Unexpected bank requirements for non-residents: 2025 overview

Opening a bank account abroad as a non-resident—whether as an individual or a business—often turns into a quest filled with unexpected hurdles. One might think that opening a bank account as a non-resident is easier today thanks to online banking, but in practice, foreigners face increasingly strict checks and unusual requests from banks. The reasons lie in the global fight against money laundering (KYC/AML) and heightened caution from financial institutions. In 2024–2025, banking requirements for foreign clients have become even stricter: every document and the origin of funds are scrutinized, sometimes down to the necessity of physical presence. Let’s explore the unexpected banking requirements non-residents face—in countries from Germany to the UAE—and why banks impose them.

Global Tightening of Checks (2024–2025)

In recent years, banks worldwide have significantly strengthened KYC/AML procedures. New laws and international agreements demand greater transparency and accountability from them. For example, Singapore passed legislation in 2024 expanding the prosecution of money laundering.

Such changes mean banks are obliged to check non-residents more thoroughly to avoid fines and sanctions. Many countries exchange financial information (CRS, FATCA), and banks justify their requirements as necessary to comply with international standards and prevent illegal operations.

By 2025, the typical practice is extensive data collection about the client: from detailed questionnaires about the purpose of opening the account to proofs of the source of wealth. Moreover, digital identification is increasingly implemented (including video interviews), but it supplements rather than replaces a mountain of paperwork. As a result, non-residents should be prepared for a longer and more complicated verification process than a few years ago.

Germany: Address and Registration Are Mandatory

Germany is renowned for meticulous bureaucracy, and foreigners feel it in full. To open a bank account as a non-resident in Germany, a local address and registration (Anmeldung) are almost always required. Banks demand proof of registration in Germany and a residence permit or another form of legal status. Even modern online banks often cannot bypass this rule—you first have to prove a connection to Germany. Many newcomers are surprised to learn that without visiting the local citizens’ office (Bürgeramt) and obtaining proof of address, they cannot open an account. Additionally, banks may request a German tax ID and even a SCHUFA credit report—nearly impossible for a new foreigner.

For companies without local residency, the requirements are even stricter. German banks expect that the business is either registered in Germany or has a branch there. It’s necessary to provide a commercial register extract, incorporation documents, and proof of representatives’ authority. In practice, most foreign firms have to establish a German legal entity to open an account. Without “local registration,” obtaining a business account is extremely difficult.

These requirements are driven both by local legislation and by banks’ desire to deal with clients within their legal jurisdiction. Non-residents in Germany should prepare for a physical visit: traditional banks conduct identification via the PostIdent or VideoIdent system but often still require a branch visit for document verification. Consequently, the process can take days or weeks, and without a complete set of documents, the bank may simply refuse without explanation—a situation that is not uncommon.

UAE: High Thresholds for Foreigners

The United Arab Emirates (UAE) attracts investors from around the globe, but opening a non-resident account there comes with a long list of requirements. Firstly, UAE banks distinguish between account categories: for non-residents, usually only a savings account with limited functionality is available. Such accounts often require a minimum balance—for instance, around AED 30,000 (approx. $8,000) for a basic account or up to AED 500,000 for premium services. Some banks only consider applications if the client is ready to maintain a balance of AED 250,000 (~$68,000).

The document list is also impressive: banks may request a detailed CV of the client, account statements for the past six months, and, most importantly, a compelling justification for opening the account.

A non-resident must provide written evidence explaining why they need an account in the UAE—for example, property investment, business operations in the region, or wealth management. Words alone aren’t enough—supporting documents are required (contracts, income statements, etc.). Additionally, a passport, proof of foreign address, and sometimes a reference letter from the current bank are needed.

Another unexpected requirement is physical presence. Even if the account is preliminarily approved, the client must travel to the UAE in person to sign documents. Without such a visit, opening an account is virtually impossible. The application review process is also slow: document and questionnaire checks can take anywhere from three weeks to several months.

It’s essential to remember that only a few UAE banks work with non-residents at all, so choices are limited. UAE banks justify these stringent measures as necessary to attract serious, financially stable clients and comply with centralized control requirements (the UAE recently exited the FATF “grey list” and has strengthened efforts against illicit capital). As a result, non-residents must fit the profile of high-net-worth investors with a transparent reputation—or face rejection.

Turkey: Tax ID, Local Phone, and… Residency?

Turkey was long considered friendly toward foreigners in banking services. Opening an account for a tourist or expat used to be relatively easy. However, starting in early 2024, Turkish banks have tightened their approach significantly. Now, non-residents are required to have:

A Turkish tax identification number, which must first be obtained from the local tax office;

An active local phone number (a Turkish SIM card is indispensable, as banks link accounts to it);

A document confirming a local address (most often a utility bill or rental agreement).

All documents must be correctly formatted and, in many cases, notarized and translated into Turkish. Naturally, a passport, completed application form, and personal visit to the bank branch for identification are required.

Some banks have also introduced financial thresholds: for instance, demanding a minimum deposit or the purchase of government bonds for account opening. While not officially required, such demands have emerged amid economic volatility. Moreover, there have been widespread reports that banks are restricting remote banking services: to activate an account, a non-resident often needs to be physically present or have a trusted representative in Turkey.

Changes are particularly noticeable for clients from sanctioned countries. Since early 2024, Turkish banks began to mass-close accounts held by Russian companies and even individuals. According to media reports, as of February 1, many Russian accounts were frozen or closed, and requirements for bank cards have become stricter.

One of the largest banking groups—DenizBank—in February 2024 demanded that some foreign clients (primarily Russians) provide documents proving Turkish residency and local registration. Those who could not confirm resident status faced account blockage or closure. Furthermore, new applications from Russian citizens are rarely approved: up to 95% are refused, even when all documents are provided. This unprecedented situation stems from pressure from US and EU sanctions—Turkish banks are forced to protect themselves and cut off accounts potentially linked to sanctions evasion.

For non-residents from other countries, such harsh measures might not apply, but the general trend is clear: Turkish banks increasingly demand proof of clean funds and ties to Turkey. As a result, opening a bank account abroad in Turkey is now more challenging: be prepared with a full document package and plenty of patience.

Singapore: Business Reputation Under the Microscope

Singaporean banks are known as some of the strictest in the world when it comes to compliance. The country attracts companies with its financial center status, but non-resident businesses face high entry barriers. Primarily, foreign businesses are strongly advised to register a local company in Singapore. Without a local legal entity, many major banks won’t even consider the application.

If an account is needed for a foreign company, expect an extremely detailed KYC package. Unusual documents are the norm: banks require a description of the business model and reasons for opening the account in Singapore—in effect, an official letter explaining why an account is necessary in their jurisdiction. Almost always, a reference letter from the client’s current bank is required to confirm good standing.

Of course, standard incorporation documents, certificates of registration, director and shareholder lists, company bylaws, etc., must also be provided—often in notarized form. For all ultimate beneficial owners and directors, copies of passports and proof of residential addresses are required.

For non-resident individuals, opening a personal account in Singapore is also not easy. Without a long-term visa (work or student), banks may refuse without explanation. Some banks offer remote opening via mobile apps with video verification for those with long-term visas. However, in most cases, a foreigner must attend a meeting with a bank manager—in-branch or via video call. During such a KYC interview, the bank may ask about your job, income sources, plans for the account, and more—it’s essentially a mini-interview.

Balance requirements in Singapore are relatively low for personal accounts (often maintaining SGD 1,000–3,000 suffices to avoid monthly fees), but the verification process is among the most rigorous. Another feature is that an initial deposit is almost always required. For corporate accounts, this is around SGD 5,000 or higher; for certain high-net-worth accounts, significantly more. Personal presence of at least one director or authorized representative is a standard requirement for opening corporate accounts. Many banks will not open accounts for foreign companies remotely; if the bank has overseas branches, the meeting can sometimes be held there, but avoiding a physical visit entirely is difficult.

On average, application review takes 1–4 weeks, but for complex corporate structures, the process can drag on much longer. Following the major money laundering scandal in 2023—when Singapore authorities seized assets belonging to foreign individuals worth billions—banks have become even more cautious. They justify their meticulous requirements by claiming they must protect Singapore’s reputation as a financial center and prevent illicit funds from entering. This means that banks are willing to open accounts for foreigners or foreign businesses only if they are convinced the client is transparent, has a solid business reputation, and genuinely needs a Singaporean account. For applicants, it means: the more documents and proof you provide, the higher your chances of success.

United Kingdom: No Local Address, No Entry

UK banks are internationally oriented on the one hand but conservative on the other. The main obstacle in opening a bank account as a non-resident in the UK is the requirement to provide proof of a local UK address. Traditional banks (High Street banks) almost always ask for a document in your name showing a UK address (utility bill, rental agreement, local tax letters, etc.).

For foreigners not living in Britain, this is the number one problem. Without a UK address, applications are typically not even considered. Exceptions are made for very wealthy clients who use international banking divisions (e.g., Barclays International or HSBC Expat), which may open accounts without UK residence but expect large deposits (hundreds of thousands of pounds) and monthly fees for premium service. Even expats who have moved to the UK encounter difficulties until they have proof of address. Some banks may accept alternative documents, such as foreign bank statements or letters from employers confirming the applicant’s overseas address—but this is rare.

Online banks and fintech services (Monzo, Revolut, Wise) have slightly simplified life for non-residents—you can sign up with a passport and a foreign address. However, they technically issue an electronic account with an IBAN, not a full bank account, and functionality may be limited.

For companies, the situation is similar: a UK bank wants to see that the business has a real connection to the UK. Typically, this means having a registered UK entity (Ltd or LLP) and resident directors or a local office. When opening a corporate account, the bank will ask for incorporation documents, bylaws, information about beneficial owners, and may also request a business plan or description of activities, especially if the founders are non-residents.

Physical visits are often required: some banks insist that a director or an authorized company representative personally visits the branch with original passports and proof of address. Without this, even a fully completed online application won’t be finally approved. UK banks justify their caution by explaining they must prevent fraud and illegal financing. Local address verification acts as a filter—it reassures the bank that the client is “rooted” and easier to check through credit registers. For non-residents, this often becomes a dead end.

However, there are solutions: either use international banking divisions (with high asset requirements) or open an account with a fintech company offering an overseas bank account without mandatory residence. These accounts provide basic services and fall under the UK’s Financial Services Compensation Scheme (FSCS) for up to £85,000, which is significant for security. Nevertheless, a full range of traditional banking services will only be available to non-residents after fulfilling all the usual requirements—primarily providing a UK address and passing all verifications.

Other Examples: USA, Switzerland, and More

Similar trends are observed in other countries. The USA, despite its developed financial system, is highly reluctant to open accounts for foreigners. Most American banks require the applicant to have an SSN or ITIN—a US tax number that is difficult for non-residents to obtain. Without it, even with a passport and proof of home-country address, chances are slim. Moreover, US banks usually insist on physical presence to open an account: foreigners must travel and undergo in-person identification. Special international accounts exist for remote clients, but the entry threshold is high: often requiring deposits from $100,000–200,000 or more. Essentially, US banks want to see that you plan to actively use the account in the US (e.g., business operations or real estate purchases)—otherwise, they’ll refuse.

Switzerland, famous for its banking secrecy (which is far less secret these days), also imposes high requirements on non-residents. Fees and minimum balances are among the highest in the world: many Swiss banks will only work with a foreigner if they keep a large sum with them. For example, it’s common practice that a non-resident client must deposit at least CHF 1,000,000, otherwise the application won’t even be considered. Some leading banks require even more—starting from CHF 10 million for privileged accounts. For smaller amounts, banks either refuse service or impose additional annual fees (e.g., around CHF 5,000 per year for account maintenance if the balance is below the minimum).

Apart from money, a standard document package is required: passport, proof of address, a detailed questionnaire about the source of funds, and a tax identifier. Confidentiality no longer exempts clients from bureaucracy—Swiss banks now reject applications lacking a “flawless paper trail” proving the origin of funds. Banks may also request a reference letter and financial standing details from the client. And, of course, a personal meeting with a banker is almost unavoidable—even if held at a representative office outside Switzerland.

Other jurisdictions have introduced their own nuances. In some EU countries, checks have become stricter for non-residents post-2022 (e.g., in the Baltics, additional documentation about beneficial owners is now required due to tighter EU AML directives). Offshore financial centers (Cyprus, Belize, UAE, etc.) now demand disclosure of beneficial owners and the source of funds—something that was rarely enforced before. Even if a country brands itself as foreign-capital-friendly, its major banks still operate under international legal frameworks and won’t risk their license over suspicious clients.

Georgia: Simple and Fast

Georgia often appears on lists of countries where foreigners can relatively easily open a bank account. Many expats and entrepreneurs come here specifically for the simplicity of the process. Indeed, in Georgia, it’s possible to open an account in just one bank visit—and sometimes in as little as half an hour. For individuals, a passport and a minimal deposit (often only $10–$50) are usually sufficient.

However, even here, unexpected requirements have started to emerge, especially in cases where individuals or companies receive income from abroad or conduct business with foreign partners. Here’s what one might encounter:

Detailed questions about the origin of funds. Even for small amounts, Georgian banks may request documents confirming where the money came from: contracts, invoices, salary slips, tax returns.

Requirement for a tax identification number. To open a corporate account, companies often must provide a Georgian tax number, meaning they first need to register a legal entity or sole proprietorship in Georgia. For individuals, obtaining a tax number is sufficient.

Request for a local address in Georgia. Some banks ask for a local address, even if it’s not formally mandatory.

Outbound transfers may be blocked. Georgian banks closely monitor outbound foreign currency transactions. For large transfers (even above $10,000), they may require explanations or supporting documents.

For businesses, the requirements are a bit stricter:

Incorporation documents, a resolution appointing the director, and an extract from the Georgian registry are required.

A personal visit from the director or an authorized representative is almost always needed for identification.

For companies with foreign owners, banks may request full ownership chains down to ultimate beneficial owners and documents proving the business’s legitimacy.

On the one hand, Georgia remains one of the most loyal countries for opening accounts as a non-resident: there’s less bureaucracy, many bank staff speak English and Russian, and fees are quite low. On the other hand, the trend toward stricter compliance has reached here as well. Banks are especially vigilant about transactions originating from countries under Western sanctions and any transfers linked to cryptocurrencies.

Therefore, when planning to open a foreign bank account in Georgia, one should be ready for the bank to ask for a bit more paperwork and explanations than advertised as “15 minutes, no questions asked.”

Conclusion

Opening a bank account abroad in 2025 is achievable but requires preparation for surprises. Non-resident individuals and companies everywhere encounter increased scrutiny from banks. Unusual requirements—from physically appearing at a branch to submitting rare documents (recommendation letters, CVs, local tax IDs)—have become the new normal. Banks justify this by claiming they must comply with laws and manage risks. From their perspective, it’s safer to request an extra document than risk hefty fines from regulators.

For clients, these requirements translate into additional complexity. It costs time and resources: one has to gather stacks of documents, possibly translate and notarize them, and meet deposit conditions. Long waiting times for approvals or facing rejections without explanations are common. A bank may refuse due to a minor error or a formatting issue, forcing clients to start the process over elsewhere.

The situation is especially challenging for those without a “tie” to the country—no address, visa, or local business presence. So how can one improve their chances? Experience shows that careful preparation is key. Before approaching a bank, learn the specific requirements for that country and that particular bank. Consulting