How to open an account abroad: where is it easier and what are the requirements

Silvana Saldisuri

09/08/2021 6:01 AM

• Clarín.com

• Services

Updated 09/08/2021 6:01 AM

In recent weeks, there has been a notable increase in inquiries from Argentines to open bank accounts abroad.

It is as a consequence of the new restrictions applied by the Central Bank (BCRA) on financial dollars.

According to

BCRA

regulations

, now operations carried out in the securities market with financial dollars must go through the

customer's bank account in dollars

and not third parties, such as brokerage firms.

In the case of wanting to get a MEP dollar, a local account can be used.

But to operate with the dollar counted with settlement (CCL), the investor has to have a bank account outside of Argentina. 

In this context, many began to ask how to do it, in which country is it easier and more convenient, and what are the requirements. 

To operate with the dollar with settlement, the investor must have a bank account outside of Argentina.

Photo: Marcelo Carroll.

In this sense, the lawyer and specialist in Interjurisdictional Law,

Andrés Burecovics

, told

Clarín

that an account can be opened abroad "legally and that it is also highly recommended."

"What you have to understand is that

a bank account is a mere container,

" said Burecovics, who explained that the interested party must, on the one hand, be able to account for the legal origin of the funds in it, and on the other, comply with all the requirements that are requested in the jurisdiction in which it resides fiscally.

"In Argentina, you must declare possession, on the one hand, and on the other, pay the various taxes that may reach it according to amounts and income," he explained.

What is the most convenient place to open an account abroad?

The United States

is by far

the most popular jurisdiction

, but it is not necessarily the best for everyone.

Accounts at most banks in the United States are opened in the form

face-to-face, the

procedures are usually cumbersome

, they demand money and weeks of waiting.

Uruguay

is another country that Argentines used to choose to protect their savings due to its proximity and clear rules of the game, but although it was a simple procedure,

today the situation is not the same

.

Although it is possible to proceed remotely, only half of the banks are allowing it.

In addition, the

maintenance costs of

the accounts are monthly,

in dollars and very high

.

In that sense, the lawyer Burecovics indicated that if you want to make investments in

Europe or Asia

, for example, then there will be better jurisdictions.

"When choosing a banking jurisdiction, it is very important to

evaluate the jurisdictional compatibility

between the bank's country, and the different places in which operations will be carried out, since the bank's perception of risk will end sooner rather than later with the account closed, "he stressed.

Regarding the

precautions to be taken into account

, the lawyer stressed that the first thing that an interested party should be professionally advised regarding the compliance requirements (the rules), reporting and tax obligations that will be triggered as a result of the opening.

"A clear example of this has to do with those who want to

charge for work done for clients abroad

. They might well believe that money is not pesified as it is in Argentine banks, but charging abroad does not exempt from this requirement having 5 business days to repatriate the funds by entering them through the MULC (Single and Free Exchange Market), "he explained.

Today the most sought after bank is the Swiss Dukascopy, where they allow you to open an account in just a few clicks.

Photo: Archive

Then you should

consider which is the most convenient jurisdiction

.

There are cases of people who open accounts in the United States to carry out operations that involve currencies other than the US dollar.

Although they could be carried out without problems, according to Burecovics warned "at the end of the year the costs that may have been incurred for conversions of euros or pounds sterling at totally unfavorable prices can represent huge sums of money."

The benefit of opening accounts abroad in a couple of clicks

Currently, with the

advance of digitization

, there are some banks that began to

open accounts in a couple of clicks

and they were very attractive to Argentines.

The most sought after today is the Swiss bank Dukascopy

.

It is a Swiss fintech (digital bank) that is regulated by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and securities dealer.

"In the account of this digital bank you can

deposit dollars

, or any other type of currency. Both the opening and

closing

of it are

free

. Regarding

maintenance,

it will only cost if there is more than $ 50,000 in the account ", as explained by the founder of Taller de Inversiones,

Maximiliano Leguizamo

.

How to open an account at the Swiss bank Dukascopy

It is a

simple and fast

operation 

, it takes approximately 20 minutes.

It can be done

from the cell phone

, through the application of the bank.

• Download the application

  on the phone

  (Dukascopy - Swiss Mobile Bank)

  .

  The bank will request

  basic information

  about the potential client: full name, date of birth, information about the company for which they work if they are in a dependent relationship, or if they are self-employed or monotax.

• Specify the

  amount of money

  to be deposited into the account and what

  type of account it

  will be (individual, joint or corporate).

  
  

• The next step is to do an

  identity verification

  .

  In this case, you will receive a

  video call

  , which you can choose to be in Spanish.

  In this communication it will be necessary to show the DNI or the passport near the face, so that they can verify that it is really the same person.

  They will ask for a first and last name and take a photo.

Bank account at the Swiss financial institution Dukascopy.

• During the following hours, they will verify all the information and give notice if the account request was approved.

  If everything went well,

  in the next 6 hours the account in dollars is enabled

  .

  The bank will communicate you with a "welcome" by cell phone chat.

• To start operating it

  will be necessary to download a 

  second application

  (Dukascopy Connet 911) 

  from the Swiss bank to start making the transfers. 

What are the benefits of being an account holder abroad?

"

The benefits are multiple,

" said a lawyer in Interjurisdictional Law.

As detailed, on the one hand from a point of

geographical diversification

and

protection of heritage

, in different jurisdictions with greater respect for private property.

"Argentines, between stocks and corralitos, know that money in Argentine financial institutions is somehow at the mercy of political power and the economic situation," he said.

Meanwhile he commented that in addition to diversifying for security reasons, those interested have access abroad to many

investment opportunities

that are not offered in other places.

LN

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