Home Business Everything you need to know about banking at Cook Island

Everything you need to know about banking at Cook Island

Cook Island is situated at the heart of the South Pacific Ocean. It is an independent nation and the economy of Cook Island is based on Tourism, Financial Services Agriculture, and Fishing. Few banks in the Cook Islands are certified. The government of Cook Island provides two types of licenses to these banks one is domestic which serves the resident and the other one is International which serves the non-resident of the Cook Island. The Cooks Island is the worldwide pioneer of offshore finance business. So if you’re searching for a bank wherever you may open an associate degree account remotely, you are in the right place and we will guide you through how can you open a Cook Islands Offshore Bank Account?

What are the requirements to open an offshore account in Cook Island?

  1. Personal details like name, date of birth, citizenship address, occupation, and every detail.
  2. A copy of the notarized passport
  3. Some banks can ask for a reference letter from the company where you work or related
  4. Some banks may ask for a home address for utility bills
  5. Finally, you will provide a trust deed

Though it is against the Cook Island law to recognize the owner of the account and any information about them.

What are the different types of bank accounts in Cook Island?

Savings Account:

The common type of account that is available is a savings account where you can conduct the transaction internationally. You can use it for Foreign Currency Exchanges Cook Islands

Term Deposit:

Term deposit accounts are great for investment opportunities There are different terms you can choose any of these to receive the interest rate on your deposit quarterly, half-yearly, or annually. The amount will automatically be added to your account at the end of the term.

Investment Account:

As the name suggests, this is the type of Online Trading Accounts. This is one of the most popular kinds of accounts that offer mutual funds stocks and trading business facilities.

Real Estate Account:

This is the best account for real estate investors. To collect, protect and transfer amounts related to real estate investments and it can be done remotely using Security Bank Online Banking.

The bottom line is:

To open a bank offshore bank account is not illegal or skipping the tax, you have to pay all the rules as taxpayers there in Cook island. You can’t ignore your responsibility as a taxpayer.

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