How can a non-resident open an account with a European bank remotely in 2020?

How can a non-resident open an account with a European bank remotely in 2020?

The unstable political and economic situation, depreciation of national currencies and other negative factors are causing entrepreneurs worldwide to increasingly consider moving their capital abroad.

And it is hardly a surprise then that they often choose European banks. Known for their reliability, European bankings provide them with high quality services and guarantee total confidentiality.

Considering opening a corporate and personal bank account for non-residents with the best European banks? Our company can help you with that and a lot more.

Remotely opening an account with a European bank is a good option for those who value their time and money.

How to open an account with a European bank remotely?

There are two ways a non-resident can open an account with a European bank :

  1. The first one involves opening an account with a branch of a European bank operating in their country (if there is one). For this, they need to visit the branch and provide its employees with electronic copies of the required documents. After that, they will be invited to one of the bank’s representative offices for an interview. Please note that because these are mainly Latvian and Cypriotic banks, they can provide their clients with fewer options, especially after the recent US-initiated audit.
  2. The second one involves remotely opening an account with a European bank. However, implementing such a scheme becomes increasingly difficult with every year that goes by. Today, opening a corporate bank account without physical presence is mainly the prerogative of offshore jurisdictions, and not prestigious European banks. However, nothing is impossible. All you need to do to remotely open a bank account in Europe is provide properly notarized documents (if you need to open a personal account) or Apostille (if you need to open a corporate account) that are translated into the language required by the bank. Also, you may be required to have an interview with a bank representative via Skype.

We provide professional assistance in opening both corporate and personal accounts with European banks.

BENEFITS OF REMOTELY OPENING A PERSONAL ACCOUNT WITH A EUROPEAN BANK:

  • an opportunity to purchase real estate in the EU and make other expensive purchases;
  • an opportunity to use deposit and credit accounts;
  • an opportunity to pay rent and communal utilities;
  • an opportunity to transfer and receive money from individuals in other jurisdictions.

BENEFITS OF REMOTELY OPENING A CORPORATE ACCOUNT WITH A EUROPEAN BANK:

  • using internet banking;
  • being able to conduct business in Europe and elsewhere in the world.

Remotely opening a corporate account in Europe is a rather complicated and lengthy procedure. To further complicate matters, companies seeking to open one are required to have a simple structure. Based on the KYC “Know Your Customer” principle, such measures are meant to make money laundering in the EU much more difficult.

If you want to open a bank account anonymously, you should start by registering a company. You should also spend some time finding out which countries have the so-called “closed” (e.g. Belize and Ireland) and “open” lists of beneficiaries.

Documents non-residents seeking to open a corporate account with a European Bank are required to submit include:

  • a full set of company registration documents;
  • a company owner and account managers’ IDs;
  • a letter from a local bank branch (optional);
  • a beneficiary's biography (optional);
  • some banks also require their clients to provide a proof of source of funds.

WHICH BANK TO CHOOSE FOR REMOTELY OPENING A CORPORATE ACCOUNT IN EUROPE?

While choosing a European bank to open an account in, a non-resident should pay attention to its specialization. For example, some banks are more suitable for holding funds in deposit accounts, while others are geared toward making international transactions.

Some banking institutions provide businessmen with an opportunity to carry out a large number of transactions. Normally, such banks provide their clients with a convenient electronic account via which they can remotely manage a corporate account.

Please note: some European banks have a Russian-speaking staff, which makes solving problems arising in the process of using a bank account much easier.

You can open an account for a non-resident company with a European bank in the Czech Republic, Slovakia, Poland, Hungary, Montenegro, Switzerland, Luxembourg, Austria, Malta, Slovenia, Croatia, Liechtenstein, Latvia, Lithuania, Estonia, Germany, Cyprus and Bulgaria.

Until recently, Cypriot and Latvian were particularly popular with businessmen seeking to open accounts with European banks. However, as we mentioned earlier, after the US-initiated audit, they became less attractive for them and were replaced by Czech banks. The procedure for opening an account with Czech banks also became complicated after the introduction of restrictions on non-resident companies and partnerships. At the same time, opening an account with a Czech bank is still much easier than with an Austrian or German bank.

Also, we cannot help mentioning Montenegro and Serbia. Please note that these countries are not signatories to the Agreement on Automatic Exchange of Information on Bank Account Owners. You can also consider the option of opening a bank account in Montenegro and Serbia.

To sum up, we are keeping a close eye on the latest developments in the international banking system and are always ready to provide advice on remotely opening an account with a European bank to whoever may need it. Please, do not hesitate to contact us if you have any questions regarding the topic of the article or require an individual consultation on the EU banking regulation.

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