, precious metals, investment funds and other financial instruments) accounts.
Not all banks are ready to offer a current account for daily transactions. Savings and investment are much more preferable.
Investment is more profitable for the client too – it allows you to save on taxes.
Opening a foreign account using “Lawrange”
Specialists of Lawrange Lawyers Association are familiar with the full scope of requirements and conditions. We have experienced lawyers, tax consultants, lawyers in various areas of law.
We offer our clients the following procedure for opening an account with a foreign bank:
- First, let’s ask about your goals, requirements, conditions.
- Then we compare them with the requirements and conditions of foreign banks from more than 60 countries. Let’s do a comparative analysis.
- Then we will help in selecting the optimal jurisdiction, a reliable financial institution, preparing a package of documents, we will negotiate with bank employees on behalf of the client, we will provide full support for the process.
We work closely with financial institutions in Switzerland, Serbia, Hungary, Slovakia, Macedonia, Armenia, Georgia, Portugal, Latvia, Bulgaria, Austria, Hong Kong, Liechtenstein, Poland, in payment systems Singapore, Cyprus, Spain, Czech Republic, Lithuania, Latvia.
It is possible to open a turnkey account with minimal client participation. Our lawyers and lawyers carry out all the necessary actions to achieve and obtain the desired result. Just entrust the procedure of opening an account abroad to us and be calm.
Opening a bank account abroad on your own is possible, but difficult. Difficulties are expected as at the beginning of the journey, namely the need to analyze the various jurisdictions of the countries and the various financial institutions in them. The same is true in the opening process: preparing the required number of correctly executed documents, passing the identification and verification procedure.
To make opening an account in a foreign bank possible and uncomplicated, and definitely lead to the desired result, contact Lawrange law firm. The presence of connections and experience will allow you to select the optimal conditions for the client’s request and open a foreign account as soon as possible.
I’m not ready to fly to a foreign bank office. Is it possible to open an account?
Yes, remote procedure is possible, but not in all banks. Contact Lawrange lawyers for a free consultation. We will select such an institution for you.
What makes Georgia attractive? Thinking about an account there.
The country is strengthening its positions in the international arena, which is facilitated by a favorable investment climate and the stability of the banking system. Despite this, the tariffs for servicing non-residents by Georgian banks are still low. And Lawrange Lawyers Association has sufficient experience of interaction with the Georgian banking system.