How To Use Citibank Offshore Account Services

As a private depositor, you may consider investing your assets in a nationwide bank, or maybe in an offshore bank account. However, you may have some questions about this latter option. What is an offshore account, anyway? An offshore account is located outside the depositor's residence country. So why open an offshore account? There are many benefits to offshore formation of savings. Offshore banks of choice are located at places considered "tax havens," meaning the depositor will only have to pay very minimal taxes (or even none at all) for his accounts. Offshore investing is also attractive for individuals living in politically or financially unstable countries (creating an offshore trust would provide greater guarantee for their savings), and for those who desire their income and investments to remain private.

Citibank is one bank that offers offshore investing options. Their offshore banking option is called, "International Personal Bank." Here is some of the basic information that you may find useful about offshore banking with Citibank:

  1. How much you'd need to invest - You can open an account with Citibank's International Personal Bank for $100,000, or the equivalent amount in your local currency.
  2. Relationship manager - Along with opening an offshore account service, you would get the expertise of a relationship manager, who would give you personalized advice regarding your savings and investment options, depending on your investment goals (whether it be to inflation-proof your wealth, plan for your retirement, or save for a specific goal in mind).
  3. Time deposits - Citibank's offshore time deposits are low-risk savings plans with maturities ranging from 1 month to a year, in any of the available 12 currencies (such as US Dollars, Euros or Hong Kong Dollars).
  4. International brokerage - Through Citibank's international brokerage service you would have the option to trade stocks, bonds, securities and equities across 25 different countries. You may take advantage of this service for a minimum amount of $10,000.
  5. Mutual funds - Mutual funds or pooled investments are popular ways of investing your money. This is generally regarded to be a viable investment strategy, as your wealth will be distributed across different types of sectors, countries, and investment tools, and managed by professionals.
  6. Structured notes - Structured notes give a greater degree of protection to your offshore money, as it is designed to give you a return that at the least equals your initial investment, provided that you keep it at your offshore account until the date of maturity. The minimum amount you'd need to invest in this tool is $80,000, or equivalent amount in your currency.
  7. Borrowing options - If you need cash for an emergency, for example, Citibank Interpersonal Bank gives you the opportunity to apply for short- to medium-term loans, so that you won't have to sell off part of your investment. This works to your advantage, as you won't have to forego the potential interest rates that your investment earns; also, you won't have to pay for the transaction costs that come with taking out your investment before its maturity date.
  8. Offshore trust - You may opt to assign your assets as a trust for a beneficiary that would be specified by you. This provides greater security for your assets, and may also help you cut down on taxes.

These are just some of the offshore account services offered by Citibank. You may choose to read more about these services on their website,, or you may also conduct your own search using such tools as wiki. Look for reviews and ratings so you can find out more about the pros and cons of opening an offshore account. Good luck! 


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