Our valued sponsor

Euro Pacific bank is a scam

#2,181
Register now
You must login or register to view hidden content on this page.
GF150 said:
@danielboros:
Yes, I agree with most of what you say but you can't have your cake and eat it. In french we say "on ne peut avoir le beurre et l'argent du beurre" (you can't have the butter and the money you spent for it (or, possibly the money you got if you sold it ?)). So, if you seek privacy, you go offshore and no Administration would be kind to off-shore banks. All the Administrations want to control/submit you and shear you as much as possible via the cooperation of the banks. Those that don't cooperate are ostracized. So the dilemma is quite clear. Privacy comes with enhanced risk. However, it's unclear to me whether you support the offshore banks or the Administrations.....
Click to expand...
But the bank didn't offer privacy. It did at first when it was located in St. Vincent, but it gave that feature up when the bank relocated to Puerto Rico in 2017. The customers knew that, and those who wanted privacy closed their accounts at that time.
 
#2,184
I suspect the other J5 tax authorities were upset when the bank moved to PR, as its not a jurisdiction that participates in the Common Reporting Standards regime, meaning that they could not receive any data on account holders or their balances.
 
  • Like
Reactions: GF150
#2,187
UKNomad said:
Just my guess. The bank moved not long before Saint Vincent was due to start exchanging information under the Common Reporting Standards regime. Although that could be a coincidence.
Click to expand...
It was a complete coincidence. I moved to PR in 2017 too, so did the other two principals of the bank. So it was tax advantageous for the bank to move there too. Plus, we were having problems being in the jurisdiction, due to problems with Loyal Bank, the largest offshore bank in St. Vincent. So we really needed to get out of there. Puerto Rico seemed liked the best choice. In hindsight it was a disaster, as it opened the door to the IRS. We were not doing anything wrong, so it was not a concern We neglected to account for corruption in the IRS.
 
#2,188
Radko said:
EPB was audited every single year by an independent company.
They contacted customers every single year, with a long form full of questions, amog those we had to confirm the balance of our accounts.
Click to expand...

Can you send me one audited financial statement for the bank that you have please so I can see? Thx in advance

P.S When it comes to offshore banking you never trust anyone and always verify.
 
#2,190
Pschiff said:
But the bank didn't offer privacy. It did at first when it was located in St. Vincent, but it gave that feature up when the bank relocated to Puerto Rico in 2017. The customers knew that, and those who wanted privacy closed their accounts at that time.
Click to expand...
and "So we really needed to get out of there"


This is exactly the way I got it at that time. Moving to PR definitely had something to do with the change of compliance policy in St Vincent & The Grenadines and I can only say 'hats off' to Peter. On the other hand, I guess there can be different degrees of privacy. I have no problem with the concept of disclosure in case of rightful criminal investigation. However, giving out data when nobody asks for is something that doesn't seem to be acceptable. What was a criminal offense a decade ago has become mandatory in the "new normal". Enough ! Quo usque tandem abutere, Schwab & Co., patientia nostra?smi(&%
 
Last edited:
  • Like
Reactions: Radko
#2,191
UKNomad said:
I suspect the other J5 tax authorities were upset when the bank moved to PR, as its not a jurisdiction that participates in the Common Reporting Standards regime, meaning that they could not receive any data on account holders or their balances.
Click to expand...
I think you're right and for us in the EU that means a massive difference in comparison to our American fellow clients.
 
#2,197
danielboros said:
Why would I have to support a bank or any other business anywhere? It is also not either or. Imagine that you have two shops next to each other. One pays the mafia and the other won't. The one that won't, gets destroyed and the owner of the other says: "look, this is why I pay the mafia". I can recognize the point of view of every player in this situations without supporting the mafia. How many EPB customers would have kept their money at the bank if they knew who or what was coming for them? Probably none.
Click to expand...
It was just a simple question without any hidden prejudice. It was simply unclear to me whose side (if any) you seemed to be on.
Neither side is quite legitimate an answer. On the contrary, both sides would be rather puzzling as per my understanding because the point of view of the offshore banks and that of the Tax Administrations in the matter of privacy appear very much as mutually exclusive and I'm not comfortable with the concept of supporting two mutually exclusive positions.
 
#2,199
Soon it’s Christmas and I hope they will be not selfish and celebrates Christmas with our money. If they have at least a bit of humanity on their heart, they would finish the process before Christmas, which they can.

If not and they keep delaying it their VIP barbecue is already reserved in hell.
 
  • Haha
Reactions: MikeDem
#2,200
EPBVictim01 said:
Soon it’s Christmas and I hope they will be not selfish and celebrates Christmas with our money. If they have at least a bit of humanity on their heart, they would finish the process before Christmas, which they can.
Click to expand...

So you think they can wrap things up in 8 working day from now?
 
  • Haha
Reactions: MikeDem
Register now
You must login or register to view hidden content on this page.
You must log in or register to reply here.
Offshore Bank Accounts

Forum Announcement

Latest Threads

Offshore Bank Accounts
Top Bottom
Back