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Open Offshore Banking Account in Bulgaria (Detailed Guide)12 min read

Open Offshore Banking Account in Bulgaria (Detailed Guide)12 min read

Reading Time: 5 minutes

Opening an offshore banking account is possible in almost every country, as well as in Bulgaria. Before we move on to the details and intricacies of opening an offshore account in Bulgaria, let’s briefly talk about some minor issues specifically related to the offshore bank account in Bulgaria. 

Bulgaria has been a member of the European Union since 2007. On the other hand, it is possible to face various problems in the country, especially when it comes to finance and banking. 

The first problem is the extremely slow functioning of bureaucracy in Bulgaria. Although the country’s online banking record is extremely clean, it is possible that you may have problems with the documents required to open a Bulgaria offshore account

Especially if you want to open an offshore account in Bulgaria, you may have to physically apply to banks and sign a lot of documents. 

Again, in order to open an offshore account in Bulgaria, you may need to cooperate with the agencies operating in the country. We will also try to talk about the points you should pay attention to when choosing a brokerage house / agency. 

Finally, it can be difficult to find ATMs in Bulgaria where you can physically withdraw money from your offshore account.

offshore banking

How to Open an Offshore Bank Account in Bulgaria?

Opening an offshore banking account, or international banking account, is possible in almost every country today. It is possible to open offshore account in Bulgaria as a foreigner. 

First, let’s talk about the steps you need to take to open an offshore bank account in other countries of the world and in Bulgaria.

  • Documents: Opening an offshore account Bulgaria is defined as opening a bank account outside the country you live in, in its simplest definition. Documentation is extremely important for opening an offshore bank account. You must prove your identity to the bank of your choice and provide the information requested by the bank.

For this reason, most banks ask you for documents such as a paid invoice, address information, identity card, residence permit. 

If you want to open offshore account in Bulgaria, your documents must be genuine and complete. Banks in the country may also request different documents. 

  • Bank and Country Policies: It is possible to apply for an offshore account Bulgaria online or traditionally. However, this does not mean that your application will receive approval from the bank. Therefore, if we need to talk to the right country, bank or specifically for Bulgaria, you should choose the brokerage agency / institution correctly. 
  • Bulgarian offshore bank account details: you may have to physically contact banks in the country, sign many documents and deal with a lot of paperwork. It is known that it often takes investors a week or ten days to open an international bank account in Bulgaria.

How to Do Offshore Banking in Bulgaria?

We talked about how to open an account for offshore banking in Bulgaria. Offshore bank accounts are also legal in Bulgaria. However, banks in the country may wonder about the source of the deposit to be deposited in your account, and they may also request a document regarding this. 

We mentioned that the documents are extremely important for the offshore bank account. We talked about how important documents are to open offshore banking account Bulgaria. Among the documents you need to collect are:

  • Passport or ID card
  • Personal access information
  • Correspondence address (in Bulgaria or outside Bulgaria)
  • Minimum deposit amount
  • Financial good standing certificate

Let’s briefly summarize the other points you need to pay attention to for an offshore account in Bulgaria. We talked about bureaucracy, account approval period, currency types used for payments. 

Among the documents listed above, the “minimum deposit amount” varies according to the Bulgarian Bank you prefer; just like the requested documents. However, “financial good conduct certificate” is often requested from “companies” that will open Bulgarian offshore bank accounts. 

When you want to withdraw money from offshore accounts in the country, remember that the payment is made in Euro and Bulgarian Lev. 

By evaluating all these, you can take a step to open an offshore banking account in Bulgaria by deciding on the appropriate bank, brokerage agency, deposit amount, and type of deposit (currency type). 

offshore banking

How to Open an Offshore Banking Account in Bulgaria?

The main difference between an online offshore account and a traditional offshore account is the way the account is opened. However, there isn’t much difference between a traditional bank account (opened by an expat) and an international bank account (that’s what offshore accounts are called in most countries). 

We talked about what you need to do and documents to open an offshore banking account in Bulgaria. So, how can you do this online from another country?

The Guardian Bank is a digital banking platform and is very suitable for opening an online offshore bank account in Bulgaria. You can open an offshore bank account on the platform and easily perform your financial transactions (purchasing and selling cryptocurrencies, foreign trade payments in foreign currency, buying and selling real estate, buying foreign currency). 

In short, there are three ways you can choose to open an offshore bank account in Bulgaria. The first is to use the traditional way (agent or physical application), Bulgarian online banking services or an international digital banking platform for that. 

With these three ways, it is possible to open a Bulgaria offshore account

Can I Open an Offshore Banking Account in Bulgaria Remotely?

International banking accounts are mostly opened by foreigners who do not live in that country. A non-Bulgarian citizen can also open offshore banking account in Bulgaria 

Online, it is possible to open offshore banking account Bulgaria from another country in the world. 

You can benefit from digital financial services, as well as digital banking platforms such as The Guardian Bank, which we have mentioned in detail above. 

In short, we can answer this question as “yes”. 

Which is the Best Online Bank in Bulgaria?

Bulgarian offshore banks (i.e. local country banks where you can open such accounts) offer a very high quality service in online services. 

As a matter of fact, one of the most important problems you will experience with Bulgaria offshore account type is the difficulty of finding an ATM where you can withdraw your money. That’s why you need to take special care in choosing a reliable and large Bulgarian offshore bank. 

There are many large banks in Bulgaria that provide online and physical services. By examining these banks, you can choose the bank you want to open a Bulgarian offshore bank account. 

When choosing a bank, be sure to consider things like banks’ varying offshore policies, taxes and financial transaction fees. 

Can I Open a Non-Resident Bank Account in Bulgaria Online?

The term “Expat” is often used for personas who do not live in a country, who are not citizens of that country. Yes, it is possible for a non-Bulgarian citizen to open an offshore account in Bulgaria online in this country. 

We mentioned that the bureaucracy in the country is a bit tight and approval times are long. If you wish, you also have international digital banking options such as The Guardian Bank.