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Lithuanian EMI issues
- Thread starter JackieTsan
- Start date
"The" Lithuanian EMI seems thinks that 300K is what Elon Mask together with Mark Zukermberg makes per year... Unless they are getting my info for other things, and that's I'm investigating. This week I'll have a call with a person in the Board of the Bank of Lithuania for this matter, just to let her know that they got plenty of my personal documents...
It's risky anyway as I don't know when they might block the account. I had to keep the money there (small 2 digit K amount) and they actually "forced me" with their behavior to move them and this created issues. Any suggestions please for GOOD RELIABLE CLEAR EMI ?? Any SERIOUS people on the business around the globe? I don't mind (and WOULDN'T like it to be in EU).
UAE banks do NOT open account for RAK and other offshore (if you're not UAE resident) companies. Incredible! It's the only country that I see this, nothing is clear even with the UAE company (my accountants never can give a straight answer about tax, reliefs, etc).. so for me UAE is done..
The question (and off topic) is where to open a company out of the EU... Also, during this KYC I was informed that UAE is in the black list for AML and black money for Europe.. I thought they were in white list... CHECK here, yes UAE is IN The List! So why are people still using UAE, as this is now the cherry on the pie (I was not aware)
off topic so get back to the topic gents
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Obviously. They won't consider you at those low amounts either, for such non-resident banking options you need a banking connection or millions in revenue (or both). There are so many services around as well as on this forum to help you create a residency there (you don't need to live there) visit once every 6 months if you can't afford their golden or investor or whatever the name is option and bob's your uncle onshore bank account opened. If not offshore banks but not at these low amounts once again... Your accountants also seem not knowledgeable, you need accountants that deal in international tax that will take into consideration your situation. The 100-700k is the shitiest position to be in because not always is it worth to offshore operations and not everything that is worth having is open at those levels.
Yeah indeed as well as keeps asking for suggestions help but won't help in return to let us know who the bad EMI is that we should steer clear from.Notice he ignores my question twice about what passport he has?
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Notice he ignores my question twice about what passport he has?
Apologies guys, I was refreshing page 1 for ever
)) Sincere apologies. EU passport but left EU since 20 years.
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So, uhm, @JackieTsan why would you ever have an expectation of any better service from Lithuanian EMI, if, as you've pointed yourself, even UAE banks refrain from dealing with RAK companies?
EMI is clearly following RBA (risk based approach) practices in line with what their regulator (BoL) expects from them.
Any escalation (complaining about amount of documentation being requested) with your BoL contact will most likely result in fiasco as your core complaints don't make any sense. You're banking company from higher risk jurisdiction and from within higher risk jurisdiction you've chosen the highest risk corporate structure. What could go wrong...
Maybe you have some valid points on data security since you've mentioned that KYC requests with sensitive details of others were received by you, you can complaint about that to both BoL and Data Protection Inspectorate (https://vdai.lrv.lt/en/), however, in the end of the day that doesn't turn the perspective 180 degrees.
Currenxie is terrible read my post B Before...
sorry, I did not read your post thoroughly.
this is not terrible, your current relationship with B is terrible. I'd say Currenxie was very good here because they have simply rejected, not asked for money in advance and rejected afterwards without a refund.
Correct in this aspect, but if they were serious they would review seriously, ask for a meeting, and would generally have different approach rather than clicking a REJECT without even knowing further details. So, in any case, this unprofessional (in my aspect) approach is not for me. For sure it prevents issues from the future; that’s what I’m saying that I’m looking for serious business EMI; probably in Cyprus as you say, or better outside EU, but which one?
Thank you!
So you have a RAK IT company doing 300k a year and have an EU passport and your being dragged over the coals by an EMI and immediate rejection by currenxie. It does not add up.
In which country are you resident?
In another country of (the rich countries of) Middle East living and working here for many years too… but not UAE.
Well there is your answer as to why your getting an anal probe by compliance department. There is often no smoke without fire sadly.
P.S Sadly discrimination is real
What is the issue that I can’t see? Where is the fire? Where is the bad if someone living and working permanently in a Middle East country (0%), having a company in another Middle East country (as in the one he lives the companies are for really high budgets and very expensive - I asked and they don’t even open for these low amounts I am making), and have customers anywhere around the world or EU?Well there is your answer as to why your getting an anal probe by compliance department. There is often no smoke without fire sadly.
P.S Sadly discrimination is real
You mean this is not legal, not right etc, while the thousands/millions of people that live in EU / Germany etc and having Delaware etc are legal?
Living in a 0% tax country and doing anything else is not any smoke nor fire. What am I doing wrong or missing here @Martin Everson ?
Thank you
Yes you won't see the discrimination but you have felt it via compliance department. My friend let me explain. If your living in Africa and open a offshore company to bank in Europe your sadly gonna be seen as a money launderer or fraudster and will be subject ENHANCED due diligence or even outright denied. If you live in Middle East (exception Israel perhaps) and open an offshore company and bank in Europe you are gonna be seen as a terrorist or funder of terrorism (hence why they want to see what you are doing with your money you earned by asking for personal bank statements for account where company money was sent to)
. If you live in the Caribbean like me and try and open an account in Europe with an offshore company you will be looked at as a criminal from a region associated with offshore money laundering and tax evasion. All terrible wrong stereotypes but that is reality.Your residency in your region of the world puts you in a high risk category for any bank or EMI in EU. To make it worse you are using an offshore company structure which is double high risk whammy. Any compliance officer has to justify to a regulator the reason for even offering you an account and understand the nature of your business and activity thoroughly to take on the (wrongful stereotypical) risks the authorities have in their head about your region. Your lucky they even offered you an account as most EMI likes currenxie and others rightly would just flat out reject you. You are far outside the risk appetite of a typical European EMI and its not worth the effort to have to enact Enhanced Due Diligence on your actions all the time unless your paying a whooping big account fee to them each month to cover this cost.
Had you told us from very start you lived in Middle East I would have immediately told you that your residency is the problem.
As I said try 3s.money as they have Dubai license and maybe more accommodating of you but they are not cheap. Or ignore what I say and burn through EMI's trying to find one that works for your situation. Don't take it personal the world is not a fair place.
Thank you for your time @Martin Everson . You know that I extremely appreciate your deep knowledge and expertise! Thank you once again for your time! Extremely appreciate it!!! I don't know what to say then. The country I live is not Africa, is one of the nearby in UAE, most rich etc.Yes you won't see the discrimination but you have felt it via compliance department. My friend let me explain. If your living in Africa and open a offshore company to bank in Europe your sadly gonna be seen as a money launderer or fraudster and will be subject ENHANCED due diligence or even outright denied. If you live in Middle East (exception Israel perhaps) and open an offshore company and bank in Europe you are gonna be seen as a terrorist or funder of terrorism (hence why they want to see what you are doing with your money you earned by asking for personal bank statements for account where company money was sent to)
Your residency in your region of the world puts you in a high risk category for any bank or EMI in Europe. To make it worse you are using an offshore company structure which is double high risk whammy. Any compliance officer has to justify to a regulator the reason for even offering you an account and understand the nature of your business and activity thoroughly to take on the (wrongful stereotypical) risks the authorities have in their head about your region. Your lucky they even offered you an account as most EMI likes currenxie and others rightly would just flat out reject you. You are far outside the risk appetite of a typical European EMI and its not worth the effort to have to enact Enhanced Due Diligence on your actions all the time unless your paying a whooping big account fee to them each month.
Had you told us from very start you lived in Middle East I would have immediately told you that your residency is the problem.
As I said try 3s.money as they have Dubai license and maybe more accommodating of you but they are not cheap. Or ignore what I say and burn through EMI's trying to find one that works for your situation. Don't take it personal the world is not a fair place.
If it's so hard then UAE is not the way for anyone. And since they now introduced the 9%, etc, they don't even open bank accounts for their own companies (RAK), then.. Totaly shutting down and open in another region is the only solution. I tried the other EMI in UAE but you need to have Dubai ID (RP) to open.
As UAE has all those issues, and as they told me is also in the Money Laundering list (suprise! I was really not aware of those things : HERE UAE is in Money Launering EU list!!
))) But on the other side: While it's WHITE LIST HERE?!?!??! where on Page 3 they say that UAE cooperates perfect!!! Heck! Plus the 9% tax that is not clear yet, small business relief that is always a "maybe" according to my accountant etc....May I have your suggestion for company formation location and account then? You see my earnings are low, my business is very clear and can be proven (with several ways including proofs of services etc.) so what would you suggest. As I live in a 0% region, it's clear that I don't want to go for a 10% tax company, and also don't tell me EU / Estonia / Lithuania, out of this EU bureuocracy nightmare would be better for me. No crypto, no strange payments etc, very very clear things. Any suggestions? Many thanks once again for your help!
yes, UAE is the best choice to launder your money and yes, they do cooperate.I was really not aware of those things : HERE UAE is in Money Launering EU list!!
there are no contradictions here, UAE just lives by the rule "you are innocent until proven guilty" unlike EUSSR banks motto "you are guilty until proven innocent"
Your residency will mean you are always gonna be in a high risk category. Does not matter where company or account is you based you will get problems in the west based on your residency.
Maybe a Bahrain bank like Al Salam Bank in Seychelles will be more sympathetic to a RAK company and your residence. Speak to them first.
https://www.alsalamseychelles.com/en/RETAIL-BANKING/Accounts/Pages/Current-Account.aspx
Thank you @Martin Everson
As UAE is having all these issues (besides my residency), what company would you suggest to open, to close all this headache at all? I am extremely tired with UAE after all these I read (which I was not aware before I open the company).
Residency might change to Southeast Asia this year (hoping to relocate) but again I'm sure will be considered a very high risk region (Philippines).
Thank you
As UAE is having all these issues (besides my residency), what company would you suggest to open, to close all this headache at all? I am extremely tired with UAE after all these I read (which I was not aware before I open the company).
Residency might change to Southeast Asia this year (hoping to relocate) but again I'm sure will be considered a very high risk region (Philippines).
Thank you
I would not do anything until you research the following:
Which company jurisdiction, personal residency, corporate banking and your clients acceptance all works well together - with the lowest taxes or zero taxes thrown in for good measure.
In meantime see if there are banks outside EU that will work with your current setup. Look at one I mention of banks in Dominica or Puerto Rico. They may have a higher risk tolerance. You can find some names of banks if you search the forum.
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