Banking for an Offshore Foundation

[ilke]

A colleague of mine considers me as the most knowledgeable from his 'connection group' on banking/EMIs. I am not sure what the best option in this case would be, so I'd like to consult here.

The foundation is based in the Seychelles. It's used primarily for some asset holdings and smaller philanthropic acts from the founder. The founder is an EU citizen and resident.

It is not important if the account would be a bank or an EMI. Generally, the fund amounts would not be so high (a 5-figure starting deposit is fine, not a lot of turnover), because the foundation holds assets more than general funds.

EUR SEPA is enough; USD is a big benefit (but unlikely to be possible). A card is again useful, but not a need. The number of transactions can vary, depending on the wants of the financial institution (i.e., can make more transactions for an EMI that earns most of its funds on transfers, or a minimal amount for a bank that is focused on holding, etc.)

Maybe @Forester will have some idea - would like to hear options/experiences from the community as well.

Thank you

 

[lavel]

Thread put on my Watch list, hopefully there is banking for a Seychelles foundation.

 

[Forester]

Maybe @Forester will have some idea - would like to hear options/experiences from the community as well.

Well, I feel honoured being called as an advisor – yet, unfortunately, this case represents an intersection of two areas where I definitely do not feel strong: banking for a subject that is neither a company nor a private person; and banking for a subject incorporated in one of the “ancient” offshore locations... There surely are better experts re: this here, hopefully some will come

Just some 2 cents worth ideas
– When I see “EUR SEPA is enough” and a problematic subject and/or location (here both), Verifo comes to my mind as a clear option. They are reasonably good; and open to discussion. I witnessed them onboarding really various subjects.
– What about Mauritius banks? Also, well-known offshore harbour and the same region. IIRC, @CyprusLawyer101 has some contacts there (going via introducer is really recommendable).
– Some reasonable Puerto Rican IFE for USD?
– As the last(?) resort, what about to try some of these fresh Bangladesh offshore banking units? As far as I understand, the intention is not to keep millions at the account but like 5 figures, so no big stress; a card is not necessary and transactions need not to be frequent...

 

[ilke]

Just some 2 cents worth ideas
– When I see “EUR SEPA is enough” and a problematic subject and/or location (here both), Verifo comes to my mind as a clear option. They are reasonably good; and open to discussion. I witnessed them onboarding really various subjects.

I had the same idea - have already suggested him Verifo and Vialet to try and contact.

– What about Mauritius banks? Also, well-known offshore harbour and the same region. IIRC, @CyprusLawyer101 has some contacts there (going via introducer is really recommendable).

This could be a good solution - maybe CyprusLawyer will enter the thread here as well

I'm not sure if they will be fine with a relatively small scale opening, but, IIRC, the minimum was $25-30K for a starting deposit, so it's an option worth exploring.

– Some reasonable Puerto Rican IFE for USD?

This sounds good, but it's a bit troubling with the current ones. Zenus is one of the better ones - but they do not offer corporate/whatever-else accounts yet. Many IFEs do not have Federal Reserve clearing (or access to it through US bank partners) - and then USD processing is not much different to some other offshore banks. Will definitely explore.

– As the last(?) resort, what about to try some of these fresh Bangladesh offshore banking units? As far as I understand, the intention is not to keep millions at the account but like 5 figures, so no big stress; a card is not necessary and transactions need not to be frequent...

Had read that thread, it is not a bad idea, I had not thought of that! I saw also posts that it had accepted companies from less trusted jurisdictions, so it could be worth a try.

Thanks @Forester

 

[CyprusLawyer101]

Yes, Mauritius seems plausible for this.
We could do a preliminary communication with a few banks there and see how they react. Let me know of anything further.