Offshore accounts opening is a completely legitimate arrangement (unless there are some signs of illegal activities and the applicant’s motives are in doubt). Citizens of some countries are required to notify their authorities about the intention to open an account abroad. However, most countries are not interested in their citizens’ offshore accounts and revenues as long as their tax commitments are rightfully justified and observed. However, where there can be quite a few issues is with the actual feasibility of the plan to set up an offshore bank account with a particular bank and in a particular jurisdiction. For example, some banks may not accept applications from residents of sanctioned countries - as an example, Cubans are often rejected worldwide, even though only the USA has sanctioned their country.. There can be some other limitations. Therefore, we recommend obtaining pre-approvals from a few banks before you invest the time and money needed to submit your formal application. The pre-approval service is available on our menu of products and services.