What Documents Do You Need to Open an Offshore Investment Policy?

Opening an offshore investment policy involves more thorough due diligence than a typical domestic bank account, reflecting the regulatory obligations insurers carry under AML, KYC, FATCA, and CRS frameworks. The process is more involved, but it's also predictable, knowing what's required in advance makes onboarding considerably smoother.

Standard Identity Documentation

• Certified copy of a valid passport

• Proof of residential address, typically a recent utility bill or bank statement, usually within the last three months

• A completed application form, provided by your Independent Financial Advisor

  
  

Source of Funds and Source of Wealth

This is often the step that catches applicants off guard. Insurers are required to understand not just where the specific premium is coming from, but broadly how the applicant's overall wealth was generated. This can include salary evidence, business sale documentation, inheritance records, or investment account statements, whatever reasonably substantiates the funds being invested.

Tax Residency Declaration

As part of CRS and FATCA compliance, applicants must declare their country or countries of tax residency, and in some cases provide a Tax Identification Number for each. This is standard across the industry and isn't specific to any one insurer, it's a regulatory requirement wherever the policy is issued.

Additional Documentation for Certain Structures

• For a trust-owned policy: trust deed and due diligence on the trustees

• For a corporate-owned policy: certificate of incorporation, register of directors and shareholders, and beneficial ownership documentation

• For joint policyholders: identity and address verification for each named party

Preparing source of wealth documentation in advance is the single biggest factor in how quickly an application moves, it's the step most commonly underestimated by first-time applicants.

Your IFA will guide you through exactly which documents apply to your specific situation and product, but having identity documents, proof of address, and a general summary of how your wealth was accumulated ready before you start the process will materially speed up onboarding.

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International Assurance Limited PCC does not provide financial, investment, tax, or legal advice. All decisions should be made in consultation with appropriately qualified professional advisors, based on the client's individual circumstances, objectives, risk profile, and jurisdictional requirements.