Risks of opening offshore accounts remotely through an agent with POA?

[infolurker]

As I'm researching the process of setting up personal bank accounts offshore for diversification purposes, it seems that some banks in Georgia, etc, allow remote opening with the help of a POA. Are there any reasons I shouldn't do this? How common is this practice? Sorry if this is a noob question, but I can't seem to find a clear answer either way.

 

[Bmw850]

I always open bank account remotely so through POA , when it's for bank purpose, the POA is time limited, so after the account opened there is no POA available anymore.

 

[Sols]

There are a lot of risks associated with issuing a POA. Fortunately, you can mitigate most of them.

The best way is to ensure that the POA is limited in scope and in time. You want the POA to only be valid however many days it takes to open the bank account and only authorise the person to open that specific bank account for you.

It's cheaper to issue a new or extend an existing POA than to repair the damages from a unlimited POA issued to someone who turns out to be untrustworthy.

 

[kswms2003]

I am in the process of opening a bank account with a POA in Georgia. I called TBC bank and requested their POA form for me to fill out and update to my terms. I just received the form so I am typing in info and updating exact terms to minimize or deter any fraudelent bank opening procedures. I also put at the top of POA individual account opening with TBC bank.

This document has to be notarized and apostilled here in USA. When documents are apostilled that is supposed to deter somene from changing or adding any information which could lead to further fraudelent behaviors. I have to mail documents with signature/ tracking to POA in Georgia. I am going through a lady from Georgia. Once I complete the process, I will update forum.

 

[TurnedToRobot]

You are opening the account yourself without the help of an agent?

 

[Flatworld]

I visit Tbilisi and opened TBC & BoG...

some banks at Armenia allow remote open without POA~which has been mentioned at this forum for few times~

 

[Flatworld]

POA document need to be notarized and apostilled...which is cost time and money at my country (China), because most embassies are at Beijing~ not the city I live~so I never try to use POA to open accounts remotely

 

[Flatworld]

I contact the the provider Blog | Company Registration in Georgia seen in previous threads, she can open the TBC & BoG remotely, does that counts?

you have to try by yourself...the forum admin may consider it as AD and delete my post if I give any review~ = =