What to say when you open an offshore bank account?

[Marco]

I was in Adorra last year and the bank guy asked me: Why do you want to open your bank account here?
I replied: Because you have no information exchange treaty with my country.

I never got my bank account 🙂

Problem is: I don't know what to answer to that question. What do/would you say when you open a bank account 3000KM from your home and that you have no attach nor specific reason to open a bank account in that land other than: I want to protect my assets from the thieves working at the governement?

 

[eio15]

you could
- say that you want start business in this country (ex. selling online services to Andorra residents)
- or you love this country and want spent holiday 5 times a year there
- or you want study there
- or your friend moved to Andorra, you will visit him every month, you need bank account to deposit cash because you afraid about stolen on airport etc..

 

[Milky Moon]

You visit {country} several times per year for business reasons {find a plausable reason close to your real business}. You need a local bank to topup your {country}sim card and you prefer to separate your costs in {country} to a local bank account to minimise FX and bank charges. You also need the account as you are looking for a more permanent base in {country} to either pay your rent or lateron acquire real estate.

 

[Marco]

Thanks guys! I am taking notes 🙂

 

[diablo]

Well noted all of it. Seems to be a good solution, however, what bank in Andorra did you approach? and what banks do you try to open an account with now?