It is possible for a non-resident foreigner to open an offshore Bank Account in Hong Kong. The country is one of the top financial centers not only in Asia but around the world. Hence, the reason why many foreigners are eager to open an account in the country.
While the regulations for opening an account in Hong Kong are less severe compared to the United States and Europe, the country’s three-tier classification of the banking sector limits the number of international banks that can service the banking needs of locals and foreigners.
Steps in opening an offshore account in a Hong Kong bank:
Step 1: Consider which bank to open your offshore account with.
The Top 5 banks in Hong Kong are:
- Standard Chartered
- Hang Seng
- Bank of China (BOC)
Hang Seng offers Green Banking services to full-time students. Go for BOC if you have transactions in the Mainland.
Step 2: Prepare the requirements needed to be presented to the bank of your choice.
- For non-residents, you are required to submit a valid identification card such as:
- Your passport
- A Hong Kong Identity Card, if you have one
2. You will also need to provide a proof of address in your home country:
- The bank posts a letter to the address you provided
- Present the letter you received to the bank
3. You may also use the Hong Kong address of a friend or relative living in the country as proof
4. A legitimate visa
If you are a student in Hong Kong, bring an official letter signed by the university or the education facility where you study. It should state that you are a full-time student at their establishment.
If you are working in Hong Kong, present a letter from your office to confirm your employment. You can also show a copy of your work contract.
Well, many people have been wondering why their accounts should be canceled because they are simply Americans. It is really punitive and puts close to 10 million Americans overseas at a disadvantage.
The pros and cons of opening an offshore Bank Account in Hong Kong
Notably, many foreign banks are still willing to open bank accounts for US nationals. However, they only require additional info such as SSN (social security number). This means they are willing to provide correct info to IRS about your financial details.
The best side of the scenario is that when one bank agrees to open an offshore account for US citizens, another bank or two will decline. This means that basic banking functions such as operating a saving account and even using credit cards will be impossible. Besides, to open a foreign bank account, the chances are that a local bank account will be required. This could be a great challenge for your foreign enterprise. You will agree that difficulties are there but there are certain benefits of opening a bank account in Hong Kong.
You can open a bank account in Hong Kong even if you are not a resident of the country. The process is simple, provided you are ready with the necessary documents to do it.