Offshore World Bank Almanac – Canada
Canada is not a traditional offshore jurisdiction. Taxes in Canada are higher than in the US, and you are unlikely to open an account in Canada remotely without special knowledge and very long negotiations with dozens of banks. Very often, our clients who are interested in opening an account in a Canadian bank, after consultation, thank for the advice to open an account in a Canadian bank branch on one of the islands of West India, for example, on St. Kitts or Nevis.
Despite the fact that our portal Offshorewealth.info is in Russian, according to Google Analytics statistics, and even by customers, I see that we have a lot of Russian-speaking readers from the USA and Canada. Therefore, I want to mention Canada and Canadian banks in this almanac, because the United States and Canada share the largest demilitarized border in the world and connect strong economic ties. That is why many US residents have reasons to cooperate with banks in Canada. As for residents of the CIS countries, among them are popular banking and brokerage accounts in Canada. Canadian banks open non-resident accounts in US dollars.
Banks in Canada are governed by the Office of the Financial Institutions in Canada (Office of the Superintendent of Financial Institutions Canada). This organization is responsible for developing guidelines for deposit-taking institutions and insurance companies.
Canadian banks are allowed to open accounts for foreign citizens and non-residents, and it is the banks that decide the procedures for opening accounts for non-residents. Each Canadian bank has its own rules and policies for opening non-resident accounts. You will need to come to most banks in Canada in person to open an account.
If you want to find for yourself the few banks that open accounts for non-residents in Canada remotely, without a personal presence, visit the official website of the Canadian Banker’s Association. You can find the full list of licensed banks in Canada on this site.
Currently, the Canadian banking industry consists of 24 local banks, 25 representative offices of foreign banks, 24 full service branches of foreign banks and 5 foreign bank credit branches. All in all, all of these institutions run 3.6 trillion US dollars. Canadian banks are actively developing branches in the United States, Latin America, the Caribbean and Asia.
Foreign banks, representation in Canada by representative offices, subsidiaries or branches mainly specialize in corporate and investment banking (niche financing, for example). A notable exception is HSBC Bank Canada, with a large number of branches serving retail customers throughout Canada.
Canada also has a well-developed lost deposit compensation scheme, which is operated by the Canadian Deposit Insurance Corporation. This program guarantees deposit insurance up to Can $ 100,000.
We are pleased to offer you the following services in Canada:
Registration Extra-Provincial Corporation in Canada from $ 1490
Registration of Extra-provincial Corporation and opening a bank account in Canada from $ 3,200