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.@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.....
Did the IRS have the same access to EPB as it has for a big U.S. bank?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.
Okay so it is not the same after all.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.
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.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.
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.
and "So we really needed to get out of there"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.
I think you're right and for us in the EU that means a massive difference in comparison to our American fellow clients.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.
Perhaps, but the same would have been true had the bank moved to any one of the 50 U.S. states.I think you're right and for us in the EU that means a massive difference in comparison to our American fellow clients.
Perhaps, but the same would have been true had the bank moved to any one of the 50 U.S. states.
Probably. It just took one women to do it.Of all the U.S. States, Puerto Rico was the only one that could have closed the bank the way they did.
Any other State, and the bank would still be opened.
Probably. It just took one women to do it.
Yes, I totally agree with you.Perhaps, but the same would have been true had the bank moved to any one of the 50 U.S. states.
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.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.
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.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?