Typically, when we talk to clients about Tanzania as a country for offshore bank accounts, their eyes open wide with surprise. Offshore Bank Accounts in Africa? No way! But take a second look at what may be a “golden” opportunity to protect your assets in a secure bank in a major gold producing country where nobody would think of going to look for it!

There are some significant advantages to banking in Tanzania:

• Tanzania has become one of the fastest-emerging gold producers in Africa, and is now the continent’s third-largest gold-producing country after South Africa and Ghana. We believe that Gold is the ultimate currency, and the offshore bank we recommend in Tanzania is heavily involved in the Gold and refinery business. The ‘Gold Connection’ alone is enough to encourage many of our clients to take a second look - and they typically like what they see!
• Tanzania is a former British colony, now an independent sovereign nation (unlike say the British Virgin Islands) So there is a much lower risk of intervention or meddling from the UK or the European Union.
• The Tanzanian banking sector is quite developed and includes key emerging markets banks like Barclays and Standard Chartered. The Tanzanian Postal Bank delivers a wide range of key banking services and supports a burgeoning microfinance industry. Microfinance is another of our favored investments here at Do Business in Panama.
• We work with a major bank in Tanzania which has the majority of its operations (including key operations like Treasury Management) in Europe. Effectively, you get the efficiency and stability advantages of dealing with a European bank, together with privacy advantages of being offshore in Tanzania. After all, how many people would really think of going looking for your offshore cash in Tanzania???

Opening Procedures for Corporate and Personal Offshore Bank Accounts in Tanzania

Due to our excellent relationship with the European bank in Tanzania, we can obtain provisional account numbers within as little as one working day, once our office has reviewed e-mailed scans of the documents required for account opening. The documents typically required are:

• Copy of passport
• Proof of residential address (utility bill or written confirmation from a regulated professional)
• Reference (from a bank or regulated professional such as accountant, solictor, trustee etc)
• Complete set of corporate documents certified by apostille

With these documents to hand we can immediately prepare the application forms on your behalf, based on a short telephone interview. We will then email you the documents to print, sign and send back. The whole process can be completed quickly and expeditiously.

Internet Banking in Tanzania

Our partner bank in Tanzania offers a sophisticated online banking service, protected by high level security and encryption, and hosted in multiple data centers located in Europe. A full range of Mastercard and Visa credit cards and debit cards is also available, denominated in your choice of US dollars (USD), Euros (EUR), Pounds Sterling (GBP) or Tanzanian Shilling (TZS)

IBCs in Tanzania

It’s important to point out that, contrary to what some sites out on the internet are saying, Tanzania does not have any IBC legislation. Therefore it is not currently possible to incorporate IBCs in Tanzania. If this changes in the future we will post detailed information here. In the meantime for IBC incorporation we would recommend Saint Vincent and the Grenadines as first choice. Panama Bearer Share Corporations are another excellent option. We can open corporate bank accounts in Tanzania by courier for all these

If you would like to open an offshore bank account in Tanzania, whether in a corporate or personal capacity, please contact us. Please be prepared to email us copies of as much documentation as possible and to pay our introduction and consultancy fee which may be paid by credit card or wire transfer.