Choose an offshore bank

It used to be difficult to find offshore banks, but thanks to the Internet it has become much easier. The Internet also makes it easier to compare the different banks and discuss them with other people.

I recommend: Try WikiPedia for an introduction to offshore banking and Offshore Banking Central for some information about choosing an offshore bank. A popular forum about offshore banking is Money Maker Group.

Check requirements

Offshore banks usually have some requirements that you must fulfill in order to open an account. You must always supply some documentation of your name and address. In addition, some banks might require that you start out by depositing a minimum amount (for example $5,000) on your new account.

I recommend: Go back to Offshore Banking Central for a few more requirements (this website is about the only one with good information about offshore banking).

Apply for an account

If you fulfill the requirements in your choosen bank, you will just need to apply before you can start doing offshore banking. Many banks accept that you apply over the Internet (unlike before where you sometime had to go to the bank in person).

I recommend: Get your papers in order and perform the steps required by the bank. Make sure the Internet communication takes place over a secure connection, so you don't risk anything.