Open a foreign bank account in Estonia without getting on a plane

Sovereign Confidential

Alert

Today might be an especially apt day to remind you of the importance of creating a solid, robust Plan B, one that ensures your liberty and protects those people and assets important to you, no matter what is going on in the world.

One critical element of that Plan B: Diversifying assets by putting some savings in a foreign bank account.

Impeding most people from doing so, however, is the expense and hassle of getting on the plane and visiting banks. If you want an account in Hong Kong, for example, you might have to spend a week or more there… and you’re not even guaranteed that any of the banks will let you open an account with them.

But then there’s Estonia, one of the most digitally advanced nations in the world. Although home to a mere 1.3 million people, Estonia is the most innovative of the Baltic countries, having created a so-called digital society, where everything and anything can be done over the Internet.

For over a decade now, Estonia’s citizens have interfaced with their institutions almost exclusively online. Whether it be voting, accessing prescriptions or filing taxes, there’s no need to go to physical government offices. This has created both efficiency and crystal clear transparency.

The program is so popular that a few years ago, Estonia decided to attract foreign businesses by offering a digital residency scheme wherein foreigners can apply to be e-residents of the country. We immediately wrote an alert about that e-residency program, which makes it easy for digital entrepreneurs to set up and operate an offshore company in a business-friendly jurisdiction.

Today we are excited to share an update about the program. The Estonian government has just signed into law a regulation allowing the e-residents to open bank accounts without having to visit a bank.

The application process will be conducted through a video call with the representative of a bank. All you have to do is contact the bank of your choice and inform them that you want to open an account remotely. The bank will send you all further instructions. In a nod to tradition, a copy of your passport or ID will be required.

This legislation is VERY fresh, and it’s going to take the banks some time to implement the changes with their own internal procedures.

But for now, we just wanted to send you an update that this is happening (all the more reason to establish e-residency in Estonia as we have recommended in the past—it’s a no-brainer!).

We’ll continue to monitor and update you as this development progresses.

Today might be an especially apt day to remind you of the importance of creating a solid, robust Plan B, one that ensures your liberty and protects those people and assets important to you, no matter what is going on in the world. One critical element of that Plan B: Diversifying assets by putting some…

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