- In which bank will my account be open?
- What are the privacy standards in Seychelles ?
- What documents do I need to open an account?
- Do I need to visit personaly the bank?
- What is the minimum initial deposit to open an account?
- Is there a minimum balance to maintain the account?
- Do I have access to online banking?
- Can I get a Credit card with my account?
- How long does it take to open an account?
- In which currencies the account can be open?
- What are the bank fees?
- How to proceed?
The bank we work with
This bank is one of the world’s largest bank. Its headquarter is located in London, UK. The bank offers a full range of banking and financial services to its customers all over the world.
The bank has was established over 300 years ago. Currently, it operates in more than 50 countries and employs approximately 155,000 people.
The bank has 1.63 trillion British Pounds in assets. Its profit in 2008 was 6.1 billion British Pounds despite the tough market conditions.
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Banking privacy & tax treaties
Seychelles authorities has no direct access to bank information. Court order is required to get such access.
Seychelles has double tax treaties with 11 countries including China, Oman, South Africa, Indonesia, Malaysia, Botswana, Thailand, Mauritius, Vietnam, Cyprus and the United Arab Emirates.
Despite the fact that the bank’s headquarter is located in London, EU Savings Tax Directive is not applicable to the interest paid to individuals and legal entities, by the Seychelles branch. Thus no information about individuals and legal entities is passed to the EU tax authorities.
Required documents
The bank requires the following personal documents from each beneficial owners and authorized signatories:
- A notarized copy of the valid passport (pages containing photo, signature and personal details)
- Proof of residential address (original or certified copy of the utility bill, bank statement or credit card statement with individual’s name and residential address) issued less than 3 month ago.
The certification must be done by a bank, lawyer or accountant and include name and contact information of the person, who certified the document.
The documents must be in English or accompanied by certified English translations.
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Personal visit
Personal visit is not required for processing of the application.
Initial deposit
Clients are required to deposit US$2,500 within 8 weeks of opening the account.
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Minimum balance
Minimum balance needed to maintain the account is US$2,500 or the equivalent in other currencies.
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Online banking
The bank offers advanced online banking including:
- Access to account balances and account transactions
- Transfer money between accounts in the same bank
- International wire transfer payments.
Clients have access to their accounts 24/7.
Credit cards
The bank offers Deferred Debit Card Barclaycard. The card is recognized and accepted at over 18 million VISA outlets worldwide. Barclaycard is issued in USD and EURO. Individual’s user’s name embossed on the card.
Holders of the card have the following advantages:
- 24/7 access to funds in any place of the world
- Worldwide acceptance for any online or in store purchases
- Worldwide cash withdraw
- 24/7 international customer service help line
- 24 Hour replacement card service
- up to US$5,000 emergency cash.
At the end of each month, all expenditures are automatically deducted from the card as a single debit and a statement listing all transactions for the month is sent to the client.
A security (Lien) of 1.5x the credit limit is required. Minimum credit limit is US$5,000 or equivalent in any other currency.
Credit cards are not available.
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Time to open an account
The bank usually opens a corporate account in 3 to 4 business days after receiving completed application forms, corporate and personal documents and verification of clients personal documents and business information.
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Currencies
The bank opens accounts in USD, EUR, GBP and CAD.
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Bank Fees
Bank Account Fees:
- Maintenance fee: free of charge.
- International wire transfer fee
- Inward payments: free of charge
- Outward payments: 0.15% of the payment value (min. USD 20, max. USD 65) plus SWIFT message charge USD 20
- Fee for the issue of a bank draft: USD 30
- Cheque book: USD 10
- Internet banking: free of charge
- Bank’s fee for opening a current account: free of charge.
Deferred Debit Card Barclaycard Fees:
- Issue fee: free of charge
- Annual fee: US$132 or EUR110
- Cash withdrawal: 2 % of the transaction value
- Foreign Exchange fee: 2.99% of transaction value for whenever client withdraws funds in a currency other than the currency of his card
- Settlement fee: US$20 per payment from client’s account to Barclaycard.
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How to proceed?
If you are interested or want more information regarding the opening of a personal bank account in Belize, please contact Levi WEISZ, Managing Director of Australia-Offshore:
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