Caye International Bank - Did they just scam me? (Caye vs Transferwise)

[Lononista]

There is a reason why a serious Bank like Mau Bank declined.

Caye Bank is bottom line solution. If you don't can get any other banking. Banking will be a pain like you see from the post here.

Maybe you re-think your whole setup or take the risk banking with Caye that will be most likely very time consuming.

Fred I think you are right. I think im going to look at best countries to set up in to get a bank account - its not a dodgy business (IT), & its probably better, cheaper & faster to set up another company elsewhere bearing in mind Ill want a bank account fairly quickly & dont want hassle. Ive only just set it up & currently it seems like too much hassle to get banking for it. I listened to the broker sadly.

Any recs? I want a country that is quick, easy, & isnt going to scream 'dodgy offshore' to banks. I can bear it not being totally anonymous if its not UK - I just dont want masses of paperwork or tax. Ireland is no longer a good option post Brexit.

Banks want a TIN number & proof of company address for the Seychelles, which I dont have yet. Maybe once I do, & have more trading history (need to work out how) Ill apply to a better bank.

 

[Fred]

Fred I think you are right. I think im going to look at best countries to set up in to get a bank account - its not a dodgy business (IT), & its probably better, cheaper & faster to set up another company elsewhere bearing in mind Ill want a bank account fairly quickly & dont want hassle. Ive only just set it up & currently it seems like too much hassle to get banking for it. I listened to the broker sadly.

Any recs? I want a country that is quick, easy, & isnt going to scream 'dodgy offshore' to banks. I can bear it not being totally anonymous if its not UK - I just dont want masses of paperwork or tax. Ireland is no longer a good option post Brexit.

Banks want a TIN number & proof of company address for the Seychelles, which I dont have yet. Maybe once I do, & have more trading history (need to work out how) Ill apply to a better bank.

cheap and quick like in the UK comes with bureaucracy and taxes afterwards.

If you want a reputable company that gets still decent retail banking with all the benefits like 0% tax your current Seychelles company has - start considering a Dubai Company.

It's for sure 5x the price of the Seychelles Company but that's still the most affordable way to reach the goals you are looking for.

 

[travelES]

cheap and quick like in the UK comes with bureaucracy and taxes afterwards.

If you want a reputable company that gets still decent retail banking with all the benefits like 0% tax your current Seychelles company has - start considering a Dubai Company.

It's for sure 5x the price of the Seychelles Company but that's still the most affordable way to reach the goals you are looking for.

Ive got a BVI company and its a holding company that owns crypto assets that will need to be converted into fiat at some stage. Obviously Caye didnt work out so Ive been looking elsewhere. I was referred to a bank in Vanuatu but Im cautious of these obscure banks after my belize experience. Thinking of converting to Dubai but will be a hassle to transfer assets and set up. Dont I need to personally visit the bank (difficult atm I lockdowns) and also spend some time there every year?

 

[Vor]

Yes - even clients from latin america I met in person mentioned to me they would never ever consider Belize for banking.

what is your thoughts on the cook islands now a days am considering opening an account there, i generally dont here many large issues from there and just hear its an expensive jurisfiction. I just want a bank to park cash in.

 

[Fred]

Ive got a BVI company and its a holding company that owns crypto assets that will need to be converted into fiat at some stage. Obviously Caye didnt work out so Ive been looking elsewhere. I was referred to a bank in Vanuatu but Im cautious of these obscure banks after my belize experience. Thinking of converting to Dubai but will be a hassle to transfer assets and set up. Dont I need to personally visit the bank (difficult atm I lockdowns) and also spend some time there every year?

To keep the Residence Visa active you are required by law to be at least every 6 months for 1 day to the UAE. That's it.

You mentioned yourself already the way to go - I mean if even Caye Int. Bank rejects you - that's already the bottom line.

Yes, shofting to Dubai will be a hassle one time and once setup - it's setup.

Let's put in the work that is required together to get even Emirates NBD working for you - that will be a challenge but once the bank account is open - it's open and you don't have a hassle with using the account for normal transactions even in the 7 figures - that's impossible to reach with your mentioned setup and Vanuatu banking. Even if it's setup - have fun transfering money around with a Crypto BVI company and Vanuatu banking - compliance of banks will be looking like

 

[travelES]

To keep the Residence Visa active you are required by law to be at least every 6 months for 1 day to the UAE. That's it.

You mentioned yourself already the way to go - I mean if even Caye Int. Bank rejects you - that's already the bottom line.

Yes, shofting to Dubai will be a hassle one time and once setup - it's setup.

Let's put in the work that is required together to get even Emirates NBD working for you - that will be a challenge but once the bank account is open - it's open and you don't have a hassle with using the account for normal transactions even in the 7 figures - that's impossible to reach with your mentioned setup and Vanuatu banking. Even if it's setup - have fun transfering money around with a Crypto BVI company and Vanuatu banking - compliance of banks will be looking like

Travelling to UAE twice a year isnt a formality anymore. Its actually a legitimate issue. We were told a year ago we needed to restrict activities for 15 days to "flatten the curve" and that 15 days turned into 12-18 months and now, according humanities leading medical doctor (Bill gates), the next pandemic is coming, it will be 10x worse and we need regular injections and a "health passport" to travel. Is the government flexible on this criteria and what happens if you dont make it? (i.e. has it affected your clients in the last 12 months)

Caye didnt even get a chance to reject me. Lol. They coudnt find and return my application fee let alone process my application.

 

[Fred]

Travelling to UAE twice a year isnt a formality anymore. Its actually a legitimate issue. We were told a year ago we needed to restrict activities for 15 days to "flatten the curve" and that 15 days turned into 12-18 months and now, according humanities leading medical doctor (Bill gates), the next pandemic is coming, it will be 10x worse and we need regular injections and a "health passport" to travel. Is the government flexible on this criteria and what happens if you dont make it? (i.e. has it affected your clients in the last 12 months)

Caye didnt even get a chance to reject me. Lol. They coudnt find and return my application fee let alone process my application.

Yes the GoV is flexible about it. Many people including me couldn't make it in the 6 months last year and there were no issue at all.

 

[travelES]

Yes the GoV is flexible about it. Many people including me couldn't make it in the 6 months last year and there were no issue at all.

Good to hear. Many governments didnt give a f#$k about our personal and business situations.

Is it possible to have a company or trust that owns the Dubai company, and if so, what are the residence requirements for that? Its a RAK International Company (IC) you are talking about, correct?

 

[Fred]

Good to hear. Many governments didnt give a f#$k about our personal and business situations.

Is it possible to have a company or trust that owns the Dubai company, and if so, what are the residence requirements for that? Its a RAK International Company (IC) you are talking about, correct?

I'm talking about a DSOA Freezone Company.

Forget about RAK ICC and anything related to trust as shareholder if you want to get decent retail banking.

Just had today a case with some guy doing 1m$ turnover in FX and even witht this the bank was closing down his RAK ICC account despite residence Visa and even Freezone Companies with RAK ICC as a Shareholder have a hard time in 2021.

Keep it simple - the straightforward one man show is already enough - you have the highest possible privacy, no taxes and very good chances to get decent retail banking. If you consider a trust as a shareholder you can do this but then look for banking outside UAE and be prepared to bring 7 figures initially with you because this structure tend to be asset management setup with private banking in Switzerland but not normal retail setup company with normal trading purpose.

 

[bizniz]

Dubai is not bad, but Fred clearly has a vested interest in steering you in that direction and everybody's experience differs. I had accounts in Dubai a few years ago and it got so difficult to deal with I just gave up. If I had the choice, I would keep the BVI company and go for one or more of the Caribbean or Pacific offshore banking solutions. Serbia is also a workable solution if you set up a branch of the BVI/Seychelles company, and you can do that remotely (via POA to local lawyer) for a fraction of the cost of Dubai.

 

[Fred]

Dubai is not bad, but Fred clearly has a vested interest in steering you in that direction and everybody's experience differs. I had accounts in Dubai a few years ago and it got so difficult to deal with I just gave up. If I had the choice, I would keep the BVI company and go for one or more of the Caribbean or Pacific offshore banking solutions. Serbia is also a workable solution if you set up a branch of the BVI/Seychelles company, and you can do that remotely (via POA to local lawyer) for a fraction of the cost of Dubai.

Honestly speaking - comparing UAE with Serbia in terms of banking is a joke.

High street banks like Barclays, HSBC, Standard or Citi even close your account once you receive money from Serbia.

Beside of that just ask yourself to which Country a Customer will more likely Wire funds UAE or Serbia?

You can explain why the banking in the past was to difficult for you - maybe due to an Entity Type or Business Activity that is no longer supported by the banks?

Don't get me wrong we are Dubai based for an reason and the banks here are good for what they are good for - transferring money around with Companies that in fact have the same attributes like all the Caribbean Shell Companies but without any hassle of transacting money around.

Beside of SWIFT transfers in major currencies and a simple Debit Card you shouldn't expect much from the UAE banks but especially this retail banking is what the majority of people looking for. As soon as it's getting into the medium 7 figures of course you can find banks in Singapore and Switzerland with better service and more fancy online banking.

 

[bizniz]

Well, I know you are in UAE for a reason, and I am in Serbia for a reason. We even have one UAE bank (Mirabank) here in Serbia, together with other interesting international banks like Bank of China, Halkbank, Sberbank etc, as well of course as the EU banks like Erste Bank, Raiffeisen, Unicredit, and so on. I don't really have any problems wiring money in or out. Like anything else there is a technique to it - you have to get used to a certain way of doing things that may not be quite the same as in your home country. I'm sure you would agree the same applies in UAE.

 

[troubled soul]

Honestly speaking - comparing UAE with Serbia in terms of banking is a joke.

High street banks like Barclays, HSBC, Standard or Citi even close your account once you receive money from Serbia.

Beside of that just ask yourself to which Country a Customer will more likely Wire funds UAE or Serbia?

You can explain why the banking in the past was to difficult for you - maybe due to an Entity Type or Business Activity that is no longer supported by the banks?

Don't get me wrong we are Dubai based for an reason and the banks here are good for what they are good for - transferring money around with Companies that in fact have the same attributes like all the Caribbean Shell Companies but without any hassle of transacting money around.

Beside of SWIFT transfers in major currencies and a simple Debit Card you shouldn't expect much from the UAE banks but especially this retail banking is what the majority of people looking for. As soon as it's getting into the medium 7 figures of course you can find banks in Singapore and Switzerland with better service and more fancy online banking.

So many people , without experiencing Dubai , Have a bad idea about Dubai. for Tax saving and crypto related activity , There is not Competition for Dubai.
You can see so many crypto influencer are living in Dubai and enjoying life.

Regarding the bank account , If you have some kind of shady business , You will face difficulty in every country in this world not only in Dubai.

 

[uplana]

You are getting off topic some of you. We may all know by reading the entire thread that you have to be very careful if you use this bank, better is to let it alone and find alternatives. This is not going to be a good solution for you, risk is you are losing all your money!

 

[EliasIT]

Does someone still think Caye Bank International is a bad choice? after all the time since the last posts I find it strange they are still around if they were a bad fit?

 

[Mr Magoo]

If Caye is a bad choice depends on what other options you have. Check out what correspondent banks they have for EUR and USD. Belize doesnt have any appeal left as an offshore jurisdiction I think. I was in the process opening a corporate account a few years ago but backed out since I had better options. Account on slow service and changing correspondent banks.

 

[kilor]

What's status of conclusion, Caye bank is valid or just a bad choice?

 

[MagicMatt]

I've never had a problem with CAYE Bank in Belize. Just got a nice ATM/debit card from them too. Works fairly well.

 

[americaoffshore]

You are all going to get mugged pretty soon. I invested quite a significant amount with Vivier and Company in 2016 when Luigi Wewege was the CEO of Vivier. They gave good returns for the first few years and then in 2020 they stopped. Now the company is under liquidation and all funds have disappeared causing all investors to lose their investments. Wewege left Vivier in 2017. Caye will be a very similar coupe and soon they will all vanish in thin air. If you do not believe me then do a simple research yourself and withdraw your money from Caye as soon as possible. There is no chance lawyers can recover any money after they vanish.

 

[CoinMaster]

If you do not believe me then do a simple research yourself and withdraw your money from Caye as soon as possible. There is no chance lawyers can recover any money after they vanish.

Are you drunk? Do you have any evidence for your claim ?