Open an Account

Accounts may not be opened for individuals who hold a US Passport or have a US Address.

Bermuda Offshore Investment Services Limited is licenced and regulated by the Bermuda Monetary Authority. All client accounts are subject to stringent identity requirements as outlined in the Bermuda Government Proceeds of Crime Act 1997, Proceeds of Crime (Money Laundering) Regulations 1998, and the Guidance Notes on the Prevention of Money Laundering. Additional information may be obtained from the “National Anti-Money Laundering Committee” website. Bermuda is a member of the Caribbean Financial Task Force (CFATF) which is the first regional grouping of the Financial Action Task Force (FATF or GAFI).

The following documentation is required for all accounts. The certification or date of all documents must be less than three months old.

Personal Accounts

  1. Account Agreement
  2. Account Application
  3. Notarized or Certified copy of the Passport for each beneficial owner of the account (cannot be a US Passport)
  4. Notarized or Certified copy of one additional piece of identification bearing a photograph for each beneficial owner of the account (National identity card, drivers licence, etc.)
  5. Original or certified copy of two of the following showing the residential address of the Account Holder (cannot be a US address): utility bill, bank statement, land tax statement, household or motor insurance statement
  6. Additional documentation may be required including Letters of Reference.

Corporate Accounts

  1. Account Application
  2. Account Agreement
  3. Notarized or Certified copy of Certificate of Incorporation
  4. Notarized or Certified copy of the Memorandum and Articles of Association
  5. A list of the names, ocupations, dates of birth, and residential and business addresses of all directors and any shareholders holding more than 10% of the issued shares
  6. Corporate resolution to open the account , listing the officers authorized to sign on the account
  7. Notarized or Certified copy of the Passport for each officer authorized to sign on the account (cannot be a US Passport)
  8. Notarized or Certified copy of one additional piece of identification bearing a photograph for each officer authorized to sign on the account (National identity card, drivers licence, etc.)
  9. Originals or certified copy of two of the following showing the residential address for each officer authorized to sign on the account (cannot be a US address): utility bill, bank statement, land tax statement, household or motor insurance statement
  10. Additional documentation may be required including Letters of Reference.

Account Details

Bermuda Offshore Investment Services acts solely as an advisor and broker, processing all purchases directly to the investment vehicles selected by the client. Each mutual fund company in which an investment is placed will open an account registered in the name as instructed by the client, and assign a unique account number to the client. Investments and accounts may be registered in the client name, or if the client prefers, in nominee, trust, or in a corporation’s name. Nominee, trust and corporate services are available from a variety of sources.

All invested funds are registered and accounted for on an individual client basis. All transactions require the express approval of the authorized signing officers for the account. Bermuda Offshore Investment Services and each individual mutual fund company will separately issue confirmations of each investment placed with them, and send them by mail directly to the registered account holder at the address specified by the client. Each individual mutual fund company issues quarterly or semi-annual statements for each client, which are mailed directly to the registered account holder at the address specified by the client. Bermuda Offshore Investment Services also provides quarterly consolidated statements for each client.

Purchases and redemptions may be made at any time, and there is no restriction, contract or limit on the length of time the funds have to remain invested.

Contact Bermuda Offshore Investment Services for additional information and the required forms to open an account.