Best offshore bank solutions

[Suzy Emerald]

thanks for you advise and opinions. I guess a HK company with Cyprus bank account be a workable solution (untill regulations change)

 

[Suzy Emerald]

would you say taking the money out of my Cyprus bank account is a good idea before Latvian situations occur?

 

[James Turner]

would you say taking the money out of my Cyprus bank account is a good idea before Latvian situations occur?

A Couple of questions. 1. What deposit value and 2. Where would you put it instead of the Cyprus bank?

 

[Suzy Emerald]

In Cyprus I have currently just a modest 5 figure number. I will move to my Transferwise Borderless account or to EPB where I have most of my money

 

[James Turner]

It depends what you consider to be safer really. Cyprus has a €100,000.00 deposit guarantee scheme which you should take into account. You can obviously spread funds around to take advantage of deposit guarantee schemes in different locations.

 

[Suzy Emerald]

True, Cyprus has the 100K guarantee. Spreading over several banks / EMIs is a save option in my opinion I have learned my lesson from using just 1 place to put my money. My Belize Ltd has served me well for over 10 year but times are changing so may be its time to invest in incorporating in a better accepted jurisdiction

 

[James Turner]

True, Cyprus has the 100K guarantee. Spreading over several banks / EMIs is a save option in my opinion I have learned my lesson from using just 1 place to put my money. My Belize Ltd has served me well for over 10 year but times are changing so may be its time to invest in incorporating in a better accepted jurisdiction

It is a shame. I really like Belize as a location but if banking is needed in locations with specific criteria it sometimes doesn't work.

 

[JohnLocke]

It's pretty simple. So far Cyprus is still allowing nominees and the banks in Cyprus accept "local" and foreign Cyprus companies to open an account with them. You may have a good alternative here.

 

[Suzy Emerald]

But I believe that doesnt change the effect of the new directive to close accounts of companies where filing of accounts is not required. And Belize does not have an accounting requirement.

 

[JohnLocke]

No, it does not, what I mean, switch to a Cyprus company with nominees and you don't have to worry about the issue with your Belize corp.

 

[Suzy Emerald]

OK, setting up a new Cyprus company. Yes, that is an option I will explore.

 

[Suzy Emerald]

Reading about the Seychelles IBC legislation, the International Business Companies Act, 2016 that mentions that 'accounting records must be kept. Would these accounting records satisfy Cyprus banks to have an account with them as in Seychelles IBC?

“Accounting records” are defined in the Act as documents in respect of the company’s assets and liabilities; the receipts and expenditure of the company; and the sales, purchases and other transactions to which the company is a party"

 

[negon]

No Seychelles and Belize does not work with Cyprus banks.. just got a lot of declines! You need to find some different jurisdiction.

 

[Suzy Emerald]

Thanks. For Belize I was aware but wasnt sure about of Seychelles. Will keep searching for solutions. Belize/Seychelles work OK I guess with Mauritius bank. Will a HK corp work with a Cyprus bank?

 

[MrTony]

I don't know any banks which accept Seychelles. Maybe only through an introducer (like ABC Mauritius).
HK is good, acceptable for most of the banks, but more expensive than CY Ltd.

 

[James Turner]

HK Companies are suitable for Cyprus banking as they have a proper accounting requirement.

 

[Suzy Emerald]

Thanks for the suggestions. A HK company maybe more expensive but is tax free. A CY company will have a 12.5% tax rate.

 

[negon]

Thanks for the suggestions. A HK company maybe more expensive but is tax free. A CY company will have a 12.5% tax rate.

if registered non-resident 0% tax !!

 

[Nyep]

Note that HK tax authorities tend to audit companies after the first year and attempt to find excuses to tax. I've heard that in these audits they request to see tax returns from registered owners in their residence country.

 

[Suzy Emerald]

So if I am registered in CY as non-resident, then all OK and 0% tax. Do you know how I register for this?