Сould I open account with a foreign bank?

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Сlients are becoming more and more  interested in opening an individual accounts with foreign banks. Someone could tell it can be done quite simply, while others claim that this process is very complicated. Both will be right.

The fact is that each of the clients choose a bank in their own way. Someone knows from the beginning what financial organization he/she needs, while others need more time to decide, because they want quick, convenient procedure, and the reliable bank. The bank can open an account in different ways – remotely or upon personal visit of the client.

In most cases, the client asks for assistance with account opening from a company that represents the client’s interests, or tries to do everything on his/her own that might lead to many mistakes, which then have to be corrected. In the first case, no special efforts are required from the client and as a result, he/she does not have any difficulties. In the second case, the procedure becomes really complicated and long.

Why do you need a foreign bank account?

If you have an account in a foreign bank, it will give you the opportunity to purchase real estate in this country, to receive salary and dividends, to pay for foreing  accommodation during the trip, etc. However, usually, the purpose of obtaining a foreign account is much simpler – to save and increase client’s own capital.

Before opening an account in a foreign bank, you should determine the purpose. A representative of a financial organization will definitely ask about it.

If a person lives and works in another country and needs a bank account there only to receive a salary, then there may not be any additional questions. If a person has other plans, he will have to answer various related questions:

  • why do you need the account?
  • where will the funds come from?
  • what are the sources of income?
  • for what purposes will the funds be used?
  • what is the relation of a person to a country where the desired bank located?

In addition, it will be necessary to provide a package of documents (tax declaration, documents confirming that the person is the owner of the company, contract for the sale of real estate and other property, etc.).

What jurisdiction to choose?

Banks opening accounts for non-residents are divided into four types:

  • European – reliable, prestigious, but quite demanding, in particular regarding the identification of the person and the origin of funds;
  • The CIS and Turkey are more loyal, have more acceptable tariffs, but require relation to respective country;
  • USA and Asia – respectable, stable, confidentiality is at a high level. The main focus is to save money and develop business;
  • offshore – undemanding, low-tax or tax-free.

What bank to choose?

The choice depends on the goal and desire of the client, in particular, on the primary reason for which the account is needed, e.g.: 

  • to receive a salary, choose the banks of the employer’s country;
  • for investment (suitable for wealthy people), it is better to give preference to the banks of Luxembourg, Liechtenstein and Switzerland;
  • banks of Macedonia, Cyprus, Poland Georgia, will be suitable for operational activities;
  • you can take into account the official prestige and reliability ratings of financial organizations;
  • if you have evidence of the sources of origin of funds, it is possible to look banks in Macedonia, Cyprus, Poland;

There are many options for opening an account in a foreign bank by an individual. And not only for a businessman, but also for an investor and for an ordinary person.

Also, it is necessary to study bank’s requirements and conditions:

  • minimum deposit amount;
  • the cost of opening and maintaining of an account;
  • the possibility of remote account opening (in some financial institutions, the personal presence of the client is a mandatory condition);
  • interest rate on the deposit;
  • the term of a bank account opening;
  • compliance requirements;
  • whether it is needed to confirm the connection with the selected country (relocation, business, work);
  • level of confidentiality;
  • availability of Russian-speaking employees in the bank, etc.

All above points are important, so you need to consider them well. If you don’t want to go through all these subtleties, you can give the process  to the specialists.

What types of personal accounts exist?

Based on the purpose of bank account, they could be classified as follows: 

  • current (for all financial transactions);
  • card (for payment, only with a plastic card to make it more convenient for the use);
  • savings (for saving capital and its accumulation);
  • investment (for wealth management via investments in bonds, shares, precious metals, investment funds, etc.).

Not all foreign banks offer the opening of current bank accounts for transactions on a daily basis. Two types of accounts are more common – investment and savings accounts.

Opening an account in a foreign bank with assistance of Intellium Law

The specialists of our company know the specifics of banks worldwide and the list of conditions and requirements in most institutions. Our most professional tax consultants and lawyers will be happy to assist you during the process.

The process of account opening will go in the following way: 

  • first we analyze your requirements to the bank and purposes of account opening;
  • then we are looking for the bank that will meet your requirements within more than sixty countries;
  • further, we provide assistance with account opening in the bank of your choice, i.e. gathering and preparing necessary documents, communicating with bank specialists and compliance. etc. You will have support at all stages.

Our company works closely with banks of Slovakia, Serbia, Georgia, Switzerland, Hungary, Armenia, Portugal, Macedonia, Austria, Latvia, Liechtenstein, Bulgaria, Hong Kong, payment systems of Latvia, Lithuania, Cyprus, Czech Republic, Singapore and Spain.

Our lawyers will do our best to reach the required target. Working with us, you will easily achieve your goal.


You can open an account in a foreign bank yourself, but it is usually a very complicated process. Many people have difficulties already at the initial stage, when it is necessary to analyze the banks in different jurisdictions. The difficulties might appear later, at the stage of documents preparation and passing bank compliance. So, it is better to use professional assistance to achieve the desired results.

Can I get a second to myself

The most popular question in the sphere of gambling: “Where I can operate legally?”

Gambling regulations all around the world are quite complex. When answering this question lots of factors should be considered. First of all, you need to take into account regulation in the country where your business is licensed and then go to the analysis of foreign regulation in each particular country you plan to target. For our brief review we propose to apply the above approach based on the example of Curacao as one of the most demanded “licensing” jurisdiction, among the gambling start-ups. For the simplicity of understanding we will divide the analyzed markets into groups. Group 1 The Curaçao’s legislation itself does not provide for a list of markets where you can operate. Instead, you have a list of prohibited countries, which we allocate to the Group 1. These markets are completely closed by Curacao’s license rules: USA, Netherlands, France, Dutch West Indies and Curacao itself. It means that in no case should your web-site be accessible from these countries, otherwise you might lose your license and become subject to fines. Group 2  Here we include the list established based on practical developments. We put here so called “not recommended” countries. These countries are more active than others with their claims against illegal gambling addressed to Curacao authorities and master license holders. As recent examples we can name here Australia and Turkey. Your license might be under the risk in case Curacao master license holder tracks your activity there. Group 3 It is worth to mention here such category of countries as “closed by a particular provider”. Each provider of gaming content, gambling technology (platform provider) has its own list of prohibited or restricted jurisdictions – Evolution has one, Pragmatic has other, Nuxgame has the third and so on. You can see these lists in the respective agreements. Group 4 Other countries: upon discretion of the operator (its management and legal department) on case-by-case basis. One should rely on both local legislation of targeted market and enforcement practice. There could be many possible variants: The jurisdiction can have legislation allowing all forms of gambling and not preventing foreign entities to operate within. The jurisdiction can have legislation either regulating only land-based gambling (leaving online gambling unregulated) or not regulating gambling at all so the legality of online gambling is under question mark. Countries in this section are often considered as “grey markets”. The jurisdiction could formally ban all gambling activities by its law but takes no action to actually prevent illegal gambling activity or punish players/operators (especially when the offshore operator is concerned). Such jurisdiction also could be referred as “grey markets”. The jurisdiction could ban only certain types of gambling activities and actively enforce the such bans. We believe an example is the US, with its state-wide legislation on gambling. The jurisdiction can require a local license to operate within the country and, in the meantime, ban any foreign businesses trying to reach the market (for example, by blacklisting unauthorized domains). The most common example in this category is the UK – you can only operate in this market if you have a local UK license (or its equivalent officially recognized by the UK under special procedure). Otherwise, the website domain is to be eventually found by UK Gambling Commission and blocked. It is important to note that in some countries, where any gambling or locally unauthorized gambling is prohibited, criminal legislation could be interpreted in a way formally making any person, either individual or business, wherever located, subject to criminal penalties if such person organizes of offers illegal gambling services in the country concerned. Although it is not yet widespread practice for countries (where gambling is prohibited) to initiate cross-border criminal procedures aiming to somehow make foreign persons subject to criminal investigations and penalties, these risks could not be fully excluded and shall be analyzed prior to entering any markets. To summarize, case-by-case legal analysis is required with regard to each market in this category to keep you business in compliance and avoid any legal troubles. Specialists of Inteliumlaw will be happy to assist you with your requests in this regard and dispel your concerns. Please open our web-site and leave your inquiries on the raised topic there.

Cryptocurrency Exchange Compliance

Table of contents Understanding the Regulatory Landscape Throughout the development of the first cryptocurrency till the creation of the entire crypto world, cryptocurrencies have faced a lot of different challenges. The most critical challenge faced by cryptocurrencies is their status since different jurisdictions created their own regulatory framework, hence there is a worldwide trend of increasing institutional adoption of crypto. Making cryptocurrencies publicly available, transferable, liquid, manageable and freely tradeable is one of the main functions of cryptocurrency exchange. More precisely, cryptocurrency exchanges serve as intermediaries that greatly simplify access to cryptocurrencies for different individuals and legal entities and make it easy to buy and sell with low fees and strong security features. In that matter, let’s have a more exact glance at cryptocurrency exchange as a business. A cryptocurrency exchange is an online platform hosted by companies or other entities that make it convenient for users to purchase and sell cryptocurrency. In general, cryptocurrency exchange can be classified as centralized (“CEX”) or decentralized (“DEX”). Below we provide a short overview of the differences between them: Operate under the control of a central authority or intermediary. Token listing on CEXs typically involves a centralized decision-making process. Management of such crypto exchange normally evaluates and approves crypto projects considering their compliance’s level, legal and financial documentation etc. Operate on decentralized networks, utilizing smart contracts to enable peer-to-peer trading. Token listing on DEXs is often more open. Crypto projects can be listed by developing smart contracts that integrate with the exchange protocol. Listing decisions are often driven by community governance instead of centralized authority. Typically, DEXs do not require user verification or adherence to AML regulations. At the same time, due to the complexity of such a type of business, there is a necessity to establish and configure a great number of processes, thus different aspects of such a business become subject to a great number of regulations. Hence, the survival and prosperity of crypto exchange business depend on regulatory crypto compliance in the ever-changing world of cryptocurrencies. Cryptocurrency exchange must satisfy compliance with numerous standards established by regulatory authorities both separately developed for the cryptocurrency market and established for other essential aspects of cryptocurrency exchange’s product. Those regulations include rules regarding consumer safety, security, and transparency. Essential Compliance Practices for Cryptocurrency Exchanges Whereas not all jurisdictions have adopted sophisticated legislation that set forth clear rules of managing and carrying out a crypto business, it is worth analyzing the position and interpretation of effective laws issued by the relevant financial services regulators (if there is no separate crypto regulator). Also, in light of possible oncoming massive adoption of different laws regulating different crypto-related matters, there will be a need for monitoring applicable legislative changes and in advance preparation of your cryptocurrency exchange for such changes. The most important issue for cryptocurrency exchange is implementing the following crypto compliance practices: AML and KYC requirements: KYC is a fundamental compliance requirement. Exchanges must verify the identity of their users to prevent fraud, money laundering, and other illegal activities. This involves collecting personal information such as name, address, date of birth, and government-issued identification, etc. AML regulations require exchanges to monitor transactions for suspicious activities and report any that may indicate money laundering. Under these regulations, cryptocurrency exchange must have in place and implement robust transaction monitoring systems, procedures, and processes of maintaining records of large transactions and conducting regular audits of its systems and monitoring processes. Licensing and Registration Requirements: Throughout the existence of cryptocurrencies different jurisdictions established some rules for providing services related to operations with cryptocurrency. Depending on jurisdiction these rules vary and can include anything from authorization for AML purposes like in several EU countries (under the current regulatory framework) to payment licenses (for example, in Singapore) and money services company registration. Adhering to these standards is vital to run your cryptocurrency exchange lawfully and keep its credibility. Data Protection and Privacy Regulations Guaranteeing privacy and protection of user data is one of the cornerstones of crypto exchange business, as respecting and following local privacy laws, such as GDPR, CCPA, PIPEDA and others, and implementing strong and advanced security protocols, user permission for data processing, and open data handling procedures shall increase client confidence and strengthen asset security by fostering trust and lowering the danger of data leaks. Consumer Protection Regulations: Customer protection is of utmost importance in the realm of cryptocurrency exchange security. Consumer protection laws set forth requirements related to fair trade practices, fraud prevention, and dispute resolution. Provision of timely information, clear fee schedules, and channels for user input are all necessary for crypto compliance. Strategies for Navigating Regulatory Compliance Navigating the complex regulatory landscape for cryptocurrency exchanges requires a proactive and comprehensive approach. Hence, below you may see general tips implementation of which can help crypto exchanges manage and ensure regulatory crypto compliance: Establish a Dedicated Compliance Team Hire Experts: Form a team of seasoned professionals with expertise in financial regulations, cryptocurrency laws, cybersecurity, and risk management. It is highly recommended to include in this team experienced compliance officers, legal advisors, and internal auditors. Continuous Training: Implement an ongoing training program to keep staff updated on new regulations, emerging threats, and best practice. This ensures that the team is always prepared to handle compliance challenges. Develop and Maintain Comprehensive Policies and Procedures Compliance Manual: Draft detailed manuals in each compliance field outlining all relevant compliance requirements, operational procedure, and regulatory guidelines. Regular Updates: Update policies and procedures regularly to reflect changes in the regulatory environment and industry best practices. Engage with legal expert to receive consultation on interpretation of new regulations and the ways you may incorporate necessary changes. Documentation: Maintain comprehensive records of all compliance activities, including, but not limited to, transaction histories, audit trails, communication logs with regulators, training sessions, security breaches history and measures used to overcome it, etc. Establish Strong Internal Controls and Governance Governance Framework: Develop a comprehensive governance framework that clearly defines roles and responsibilities, and accountability for compliance management. This

How to start an online Casino: Step-by-Step Entrepreneur’s Guide

Table of contents The global casino industry has experienced exponential growth in recent years, especially with the advent of online gambling platforms. With a rich history tracing back to centuries-old establishments, modern-day casinos have evolved into digital landscapes that attract millions of players worldwide. As the digital realm continues to shape the gambling landscape, starting an online casino has emerged as a promising entrepreneurial avenue. However, the success of own online casino hinges on meticulous planning, adherence to legal frameworks, and comprehensive understanding of the intricate process involved. In this step-by-step entrepreneur’s guide, we delve into the essential elements, considerations, and strategic steps required to navigate the path of how to start an online gambling business. From licensing and platform selection to marketing strategies and regulatory compliance, every facet demands meticulous attention and strategic planning to ensure a thriving and compliant venture in the online casino business. Let’s explore the fundamental aspects that underpin the process of starting an online casino and navigating this dynamic and lucrative business landscape. Understanding the Online Casino Industry When you consider how to start an online casino please note that deep understanding of the igaming industry matters. A gambling business involves offering games of chance, betting, or wagering on events with the primary intent of obtaining monetary winnings. This form of entertainment involves various games such as poker, roulette, slot machines, sports betting, and other games that incorporate an element of chance. The online gambling business is subject to stringent regulations and oversight from national and international regulatory bodies. These regulations ensure fair play, prevent illegal activities, protect consumers from exploitation, and uphold the integrity of the industry. Compliance with licensing requirements, responsible gaming practices, and adherence to anti-money laundering (AML) laws are crucial aspects of running a gambling business. The licensing and regulatory procedures differ based on jurisdictions and may require obtaining specific permits to operate legally. A profound understanding of the gambling industry helps in identifying market trends, player preferences, and gaming habits, crucial for creating a competitive and engaging online casino platform. By grasping the intricacies of the industry, entrepreneurs can strategize effectively, mitigate risks, and craft business plans that align with legal requirements and market demands, thereby increasing the chances of a successful venture. Thus, learning is a key way to your success when you start an online casino. It is not necessary to be a specialist in all parts, i.e. operational, marketing, legal, etc. You can engage professionals to this end. However, having a whole picture of “how to make a casino business” is a pivotal for any gambling businessman.     Is it legal to create an online casino? Let’s start from a legal side. First question that could come to a mind when you think to “open online casino” is “whether it is legal to run online gambling business”? The simple answer is “YES”, but as we mentioned already above “start an online casino” involves navigating a complex legal landscape that varies across jurisdictions. The legality of starting a gambling business online depends on the jurisdiction where the business intends to operate. Some countries have embraced online gambling, implementing clear regulations and offering licensing frameworks. In contrast, others strictly prohibit online gaming activities or impose stringent restrictions, making it illegal to operate an online casino within their borders. Understanding the legal framework and obtaining necessary licenses are crucial steps in ensuring compliance and legitimacy when starting an online casino. This process often involves adhering to specific criteria, fulfilling regulatory requirements, and obtaining the requisite permits to operate legally. We highly recommend here to consult your lawyer prior to start your own online casino. Inteliumlaw gambling lawyers can professionally assist you on this matter. Is it profitable to start an online casino? For entrepreneurs contemplating entering the online gambling sphere, an important question often arises: “Is start an online casino financially rewarding?” Recent industry statistics affirm the significant growth and profitability of the online gambling sector. In 2019, the global gambling industry amassed $45.7 billion in revenue, which surged to $55.1 billion a year later. Remarkably, the industry has displayed an average annual growth rate of 20% over the past four years, culminating in an astonishing $95 billion revenue in 2023. Online casinos, in particular, have experienced exponential growth, with revenues skyrocketing from $16.6 billion in 2019 to a staggering $34.8 billion in 2023. In conclusion, the gambling industry demonstrates huge online casino business opportunities for entrepreneurs seeking profitable ventures. Recent statistics reveal an exponential rise in revenues, with projections soaring to a staggering $117.6 billion by 2025. These figures highlight the sector’s immense growth, driven by technological innovations and an expanding user base of over 176 million globally. For aspiring entrepreneurs exploring the realms of “how to start online casino,” this flourishing landscape presents lucrative opportunities. The industry’s sustained growth, coupled with the introduction of cutting-edge technologies like Generative AI, continues to redefine user experiences, enhancing the profitability of online casinos. As the digital sphere evolves, these advancements move the online gambling sector toward a promising future, ensuring sustained growth and profitability for those venturing into this thriving business arena. Steps for opening your own online casino Further we outline key steps with crucial insights to help you initiate and successfully start your online casino web-site. These carefully curated steps encompass the fundamental aspects required to enter the dynamic and lucrative realm of online casinos. Choose your market The first critical stride in “how to start online casino venture” is to select the market where you aim to perform your operations. This initial phase necessitates in-depth research to identify the most profitable demographics and regions for your online casino. Conduct Comprehensive Demographic Analysis Understanding the demographics becomes paramount. Undertake detailed research into potential target audiences, examining age groups, preferences, spending habits, and geographic locations. This detailed demographic analysis serves as the bedrock for customizing your casino platform to align with the specific interests and inclinations of your target market. Extensive Market Analysis Perform a detailed market analysis