Offshore Banking FAQ

What is an Introducer?

This is an individual or more often a company which has a relationship with the offshore bank allowing to introduce new customers to that offshore bank. Such relationship between offshore introducer and offshore bank is normally made in written form and an introducer receives substantial amount of responsibility for selecting customers, providing proper due diligence, assisting with paperwork as well as for monitoring customers.

Professional introducers' work is compensated. They often get money both from customers willing to open offshore bank account, and from the offshore bank (sums of money depend on the offshore bank's income from the particular customer). As a rule, fees paid to introducers are non-refundable as far as success of the offshore bank account opening to a great extent depends on what documents the customer submitted and how he or she prepared them. Some customers' applications are declined by the bank because of the information written in application forms  which cannot be known by the introducer before starting to work with the customer.

Besides material compensation, introducers have great responsibility. If there some customer is involved into money laundering, terrorism financing or any other illegal activities, the introducer who has introduced this customer to the offshore bank can lose its status as well as all future earnings from every customer introduced to this bank.

Most banks do not prohibit introducers to work with other offshore banks and there are many professionals having introducer's status with a lot of banks. Such introducers make higher additional value for customers because they can assist customer with choosing the most appropriate bank from their list. Introducers working only with one bank often try to sell this only offshore bank’s services to any customer.

From their side, offshore banks also build a network of offshore introducers mostly trying to cover more territories regarding geographical location as far as introducers often attract the majority of their customers from the region they are physically located in.