When relocating abroad or investing in foreign assets, the interested person often faces the need to open a personal account with a foreign bank.
The choice of a particular bank should be made taking into account many factors, including the reputation, the history of the bank and the possibility of working with non-residents.
The minimum package of documents for opening a personal account is the following:
1) Passport;
2) A second identity document (e.g. an internal passport or driving license);
3) A document confirming the address, not older than three months (e.g., utility bill, bank statement or other documents);
4) Bank reference letter from the bank where you have a personal account opened (if possible, in English);
5) CV with information about education and work experience in English;
6) Documents confirming the size and source of assets (movable / immovable property, works of art, shares in companies, etc.);
7) Tax return for the last reporting period;
8) Bank statement for the last 6 months;
9) In case of employment – a certificate of employment in a free form with an indication of the monthly salary;
10) A copy of the certificate of tax registration in the country of residence (tax number).
In some countries (e.g. Portugal, Spain, Brazil) before opening a personal account with a local bank, you will also need to register with the local tax authority and get a local tax number.
Each bank sets its own requirements for the certification of the submitted documents, but in most banks, copies are certified by a bank employee, only sometimes notarized copies may be required.
During the opening of a personal account, the applicant will need to visit the bank to sign the bank forms. Until then, the bank’s representative can also arrange a mini-Skype interview (for which purpose it will be necessary to inform the bank of your Skype username), where he will ask clarifying questions about the information provided. Some banks hold face-to-face meetings instead of Skype interviews, and private banks can sometimes send their representatives to your country of residence or to a convenient meeting point.
After the bank makes a decision to open an account, the details will be sent to the applicant’s contact email address. The deadline for opening a bank account for individuals can takes about 2-3 weeks on average.
Do not forget to notify the tax authority of your country of tax residence about an open account with a foreign bank, if required by law. It should also be remembered that the functionality of a foreign account may be very limited by the legislation of your country of residence. Some countries, such as Russia, allow their residents to transfer to such an account only those categories of funds that are explicitly named in the law, referring to all other transactions as illegal. Such restrictions may be lifted on the grounds provided for by local legislation.
You can download the full checklist here – LABS – docs for personal bank account opening.
