When it comes to offshore banking and tax havens, people rarely think of Labuan, but the name is quickly becoming popular in the offshore banking industry. You can easily open a Labuan bank account and transact in huge sums of cash for whatever reason without too many questions being asked. There are a number of requirements for opening this type of bank account. First and foremost, you have to provide proof of residential address. Secondly, you have to provide copies of national identity cards and passports. Thirdly, you must fill-in the application forms provided.
One of the most important requirements when opening an account is depositing the set minimum amount of money to the account for screening purposes. Funds in these accounts can be held in foreign currency. Some banks have provided account holders with internet banking options. The good news is that you can open an account without having to visit Labuan.