Benefits of offshore banking in Bahrain is that one may expand and grow one’s wealth and assets here. This is done through no tax on inheritance, income from investments and interest, and capital gains.
Bahrain’s country employs a “strong emphasis on the rule of law and fair market”. There are also no exchange controls. They may offer higher interest rates than some other countries, less legal regulation, There are two tax havens in this country as well, the Jebel Ali Free Zone Authority (JAFZA), established in 2003, and Ras Al Khaimah, both of which offer increased confidentiality.
‘Tax haven’ is defined as having little or no taxes compared to the majority of other countries, customer confidentiality and protection from regulation and oversight from foreign tax officials, and little to no reporting requirements.
Overall the entire country of Bahrain has no tax at all (in other words, completely income tax free), no reporting or filing of accounts, little to no transparency, no taxation information agreements with other foreign countries, and strict laws which further enforce the confidentiality and privacy of its customer The steps to open an offshore account in this country will vary by individual bank (however, most banks will allow non-citizens to open a savings account with a passport and a letter of introduction from their current (domestic) bank; they can not open a checking account, or current account, though)
Various banks in Bahrain will allow non-citizens to open accounts, and a summary of their rules, these banks are as follows:
1.) HSBC Bank (largest international bank in region) – non-citizens are limited to opening only a savings account, not a checking account. To open a savings account they must be aged 18 or over, and must provide a copy of passport and cpr card (they should also be prepared to show these originals in person) and an introductory letter from their bank and employer.
To open an offshore account you must first contact them by email thru the link http://www.hsbc.ae/1/2/ALL_SITE_PAGES/hsbcpremier/apply-offshore The currencies which you may open an offshore account in are AED, USD, GBP, and EUR; they have good interest rates.
2.) HDFC Bank Bahrain – non-citizens must also have permission to work in this country, whether they wish to or not, before being eligible to open an offshore account. In other words, they must have one of the following-visa, work permit, or residence card-as well as proof of residency in the country, including an electricity bill, phone bill, and bank account statement (not more than three months old). They must also have a copy of their passport, one separate photo, a valid identity card from the, and a account opening form from this bank. The account may be opened int eh currencies of the US dollar, British pound, or euro, and changed any time after opening it.
The account may be funded by a foreign currency check from a separate bank acc, or, if you are a non-resident who also happens to be a citizen of India, by a funds transfer from your existing NRE and FCNR account in India; the minimum amount to open the account is $5000 in each denomination. The contact information for this bank is:
Address￼Central Exchange Co. L.L.C, Sharaf Building
Ground Floor Opp. Hotel Ramada
Al Mankhool Street, Bur Dubai
Telephone No. 00971 4 3554560 / 00971 4 3025750
Fax No. 00971 4 3511101
Email ID email@example.com
Address￼Central Exchange Co. L.L.C, Mercato Centre
P.O Box 29040 Ground Floor
Next to Spinnys, Jumeirah
Telephone No. +971 4 3442022
Fax No. +971 4 3440027
Email ID firstname.lastname@example.org
Contact Person￼Al Fardan Exchange Bur Dubai
Address￼Post Box 2095
Al Zahraa Techno Centre 1st Floor, Khalid Bin Walid Rd
Next to Dubai Marine Hotel, Opp. Middle East Bank, Bur Dubai
Telephone No. 04 3513535
Fax No. 04 3513536
Email ID email@example.com
Contact Person￼Al Fardan Gold Land
Address￼Post Box 2095, Gold Land Cntr
Gold Souk, Opp Fish Market
Telephone No. 04 2266442
Fax No. 04 2266446
Email ID firstname.lastname@example.org
Contact Person￼Al Fardan Exchange Al Garhoud Dubai
Address￼Post Box No. 2095
Dubai Festival City Mall Al Garhoud,
Telephone No. 04 2325588
Fax No. 04 2325599
Email ID email@example.com
3.) National Bank of Abu Dhabi – non-citizens may open savings account with an initial deposit of 10000 USD, or an offshore account through their Offshore Banking Unit. The bank must be contacted prior to opening the account at Toll Free: 8002211
4.) Lloyd’s TSB – to open an offshore account you must show a passport, proof of address (not necessarily residence) and proof of income (bank account details, etc.); a monthly fee of $7.50 USD will be charged monthly, and a low minimum deposit of $100 is required.
The account can be opened in GBP, Euro, or USD. Other major international banks in this country which offer offshore accounts, with similar requirements to those above (except for minimum opening deposit), are Abbey’s International Gold Account (minimum $5000 GBP opening deposit), RSBS International Royalties Account (minimum 25000 GBP, and Barclay’s iBank account (minimum 5000 GBP minimum deposit).
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