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Offshore bank account in Estonia

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Offshore bank account in Estonia

What is offshore banking?

Offshore banking simply means you have a bank account in a location outside your country of residence - usually in a low tax jurisdiction, but not necessarily. Offshore bank account offers you a secure home for your money, an easy way to manage international finances and potential tax benefits. Internet banking and multi-lingual call centre services allow you round the clock access to your accounts and investments, including the ability to make international money transfers.

More than 90% of the Estonian banking sector is owned by four Nordic banks – Swedbank, SEB, Nordea and Danske Bank. Such ownership structure has provided stability throughout the financial crisis and contributed to technological development of services.

Estonia’s world class internet banking services are a showcase for country’s well-developed IT infrastructure. Almost every banking service is offered digitally and customers have via intuitive user interfaces a complete overview of every aspect of their business with the bank. Even contracts can be digitally signed with an Estonian resident ID card.  Offshore banking services are also of low cost if compared to other offshore jurisdictions. For example, payments in Euros within the Euro zone cost no more than 0.5 Euros if performed via internet banking.

In general, it is relatively easy to open an account at any of the Estonian commercial banks. Individual requirements might differ between the various banks, particularly for non-EU nationals.  Estonian cash dispensing machines accept all major debit and credit cards for cash withdrawal. Banks in Estonia also offer the possibility to hold funds in different currencies in the same account.

In total there are seven licensed banks and 11 branches of foreign credit institutions in Estonia.