Bank account for Isle of Man corporate entity

[triton080]

Hi, have recently formed an Isle of Man trust with Hold co and am looking to establish banking facilities.
The holding has diverse investments in the EU and also Russia, but because of that some banks do not want to assist.
It's a shame as the business are sizeable, pay good dividends and are all fully audited.
I have tried CIM banque but apparently they do not accept Isle of Man as a jurisdiction.

If anyone can suggest banks who may be prepared to set up corporate banking facilities that would be great! Thanks.

 

[Sols]

This is going to be hard. 99.99% of the time, Isle of Man companies and trusts bank with a bank provided by the trustee. Normally, these are preapproved before the set up is done.

It's very rare for founders of such trusts and companies to make their own banking arrangements, as they normally aren't directors of the company.

Is your trustee not able to make banking arrangements?

 

[triton080]

Understood. It was supposed to go through with Barclays, but recently they put a blanket ban on anything to do with Russia so sadly am left high and dry... even though the beneficiaries are EU citizens. One of the investments generates very good and legitimate income from Russia so the idea was to repatriate efficiently... any help appreciated!

 

[Sols]

Try East-West United Bank (EWUB) in Luxembourg and RCB in Cyprus. You will need to show at least a million EUR or equivalent to really get them excited, but both are known to be comfortable dealing with Russia.

It's a tricky situation because if the setup is a typical Isle of Man structure, it shouldn't be too hard to find a bank in Isle of Man or the Channel Islands, or elsewhere. But it's usually the trustee that makes the arrangements.

 

[CaptK]

Split the Russia element and form that one separately. Cyprus will be the best place for that as there are a lot of Russians banking there already.
Otherwise its going to be a nightmare.