An international bank account that offers asset protection and wealth preservation is inarguably a beneficial tool to ensure that your hard-earned money is safe and secure. A bank account held in an international jurisdiction is the perfect place to secure your personal wealth or the cumulative wealth intended for later generations. 

While majority of individuals with international bank accounts use them to grow their wealth, wealth preservation is an entirely different approach. In essence, wealth preservation is a strategy that ensures your assets are growing while establishing a guarantee that your family will be able to access them at the right time. 

The Benefits of Wealth Preservation

• Wealth preservation means safeguarding your wealth, so you don’t lose it in bad investments or other wealth management schemes. And where else is the safest place to store you money than in banks located in jurisdictions with excellent wealth preservation status. 
• Opening an international bank account for wealth preservation means that the growth of your wealth will be limited to a number of investment options, including real estate and equity. 
• One of the stark differences between opening an international bank account for wealth preservation and wealth management is that wealth preservation schemes come off as being too defensive or inappropriate for those whose goal is to grow their wealth. 
• Opening a foreign bank account for wealth preservation purposes does not mean that you will never touch your wealth until you are ready to distribute it among your family members. You can still make investments. However, if your main goal is for wealth preservation, experts recommend diversifying your portfolio. This measure will ensure that even if one investment fails, you will still be guaranteed profit for your other investments. 
• Ultra-high-net-worth individuals who aren’t looking to grow their wealth rapidly are more cautious when making investments. For wealth preservation purposes, international bank account holders are more calculative about the risks they take. 
• Before opening a foreign bank account for wealth preservation, it is important to remember that it is in essence wealth management. Obviously, when you have a mindset to preserve your wealth, you are still going to continue investing and earning profits as a result. 
• If your goal is slowly but surely growing your wealth in the long term, opening a bank account at a country with diverse investment opportunities is a must. 

Opening a Foreign Bank Account to Preserve Wealth 

Here are helpful tips when you are searching for a foreign bank to open a bank account with. 

Brings additional value to the table

If you are going to open an international bank account, you want to do it with a bank that understands your specific needs. Many international banks located in countries that are famous for their diverse investment solutions typically design accounts exclusively for the purpose of wealth preservation.

We recommend narrowing your options to banks that understand your needs and have the solutions to address them accordingly. Choose a bank that has a dedicated support team for bank account holders like you. Look for a bank that delivers additional value on the table.  

Step 1 – Choose an International Bank Account with a Traditional Bank

While every foreign bank will have a slightly different process to open an account for foreigners, the steps you will take to get started is pretty much similar. Choose a country and the preferred bank in that jurisdiction. Perform a thorough research to find the right bank that will cater to your wealth preservation goal. Take a look at present international account offers from global banking brands. These are the safest places to secure an international bank account minus the hassle.

Once you have decided on which bank complement your goals, go online or contact the bank to discuss about their process for foreign bank account application. 

Step 2- Choose a banking account type that suit your needs

The next step is to select the right international bank account product for you. It is important to remember that foreign bank accounts offered by traditional banking institutions feature strict eligibility requirements, such as minimum deposit and maintaining balance, income, and monthly feeds. The advantage for opting a foreign bank account with a wealth preservation option is that you can gain access to specialized international bank account services, rewards, and priority treatment should you need additional support in managing your account. 

Step 3- Fill in the application 

You will be given an application form to fill out. This may be an online copy or a hard copy. It is important that around this time, you are also gathering required paperwork and proof that you may need to become eligible for an international bank account. 

Step 4- Submit the necessary paperwork and application form

Banks enforce strict verification process. Make sure to provide them with clear documents if you decide to apply online. Different types of international bank accounts will have different sets of requirements. However, you will usually need the following if you are opening a bank account in a foreign country:

• Proof of identity (passport, driver’s license, government issued photo ID)
• Proof of address ( utility bill, government correspondence under your name from the last few months)
• Proof of minimum income salary ( the amount will depend on the type of account you wish to set up)

Step 5- Fund your international bank account

Traditional banks that offer international bank accounts for foreigners or expatriates will require a fixed minimum deposit. Once you have completed the application process, the next step is to make your initial deposit to formally open an account in your chosen jurisdiction. 

As a full-service business and financial consulting firm for international investors, Damalion offers a comprehensive range of solutions to assist in successfully opening a foreign bank account anywhere in the world. Our global service network will facilitate the process of opening an international bank account  to ensure smooth and hassle-free process. If you wish to learn about the process of opening a Luxembourg bank account, feel free to reach out to a Damalion expert today.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.