Euro Pacifc Bank & Perth Mint - Money Laundering, Tax Haven & Blacklisted?

[Martin Everson]

Works great until an exit tax is implemented, or strings-attached PIT regardless on non-residency status for x years if the new country has significantly lower rates.

There already exists an exit tax on individuals i.e Poland. Thats why I keep saying to people get out of EU while you still can....lol. Its not a joke I am saying. Exit Taxation came into EU end of last year for mostly companies. It will be refined over time to reach people with any kind of real wealth that want to up and leave just like in Poland.

I mean look at Schiff. He doesn't want to renounce and pay 40% of his net worth to Uncle Sam in exit tax so he keeps telling himself how great of a place Puerto Rico is for living.

Yes he did one of the best things he could for a US passport holder I guess to reduce taxes.

P.S Americans have not yet realized that Trump is not building a wall to keep foreigners out but to keep americans in when its crunch time.

 

[Edge]

I'd say the article is more about cyprus banks than epb ... But you chose to focus on epb as usual ..

I understand why you hate epb, but you keep ignoring something very important, infact the most important thing about epb, which is they don't accept US citizens as clients.

The biggest sin in any financial institution around the world is somehow or another enabling US citizens to avoid paying their taxes .. It's not terrorism, it's not money laundering, it's not drug money .. It's keeping money away from the US government ..

 

[reesek]

if I had a us passport i would spend all the time in the world to get rid of it

 

[Martin Everson]

I'd say the article is more about cyprus banks than epb ... But you chose to focus on epb as usual ..

True

I understand why you hate epb, but you keep ignoring something very important, infact the most important thing about epb, which is they don't accept US citizens as clients.

Plenty of banks around the world don't accept US citizens. In fact I would say that's the norm. So I don't get why that's important .

if I had a us passport i would spend all the time in the world to get rid of it

I am grateful I never got that mark of the beast

 

[Martin Everson]

Well seems EPB got kicked out by Perth Mint as I mentioned it will do...lol .

https://www.offshorecorptalk.com/threads/epb-kicked-out-of-perth-mint.30684/

 

[VESTANON]

Well seems EPB got kicked out by Perth Mint as I mentioned it will do...lol .

https://www.offshorecorptalk.com/threads/epb-kicked-out-of-perth-mint.30684/

Ahead of the curve As usual,...Warnings and signs come in trickles before the Boat completely sinks

 

[orangeye]

The Bank of Cyprus is the largest financial institution on the Mediterranean Island, which has long been considered a tax haven for Russian oligarchs.

If I'm not wrong, the Russians own their own bank in Cyprus, someone remember the name of that bank?

The Perth Mint signed the Bank of Cyprus up as a customer earlier this year despite the US State Department declaring the island a "major money laundering jurisdiction" and warning about its links to Russian organised crime.

The US State Department, okay alright! What about Delaware, Wyoming and New Mexico just to mention a few, what are they

 

[Martin Everson]

If I'm not wrong, the Russians own their own bank in Cyprus, someone remember the name of that bank?

They are the 18% shareholder of a Bank of Cyprus after the bail-in. I discussed it in this thread back in May 2019 .

The US State Department, okay alright! What about Delaware, Wyoming and New Mexico just to mention a few, what are they

Want to argue with US about that? It is an unfair world out there my friend.

 

[Sols]

If I'm not wrong, the Russians own their own bank in Cyprus, someone remember the name of that bank?

Are you referring to RCB? They have changed their branding from Russian Commercial Bank to just RCB now.

 

[4br]

There are a huge number of posts on Euro Pacific Bank, but since this is recent I will post this here. Advice for those who want to get out of the bank.

There support and operations are fairly sloppy, though they do get the job done eventually.

To get out of the bank you are best off making one test transfer, to make sure you have a working route out, and then one big transfer with all your funds.

I can confirm the route out to Transfer Wise's Belgium-based bank (EUR IBAN) works, but I would recommend checking it.

If you have a large sum of money Transfer Wise will ask for proof of origin for those funds and Euro Pacific have quite woeful statements to prove that. They don't produce any single document that lists the name of your entity, your address and the company who paid you.

You can export a list of all your transfer in which lists the source of funds, the value and the corresponding transaction id. That can then be cross-referenced with their e-statements which only list the transaction id and amount. The e-statements have the address.

I don't know what Transfer Wise took as proof of funds, as I sent them both the list of transactions and the e-statements; and I sent them all the wire forms from the company that sent me the money.

Euro Pacific also have individual wire reports, which can be found on the account history page. There are three small dots next to the transaction that link to who sent it, the amount and transaction Id. However this does not include any mention of your entity or address.

I had a Euro Pacific Bank account for over five years and many early transactions are missing and many others don't allow me to produce a transaction report, which essentially provides the incoming wire form.

So gather all the documentation you can before you transfer out. My transfer was verified within an hour of providing the documentation. If you have all that you should have your cash the same day your incoming wire hits.

 

[Edge]

There are a huge number of posts on Euro Pacific Bank, but since this is recent I will post this here. Advice for those who want to get out of the bank.

There support and operations are fairly sloppy, though they do get the job done eventually.

To get out of the bank you are best off making one test transfer, to make sure you have a working route out, and then one big transfer with all your funds.

I can confirm the route out to Transfer Wise's Belgium-based bank (EUR IBAN) works, but I would recommend checking it.

If you have a large sum of money Transfer Wise will ask for proof of origin for those funds and Euro Pacific have quite woeful statements to prove that. They don't produce any single document that lists the name of your entity, your address and the company who paid you.

You can export a list of all your transfer in which lists the source of funds, the value and the corresponding transaction id. That can then be cross-referenced with their e-statements which only list the transaction id and amount. The e-statements have the address.

I don't know what Transfer Wise took as proof of funds, as I sent them both the list of transactions and the e-statements; and I sent them all the wire forms from the company that sent me the money.

Euro Pacific also have individual wire reports, which can be found on the account history page. There are three small dots next to the transaction that link to who sent it, the amount and transaction Id. However this does not include any mention of your entity or address.

I had a Euro Pacific Bank account for over five years and many early transactions are missing and many others don't allow me to produce a transaction report, which essentially provides the incoming wire form.

So gather all the documentation you can before you transfer out. My transfer was verified within an hour of providing the documentation. If you have all that you should have your cash the same day your incoming wire hits.

Thanks for the post ...

Yeah good idea to have all the documents ready before doing anything ... I'm just very nervous about Transferwise .. Too many "horror stories" around similar to paypal ..

Can you share more about your experience from the transferwise side of things ? once you get the transfers etc ?

 

[4br]

Thanks for the post ...

Yeah good idea to have all the documents ready before doing anything ... I'm just very nervous about Transferwise .. Too many "horror stories" around similar to paypal ..

Can you share more about your experience from the transferwise side of things ? once you get the transfers etc ?

Nothing yet.

I am going to break the funds down across EMIs and them move it all out to crypto.

 

[lavel]

Nothing yet.

I am going to break the funds down across EMIs and them move it all out to crypto.

People better take out their money now before it is to late, to break the amounts into smaller amounts may help some people until they read this thread and notice people fleeing from the bank.

 

[Martin Everson]

I am shocked people have not yet run from EPB. You want to act like the captain of the Costa Concordia and not the Titanic when it comes to EPB i.e be one of the first to get the hell out.

 

[tacokai]

They are still around so it may take a long time before Euro Pacific Bank will close their doors if at all. Who knows it may be that they have good lawyers and can fight and win their case.

So far you don't hear much negative about this bank, sure they may not play by the rules, which bank does?

 

[Martin Everson]

EPB is only bank I know that actively serves CRS evaders and shell offshore corps. That is there entire business model. They may keep afloat for a while but there s no future in that business model they promote.

 

[4br]

EPB is only bank I know that actively serves CRS evaders and shell offshore corps. That is there entire business model. They may keep afloat for a while but there s no future in that business model they promote.

From the sound of things they are cleaning up shop. There are a lot of people saying their accounts were closed for little reason. Mine was closed, despite having an easily outline-able legitimate business. I have even Had The Federal Reserve as a client. But they kicked me out due to having a strange address. Maybe that was a blessing as I'd otherwise still be on the Good Ship EPB, sailing away to having a huge chunk of my life savings lost, locked for years, or impounded by thee who believe they are my slave driver.

I saw somewhere Peter had listed statistics of the bank's clients and applications. There were a lot of rejected and a lot of clients who were then kicked out for compliance issues.

I suspect that a lot of the story about the bank was rubbish, since there seems to be no issues since. I also had no problems wiring towards $750,000 out of the bank and it took one hour to pass the receiving bank's source of funds and checks. And that bank is in The EU.

From dealing with multiple staff (by phone) I didn't sense the hint of any issues.

With that said, it's going to be best to stay away from anything like EPB. I didn't realise that a bank with a direct account with The Fed, easy access to a wide array of financial instruments, remote opening and accounts for obscure IBCs was going to be more-or-less unicorn territory in 2020.

I think what it really comes down to is EPB was in a sweet spot in terms of CRS and they accepted a lot of small clients. My account processed about $60K in the first year. They are coming after this. The little guy shalt not have perks or breaks. Those are for Christine La Garde and other swaddled minions of international institutions.

 

[Martin Everson]

With that said, it's going to be best to stay away from anything like EPB. I didn't realise that a bank with a direct account with The Fed, easy access to a wide array of financial instruments, remote opening and accounts for obscure IBCs was going to be more-or-less unicorn territory in 2020.

They do indeed have or had a unique selling point for clients with shell companies and CRS avoiding needs in last few years.

I think what it really comes down to is EPB was in a sweet spot in terms of CRS and they accepted a lot of small clients. My account processed about $60K in the first year. They are coming after this. The little guy shalt not have perks or breaks. Those are for Christine La Garde and other swaddled minions of international institutions.

Yup little guy is easy to clobber as they are 9 out of 10 times unable to defend themselves with a team of lawyers. They are soft targets.

Consider yourself lucky.....blessings come in disguises too you know.

 

[4br]

I did email Peter directly from his site to try and get some assistance. He replied, saying I could get in on his Euro Pacific Capital deals instead I believe these are the ones that have been positioned for the decline of the dollar and evisceration of the American consumer. I guess that clock could be right next year

I got an email from EPB yesterday, even though I was told my account was to be terminated on 30 November.

When I logged in I was shown a message warning of delays of 5-7 days on processing USD wires out. It said this was due to something to to with the corresponding bank and the Chinese-virus.

The corresponding bank for USD is The Federal Reserve Bank of New York: https://files.europacbank.com/docs/EPB_MT103.pdf

They recommended processing outgoing wires in any other currency, like EUR, GBP, PLN.

Maybe the first shot has been fired?

 

[Martin Everson]

When I logged in I was shown a message warning of delays of 5-7 days on processing USD wires out. It said this was due to something to to with the corresponding bank and the Chinese-virus.

The corresponding bank for USD is The Federal Reserve Bank of New York: https://files.europacbank.com/docs/EPB_MT103.pdf

There is no correspondence bank between them and Fed. They have direct Fedwire membership and clearing. Can't see how covid is affecting there USD payments . Unless their payments are being audited.