In Singapore, an offshore bank account for non-resident is defined by access to the banking services of a Singaporean bank which offers the opening of an account to a person or an entrepreneur who is not domiciled on Singaporean soil.
In Singapore, the offshore bank account for non-resident is mainly dedicated for savings, transaction or investment purposes and usually having an international bank account will benefit expatriates and business investors who need easy access to their funds anywhere in the world.
In Singapore, the offshore bank account for a non-resident has become much more difficult recently to be obtained in view of the refusals of certain banks as to the opening of a Singaporean bank account for foreigners.
In Singapore, an oversee bank account for non-resident opening procedure is facing reluctance and this is mainly due to the ongoing global crackdown on money laundering and tax evasion, which has made banks Singaporeans more concerned about opening accounts for foreigners.
In Singapore, the offshore bank account requires to provide in addition to a passport and proof of address, a letter of introduction from the current house bank based in his country of origin stating his banking history as well including KYC (Know Your Customer) documents.
Offshore Singaporean banks have learned their lessons in terms of AML (Anti Money Laundering) and it should also be noted that banks in Singapore require much more information, such as detailed information on the source of funds.
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