Opening savings and investment accounts with foreign banks

A savings account in a foreign bank for savings deposits of “reasonable” amounts is opened relatively easy personally in almost any branch of the bank. However, Eastern Europe residents still have to make sure of having convincing and certified confirmation of the source of wealth and the absence of public affiliations.

In case you desire long-term safekeeping of hundreds thousands Euros – an ordinary savings account does not ensure enough flexibility and dependability.

Foreign investment account ensures premium service and dependability available only to VIP clients. Investment banks are traditionally located in Switzerland, Luxembourg and Austria. Some of those have been ran by respectable family bankers for centuries.

Since these are the banks of the premium segment, they have their own requirements to customers: verification the biography and reputation, the recommendations from well-known figures and organizations, and even an impeccable reputation online and in the press. A high minimum deposit and a limitation of monthly number of transactions are also imposed.

An investment account should not be considered as a pure banking service, but rather as a fiduciary one. Safekeeping funds in investment accounts is subject to a commission (a kind of “negative interest”), but the client, jointly with personal investment banker, may form an investment portfolio. It should achieve balance between safety of investment and risk of participation in the bank investment activity enabling growth of the deposit.

Moreover, having an investment account and endorsement by an investment banker shall make you to forget of encountering issues with KYC ever.

In addition, although in 2019 the National Bank of Ukraine canceled individual licenses for investments abroad, the help of VigoLex specialists will be very convenient at least for collecting documents on the origin of funds and conducting transactions.

VigoLex lawyers will analyze the possibility of opening and maintaining personal accounts and help:

  • with opening a personal account in a foreign bank;
  • in communication with a private banker and organize a personal meeting;
  • with completion of  KYC checks and formalize sources of funds;

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