An offshore bank account will offer a lot of advantages, including financial anonymity, tax exemptions, and access to international banking services.
Bosnia and Herzegovina, a growing offshore financial center, offers favorable banking regulations and tax benefits for foreign investors. In this article, we will discuss how to open an offshore account in Bosnia and Herzegovina, the necessary steps, the benefits, and the charges involved.
We will also recommend the best online bank - Jetonbank - for opening offshore account.
What are the Requirements to Open an Offshore Bank Account in Bosnia and Herzegovina?
The process to open an offshore bank account in Bosnia and Herzegovina is fairly simple. The main necessities include:
- Valid passport/ID - You must submit a certified copy of your valid passport or national ID card to check your identity.
- Address proof - You must provide a utility bill/bank statement at your current address not older than 3 months.
- Minimum deposit - The majority of banks in Bosnia and Herzegovina require an initial minimum deposit of about 500 EUR/BAM, although others are lower.
- Documents regarding the source of funds - You must show the source and origin of the funds that you want to deposit — bank statements, income tax returns, pay stubs, etc.
- Completed application form - Banks issue extensive online application forms for collecting your details and requirements.
You are allowed to open an offshore bank account in Bosnia and Herzegovina without being a citizen of the country in which you live.
The workflow is designed to be straightforward for domestic and foreign clients.
What are the Benefits of Opening an Offshore Bank Account in Bosnia and Herzegovina?
There are several advantages to opening an offshore bank account in Bosnia and Herzegovina:
Increased financial privacy
Bosnia and Herzegovina, unlike many other countries, doesn’t simply send your bank details to foreign tax authorities unless a court orders it. This affords more financial anonymity and security.
Tax advantages
If you reside in a country where double tax treaties exist, the interest on your offshore savings in Bosnia and Herzegovina could be tax free. Please check your local tax regulations.
Access to international banking services
Once you have an offshore bank account in Bosnia and Herzegovina you can simply transfer money internationally and make use of multi-currency accounts. The majority of local banks provide Euro, USD, GBP, and other currency accounts.
Political and economic stability
Bosnia and Herzegovina, an EU state as well as a CEFTA member, offers a secure working environment. This minimizes economic and political risks.
Straightforward regulations
Because of the laws in Bosnia and Herzegovina, opening an offshore bank account is quite easy there. There are no limitations on foreign ownership or account control, either.
By opening an offshore account in Bosnia and Herzegovina you have the opportunity to reap these important advantages without having to worry about losing access to a well established European banking system and regulations.
Can I Open an Offshore Account in Bosnia and Herzegovina as a Non-Resident?
Yes, there’s certainly a way for non-residents to open an offshore bank account in Bosnia and Herzegovina. Indeed, non-resident individuals and businesses constitute the majority of offshore account holders in Bosnia and Herzegovina.
For as long as you satisfy the account opening standards of ID, address proof and minimum deposit, your home country will not prohibit you from creating an offshore account.
You can open retail and corporate offshore accounts if you aren’t a resident. Some banks may require extra verification steps for clients outside of the EU, but account opening is still straightforward. Bosnian offshore banking is not tied to residence or citizenship.
Are There Any Fees Associated with Opening an Offshore Account in Bosnia and Herzegovina?
While it’s relatively easy to open an offshore bank account in Bosnia and Herzegovina, there are some typical annual account maintenance and transaction fees:
- Maintenance fee: In most cases, a bank will charge you €50-150 per year to maintain the account, but it’s waived if you keep an account balance at least (€2,500-5,000).
- Fees for wire transfers: Domestic wires are usually free, and international wires range between €10-30. SWIFT fees may also apply.
- Charges for debit cards: Annual charges for debit cards range between €20-50 per year, depending on the bank. ATM cashouts are generally around €2-5 per withdrawal.
- Paper statement costs: It is always preferable to use e-statements so that you don’t incur a €5-10 paper statement charge every month.
- Inactivity/dormancy charges: Accounts receive a €10-30 charge if no transaction is made for 6-12 months.
A basic offshore account in Bosnia and Herzegovina costs between €100-300 a year, depending on the amount of transactions and your account balance. You can avoid most fees by keeping the minimum deposit balance and using e-docs.
Which Online Bank is the Best to Open an Offshore Account in Bosnia and Herzegovina?
Jetonbank is an excellent option if you’re looking for an ultra-secure and easy to use online offshore banking platform in Bosnia and Herzegovina.
As a world-class digital bank, Jetonbank offers all the basic functions an offshore bank should offer:
- Online account opening with video identification for faster activation.
- Multi-currency accounts in EUR, USD, GBP and more at competitive exchange rates.
- International money transfers and bill payments services.
- Web-based account portal for fast and easy account management on desktop and mobile devices.
- Debit Mastercard to withdraw money worldwide from ATMs.
- Excellent customer support via phone, email and live chat.
- Banking licence and oversight by the European institutions.
- Advanced banking-grade encryption and two-factor authentication.
Jetonbank even removes mundane hassles such as minimum balance requirement or monthly account fees. Costs in general are surprisingly low considering the abundance of options it offers.
If you’re looking for a completely online offshore bank account that is both secure and service-minded, Jetonbank is perhaps the best bank to open an account in Bosnia and Herzegovina.
An offshore bank account in Bosnia and Herzegovina may bring numerous advantages, from financial anonymity to tax advantages – and Jetonbank offers a high-quality online option.
By relying on Jetonbank for your offshore banking, you get access to a reliable and secure banking partner that makes account opening and management from any place in the world easy.
If you are interested in the cash-saving advantages and safety of offshore banking, Jetonbank is worth a look for a multi-currency account in Bosnia and Herzegovina.
