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InteractiveBrokers + Seychelles IBC -> account closure

#22
Patrick846 said:
11 days :-((( There is no way that I can open an account anywhere in that time frame
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ok, thanks. That is a very short notice. I will start prepareing myself... For my BZ IBC I have a Mauritius account still. But in Mauritius you cannot open an account in 11 days I think but its worth a try maybe.
 
#25
Patrick846 said:
do you have any suggestion for a broker offering the same kind of features than IB that would accept an offshore company?
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Saxo Bank's brokerage account has a good coverage, incl. acceptance of some IBCs, if the beneficial owner(s)' residencies aren't too spicy. You need to acquire a LEI number if planning to register your entity for trading with Saxo... about $100 a year to maintain it.
 
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#26
@Patrick846

And if Saxo gives bullocks, try Swiss Quote. Specifically swissquote.ae (UAE). Could be wrong here, but that branch seems like a purpose-built container for spicier client profiles to offer some compliance-related relief to the Swiss parent.

Enjoy!
 
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#31
nobel said:
Why? I have an account there. nai¤%
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You opened an account with EPB i.e a crap EMI with a banking license and still keep it open in 2020...lol. Firstly the bank is opaque and you know next to nothing about the financials or ownership of the bank. Secondly the bank was compromised some years ago i.e see thread on EPB data leak. Thirdly if you are using it to avoid CRS your screwed. So I hope your not using it to hide money as your about to get a rude awakening if you are.
 
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#32
Martin Everson said:
I closed my IB friends and family account before this happened.



Commonsense law bor&%#



Some may still in the short term but net is closing.



Find another broker or liquidate asset sand setup a company in a jurisdiction without negative connotations.
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Can you please tell which broker would you recommend? If, for example, I am a resident of one country, and the bank account from which I will replenish the broker's account in another.
 
#34
Dreamy said:
Personal
IB is good due to insurance of all deposits and 100% reliability of the broker, since they are many many years old. Really interesting what could be better.
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I just heard that when you want to send money from cryptocurrency to a bank, it’s stupid to specifically ask the bank before that if they can accept that kind of money. You just need to send and that's it :). What do you think about it?
 
#35
Dreamy said:
I just heard that when you want to send money from cryptocurrency to a bank, it’s stupid to specifically ask the bank before that if they can accept that kind of money. You just need to send and that's it :). What do you think about it?
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Don't do this....lol.

Read the banks terms and conditions first which may cover crypto activity and if in doubt ask them. A suck it and see approach to banking today is not advised.
 
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#36
Dreamy said:
IB is good due to insurance of all deposits and 100% reliability of the broker,
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Depends on which IB entity your using. Protection can range from garbage€20k protection in case of IB Lux entity to the much greater protection for IB US. I would not say any broker is 100% reliable as IB has had problems as recent as negative oil price saga. See below thread about deposit insurance.

https://www.offshorecorptalk.com/th...rs-and-brexit-lower-account-protection.31731/
Dreamy said:
Really interesting what could be better.
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Depends what you are looking for and your situation as everybody is different and we all want different things from a broker. If you want a cheap discount broker that's available to most people globally then IB is a good proposition.
 
#37
Many thanks Martin!
I am just a resident of one country. And I plan to top up IB account from a bank in another country. I heard that blocking is possible for such things. Personal account, top up from a personal bank account.
 
#38
#39
Dreamy said:
Many thanks Martin!
I am just a resident of one country. And I plan to top up IB account from a bank in another country. I heard that blocking is possible for such things. Personal account, top up from a personal bank account.
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as I said some time ago, they do an enhanced due diligence with funds from banks in high risk jurisdictions and can reject them lol but they actually don't block your account unless they think you are doing something shady like money laundering or securities fraud
 
#40
https://www.finra.org/sites/default/files/2020-08/Interactive-brokers-awc-081020.pdf
Since 2013, Interactive Brokers’ business has grown dramatically. In addition to having grown in size – in terms of numbers of customer accounts and securities and money transactions 2 executed – it has also grown in scope. In particular, the Firm has significantly expanded its relationships with foreign financial institutions (“FFIs”), for whom the Firm performs clearing services, including hundreds of FFIs located in high-risk jurisdictions. From January 2013 through September 2018 (the “Relevant Period”), however, Interactive Brokers failed to develop and implement an anti-money laundering (“AML”) program reasonably designed to match its growth.
 
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