Euro Pacific Bank SEPA MasterCard AEOI / CRS?

[fuorissimo]

Bank won't be around much longer I predict so card issues is least of your worries . I have a prediction in another thread that EPB will be dead by end of 2019.

The world is a different place now for banking. I can't get my head round EPB's management strategy of avoiding CRS and allowing shell companies

I understand your distrust, so am I too. In fact, I'm thinking of opening a Delaware LLC, flying to the US and opening a bank account in STATES. I am an Italian citizen, I do not live in the USA and I do business outside. It's the best solution, don't you think?

 

[fuorissimo]

EPB allows 750 EURO / daily withdrawal.
10k max. load limit.
10k max daily charge limit.

I can't understand if the card, with UK issuer, has CRS risks.
BVI> EPB BANK ACCOUNT> UBO DEBIT CARD.

The account debited is the one of the BVI, but the debit card is in my personal name. UK Card issuer, reports the BVI, myself, both? Who?

Does anyone have this answer?

 

[Martin Everson]

It's the best solution, don't you think?

I disagree 100%.

That would be basically dangling your nuts in a lions mouth. Never deal with U.S directly ever if you can avoid it. I have covered teh subject in other posts extensively dealing with U.S if you search forum. I have nothing good to say about ever putting money in the U.S banking system and entangling your financial affairs with U.S and making yourself indirectly subject to U.S extraterritorial laws especially if you deal with crypto.

However everyone makes their own decisions.

 

[Mark Rucken]

I disagree 100%.

That would be basically dangling your nuts in a lions mouth. Never deal with U.S directly ever if you can avoid it. I have covered teh subject in other posts extensively dealing with U.S if you search forum. I have nothing good to say about ever putting money in the U.S banking system and entangling your financial affairs with U.S and making yourself indirectly subject to U.S extraterritorial laws especially if you deal with crypto.

However everyone makes their own decisions.

But there is absolutely no chance IRS will tax Italian citizen in the US ... his LLC can not be taxed in the States, period. What the US bank can do is report to Italian tax authorities that he has an LLC with pass-through taxation and that he should report his LLC's income as his own, to Italian tax authorities. But when it comes to taxation in the States and IRS ... he is good.

 

[Martin Everson]

But there is absolutely no chance IRS will tax Italian citizen in the US ... his LLC can not be taxed in the States, period. What the US bank can do is report to Italian tax authorities that he has an LLC with pass-through taxation and that he should report his LLC's income as his own, to Italian tax authorities. But when it comes to taxation in the States and IRS ... he is good.

Who said anything about tax or IRS? Did you actually read my reply you commented on?

 

[Mark Rucken]

Who said anything about tax or IRS? Did you actually read my reply you commented on?

I have read it, several times, as it seems like you said a lot, while in fact you said nothing, so I wanted to be more clear and help the guy

Cheers

 

[bombastick]

Hello. Sorry, I'm pretty much a newbie but I have some doubts.
First of all, yes, I read the previous threads regarding EPB and I see you always point out it's not a safe jurisdiction.
The EPB data leak happened in October 2018 and was affecting Dutch nationals. As far as I read, the main problem here was tax evasion, so nothing affecting in a serious way the EPB bank business (it's a customer problem if he does declare or not to dutch authorites he has an offshore bank account...). Not the first time a data leaks happends.
About the other problem - FBI cracking down on Puerto Rico banks in april 2019 - apparently this issue did not affect the banks that already had a fedwire account as reported by reuters Exclusive: New York Fed cracks down on Puerto Rico banks following...
Also the BSJI, that was their primary target, is still operating.
I admit Puerto Rico is pretty much a weak jurisdiction, but after all is always a US territory so killing their whole offshore banking industry would have negative effects on the whole US economy IMO. And frankly speaking, US don't give 2 cents about tax evaders from Europe, Asia, Africa etc. as long as they are not countries in their black list like Venezuela, Iran, Syria, etc.
I'm curious about something: EPB is offering since long time the possibility to convert your money into gold or silver deposits ar Perth mint in Australia. If somebody would convert his cash into gold, in the eventuality EPB bank would go down, would the money be safe or not?

 

[Martin Everson]

First of all, yes, I read the previous threads regarding EPB and I see you always point out it's not a safe jurisdiction.

Puerto Rico is a bankrupt country where a large percentage of the population has fled....lol.

As far as I read, the main problem here was tax evasion, so nothing affecting in a serious way the EPB bank business (it's a customer problem if he does declare or not to dutch authorites he has an offshore bank account...).

Supporting tax evasion is the core bank business of Europacific bank...lol. That is 99% of their business and clients...lol. Their clients fall into two categories as I say here over and over again 1) Avoiding CRS 2) Need a bank account for an offshore shell company they can't open an account for anywhere elsewhere..lol

I admit Puerto Rico is pretty much a weak jurisdiction, but after all is always a US territory so killing their whole offshore banking industry would have negative effects on the whole US economy IMO.

In what way will U.S killing their offshore banking industry in bankrupt PR affect U.S economy and the 22trillion debt pile?

If somebody would convert his cash into gold, in the eventuality EPB bank would go down, would the money be safe or not?

Why would you keep gold with a opaque bank like EPB in a bankrupt jurisidiction? That's like giving your money to a crackhead to manage from his crackhouse. Why would you go to EPB to get access to Perth Mint? You can buy the Perth Mint's own ETF they offer directly which is cheaper, safer and convertible to gold with them or buy and hold with Perth Mint directly. Why use EPB for this.....lol.

https://aaauetf.com/

 

[fuorissimo]

I disagree 100%.

That would be basically dangling your nuts in a lions mouth. Never deal with U.S directly ever if you can avoid it. I have covered teh subject in other posts extensively dealing with U.S if you search forum. I have nothing good to say about ever putting money in the U.S banking system and entangling your financial affairs with U.S and making yourself indirectly subject to U.S extraterritorial laws especially if you deal with crypto.

However everyone makes their own decisions.

Excuse me, the EPB bank is not as good as Puerto Rico. The USA is not going well ... What remains serious, outside the CRS? Anything.

 

[fuorissimo]

I don't do business with the US. I only have to:

- sell my crypto
- have an account with a debit card
- possibly buying a property in the US, registered to LLC Delaware.

Between BVI companies + EPB BANK ACCOUNT and DELAWARE + US BANK ACCOUNT, I think the second case is much better.

I live and am a European citizen, in the US I never even went.

Alternatively, give me some courtesy advice

 

[fuorissimo]

About the other problem - FBI cracking down on Puerto Rico banks in april 2019 - apparently this issue did not affect the banks that already had a fedwire account as reported by reuters Exclusive: New York Fed cracks down on Puerto Rico banks following...

Only request for new opening bank

 

[Martin Everson]

###### UPDATE #######

-----------

20th September 2019

The card-issuing unit of Caribbean offshore bank Euro Pacific filed a commercial contract claim against U.K. prepaid card merchant Prepaid Financial Services Ltd. on Wednesday.

Euro Pacific is represented by Fox Williams LLP.

The case is Euro Pacific Cards Services Ltd. v. Prepaid Financial Services Ltd., case number LM-2019-000189, in the High Court of Justice of England and Wales.

------------

I wonder what the case is that EPB has brought against their old card provider. Is money frozen belonging to EPB customers? Euro Pacific Card Services Ltd is a $1 UK shell company with Peter Schiff and Mark Anderson as persons with significant control....jokers...lol.

https://beta.companieshouse.gov.uk/company/08061212/persons-with-significant-control

 

[Edge]

I wonder what the case is that EPB has brought against their old card provider. Is money frozen belonging to EPB customers?

I remember they used PFS for years, from 2012 till 2017 I think .. that was my main card. But at the end they gave a good period notice to withdraw funds .. and I think I had to fill a form to get the rest of the money I didn't withdraw before they deactivated the cards ... But I got the money at the end ...

Maybe I'm confusing it with the next card provider ...

Euro Pacific Card Services Ltd is a $1 UK shell company with Peter Schiff and Mark Anderson as persons with significant control....jokers...lol.

How is that a problem ?
They probably set up the company in the UK to facilitate the integration with PFS, I think it's a common practice .. Am I wrong ?

 

[Martin Everson]

How is that a problem ?
They probably set up the company in the UK to facilitate the integration with PFS, I think it's a common practice .. Am I wrong ?

So your saying EPB probably setup a UK shell company (where effective control and management and operatin is in US) to facilitate integration with PFS and gain access for an opaque illicit offshore bank (Europacific bank) to the UK financial system? But you don't see a problem because other people do the same. You think two wrongs make a right...lol?

EPB has gained access to the UK financial system via the use of a UK shell company and used it to aid its tax avoiding clients in using debitcard to withdraw untaxed money from personal and offshore company accounts. The UK shell company has no other purpose than aiding and abetting criminal activity of its clients via abusing the UK financial system. EPB is a 1998 offshore bank in a 2019 world.

P.S Lawyer hat removed

 

[CaLViN]

We have withdrawn all money when they have notified us about the card issue.
I dont think anyone might have lost money in those cards.
This legal case is possibly related to another issue.

 

[Edge]

So your saying EPB probably setup a UK shell company (where effective control and management and operatin is in US) to facilitate integration with PFS and gain access for an opaque illicit offshore bank (Europacific bank) to the UK financial system? But you don't see a problem because other people do the same. You think two wrongs make a right...lol?

EPB has gained access to the UK financial system via the use of a UK shell company and used it to aid its tax avoiding clients in using debitcard to withdraw untaxed money from personal and offshore company accounts. The UK shell company has no other purpose than aiding and abetting criminal activity of its clients via abusing the UK financial system. EPB is a 1998 offshore bank in a 2019 world.

This is the problem with talking to you, it seems like you have an interest in bashing EPB .. That's why I can't trust you .. I want to honestly, I want to get the advice, but you say stuff sometimes that is very confusing ...


First of all, this is the definition of offshore banking :
Offshore banking refers to the deposit of funds by a company or individual in a bank that is located outside their national residence. Although the term implies that these banks are located on islands, many offshore banks are, in fact, found in onshore locations, such as Panama, Luxembourg and Switzerland. The advantage of offshore banking is that, in many cases, funds are tax exempt where the banks are located.


Your problem with EPB seems to be a problem with offshore banking in general, I'm not sure what are you doing here in that case.

The rest of your message, again, tells me you have no understanding how these banks work !! Of course they are going to create a shell company in the UK to facilitate PFS integration, do you think PFS doesn't know the purpose of Europacific card services or why they exist in the first place ??

 

[Edge]

We have withdrawn all money when they have notified us about the card issue.
I dont think anyone might have lost money in those cards.
This legal case is possibly related to another issue.

Yeah I thought so too ...
What do you think it is ?

PFS cut them because mastercard doesnt support card issuance for companies within the sepa region to people resident outisde of it anymore ... so it wasn't PFS "fault" that they probably lost clients etc ..

 

[CaLViN]

Well,this is the case for %90 of the banks and card providers at the moment.
If you are out of sepa region,you have no right to have a debit card.
))

 

[Martin Everson]

This is the problem with talking to you, it seems like you have an interest in bashing EPB .. That's why I can't trust you .. I want to honestly, I want to get the advice, but you say stuff sometimes that is very confusing ...

Remember carefully those words you said above as they may come back and haunt you if you do bank with EPB .

P.S I have great faith in common sense when it comes to avoiding EPB.

 

[lavel]

Remember carefully those words you said above as they may come back and haunt you if you do bank with EPB .

P.S I have great faith in common sense when it comes to avoiding EPB.

You have been right so far with almost any company you came here and bashed. I'm happy to see you around here and let us know when something is fishy it makes this forum an even better place.