LeuPay.EU - Review please is it a good offshore bank?

[pathtoetro]

hmm　 so they randomly close account? no thanks

 

[immunitas]

Hello to all, I am new here and have a few questions regarding Leupay or Sata. As an EU resident, I have an account in my own country, that has been limited to just over 1100 € due to debts from my former partner (not my personal debts, but we were married, so they are mine as well now). I just received a job offer, where I can earn approx. 1800 $ (~1500 €). Also I receive state benefits.

If my salary goes into my local bank, I will no longer qualify for benefits. Under normal circumstances, that would be no problem. But if the creditor take everything above 1100 € I won't be able to live on that (with mandatory health & pension insurance).

So I thought, that a second account would be just fine to start me on my way to financial freedom.
I would use it to buy stuff online, get cash from the machine and slowly start looking into more financial options to get off benefit and out of debt.

Question 1:
I would not mind paying taxes, since they would be very low to start with. But I am worried about the CRS and AEOI stuff.

It says:
Account balance or value as of the end of the relevant calendar year (or other appropriate reporting period) or at its closure, if the account was closed.

Does that mean, that the ONLY the amount and interest (if any) will be reported? Or will they report as well, how much money goes into the acoount every month?

Question 2:
I do need a debit card so that I get money from the machine, since I can't transfer it to my normal account. I need to make payments online with paypal or master/visa card (nothing big and expensive).
Would it be better to get a personal acoount or a business account. According to the tax status in my country I would be self-employed. Does that matter?

Question 3:
Eventually I plan to establish a company or trust somewhere. Can I use that account to pay for the starting cost until I have another 'secret' account somewhere else?

Question 4:
Which is better / more useful for me - Sata or Leupay? And why, please?

 

[Martin Everson]

Does that mean, that the ONLY the amount and interest (if any) will be reported? Or will they report as well, how much money goes into the acoount every month?

If you will have an undeclared account assume it to be reported regardless of activity. The main concern is not what they report but the fact that they will report. The taxman can also use any existing DTA or mutual assistance request to follow up on these small details of account activity outside of AEOI/CRS even. So once your account is discovered its game over.

Question 2:
I do need a debit card so that I get money from the machine, since I can't transfer it to my normal account. I need to make payments online with paypal or master/visa card (nothing big and expensive).
Would it be better to get a personal acoount or a business account. According to the tax status in my country I would be self-employed. Does that matter?

A business account will be more costly to operate. So do you want to go to the effort especially with a fixed amount of income? A personal account is always simpler to operate cost and time wise.

Question 3:
Eventually I plan to establish a company or trust somewhere. Can I use that account to pay for the starting cost until I have another 'secret' account somewhere else?

You have a limited amount of potential income. I would say any idea of affording a trust in your financial situation is fantasy at present

Question 4:
Which is better / more useful for me - Sata or Leupay? And why, please?

All accounts at Sata are under audit currently and they recently received a 60k euro fine last month by regulators. Their situation is in the air but they should pull through fingers crossed. I would therefore say Leupay would be better at present. It is affordable and cheap to operate.

 

[immunitas]

You have a limited amount of potential income. I would say any idea of affording a trust in your financial situation is fantasy at present

Well, yes of course. But even a small amount every month for a year could give me the opportunity to make more and perhaps later have a small trust or foundation to pass that money on to my children.

If you will have an undeclared account assume it to be reported regardless of activity. The main concern is not what they report but the fact that they will report. The taxman can also use any existing DTA or mutual assistance request to follow up on these small details of account activity outside of AEOI/CRS even. So once your account is discovered its game over.

But that does not sound good unfortunatelyl (and puts all ideas definitly in the land of fantasy). This job offer (small as it is) could be the first stepping stone to financial freedom. But with all the laws in Germany there is no way that I can get even started. I don't need a lot of money, but working and ending up with quite a lot less than the state benefits (which are supposed to be just above the poverty line) does not make sense.

But I keep on researching and also reading here, maybe I can come up with an idea.
Thank you for answer.

 

[JohnLocke]

It looks like you can forget about escaping taxes and anonymous accounts with all of these EMI's ! You need to find something different in order to stay anonymous if such exists. Personally I don't believe you will be able to find any real long lasting solution don't even with all the stuff posted in the Mentor Group.

The oldest "anonymous" account I have seen so far is 3 years without reporting but that was back in that time.

 

[immunitas]

It looks like you can forget about escaping taxes

I don't want to escape taxes - just the creditors for a while.

 

[happyjohn]

For creditor escape the below is the perfect setup:

Belize company with nominee director (appoint it after the EMI account is opened) then open an Mister Tango or other EMI account that accept Belize corps. LeuPay don't like offshore corps any longer so they go into the category of banks that suck!

None of your creditors will even be able to find out that you have anything going somewhere else nor be able to take your company, assets or even money!

Alternative go the dark way mentioned in the Mentor Group!

 

[Milky Moon]

For creditor escape the below is the perfect setup:

Belize company with nominee director (appoint it after the EMI account is opened) then open an Mister Tango or other EMI account that accept Belize corps. LeuPay don't like offshore corps any longer so they go into the category of banks that suck!

None of your creditors will even be able to find out that you have anything going somewhere else nor be able to take your company, assets or even money!

Alternative go the dark way mentioned in the Mentor Group!

That will set you back more than $1800.

Get a TransferWise account, get a USD account @transferwise and get their debit card.

Simple, cheap and easy.

 

[bountymounty]

That will set you back more than $1800.

Get a TransferWise account, get a USD account @transferwise and get their debit card.

Simple, cheap and easy.

you mean you won't get reported, and creditors or lenders can't simply get a court order to get access to the TW funds?

 

[Mark Rucken]

Do not get yourself in a situation to owe something to creditors and lenders ... problem fixed

Back on topic, LeuPay is good and it is NOT true that they do not open accounts for companies from tax havens. I just opened an account for BVI and all they asked a fresh Certificate of Incumbency. Transfers are fast, you get a free debit card. They ship it to EU only tho.

 

[MrTony]

I just opened an account for BVI

How many months ago you began the registration process? At the moment offshores are forbidden for registration.

 

[Mark Rucken]

How many months ago you began the registration process? At the moment offshores are forbidden for registration.

I applied a month and a half ago, I got the approval maybe 7 days ago. When you say offshores are forbidden, do you mean only tax haven countries or Delaware as well?

 

[Mark Rucken]

In addition, I just sent them an inquiry as an anonymous to see do they open accounts for Seychelles IBCs. If they blocked Seychelles and co ... then I really think that Seychelles and other tax haven islands days are numbered.

 

[MrTony]

Mate, I have a feeling that we talking about different companies LeuPay. Just visit website LeoPay - Online Payments & Money Transfers Made Easy and try to get registration for the offshore company. Good luck!

 

[Mark Rucken]

Mate, I have a feeling that we talking about different companies LeuPay. Just visit website LeoPay - Online Payments & Money Transfers Made Easy and try to get registration for the offshore company. Good luck!

No, I opened this account with LEUPAY, but they now changed name to LEOPAY. They were accepting companies from ALL jurisdictions until recently. Their support just told me that starting this month they can not assist for companies coming from Seychelles, BVI, Marshalls ... looks like I caught the last train.

LeoPay - Online Payments & Money Transfers Made Easy

 

[MrTony]

That's what I've been trying to tell you all along

I think, step by step, they will close existing accounts for companies from such jurisdictions.

 

[Xireyh]

Hi all!

I'm new in this forum (why didn't I find it earlier? ) and I think it is great, addictive. I'm learning a lot from you. Congratulations!

This is my situtation:

I'm European living in Europe and I have an onshore company in HK (which I want to make offshore next year - all legally) but main work is done in Europe. Bank in HK is horrible because fees were very high for transfers from / to Europe, so I decided to open an account in Europe (a bank account from / to transfers in euro coin could be made and that lets me to have debit or credit card for payments) and I found PAYSERA which works perfect for me (never asked me any proof after the registration process) but from 1 October 2018 on fees become incredibly crazy:
Dear customer,

We would like to inform that from 1st of October 2018 new fees for transfers are applied in Paysera system. Furthermore, account administration fee will be applied from this day on. From 1st of October the following additional fees will be applied to the existing fees:
- incoming SEPA payment +0.50 EUR;
- outgoing SEPA payment +5 EUR;
- very urgent transfer +15 EUR;
- execution of international transfer (SWIFT) +30 EUR;
- internal transfer within Paysera system +1 EUR;

Administration fee of Paysera account will be 10 EUR per month.
More information regarding administration fee can be found in the link below:
https://www.paysera.com/v2/en-GB/fees/account-management-and-identification


I have there now around 100k to which I receive SATA transfers from clients and from which I transfer as well all costs related to the company, including my salary. I use the debit card as well for paying some other costs like accommodations, travels, flight tickets, meals, etc.

But the new fees make me want to change into another bank and found LeoPay (=LeuPay).

Taking this above into consideration and after reading your coments saying some of you that LeoPay blocks accounts for days / weeks / months, would you recommend me to open an account with that amount here? For me it is not a problem to prove everything but I cannot be proving each transfer received / sent or each payment I do with the card...and I need the account operative because I work with it everyday and money there is needed.

If the answer is no...which other option do you recommend me with low fees?


Many thanks!

 

[Martin Everson]

Apart from the monthly 10 Eur administration fee the other fees seem reasonable at Paysera. Paysera in the end have to start making money to stay in business like all EMI's.

Leopay I use it to for small transactions and but don't keep any money in any EMI for more than 48hrs. 100k is a lot to keep in an EMI with no deposit insurance. If you don't need all of the 100k for daily activity park the excess money in a bank with deposit insurance or use multiply EMI's i.e MisterTango etc if EMI's are your preference.

 

[David97255]

Hi

It s a too big amount, don't forget that with emi's you are not protected by the deposit scheme.
Split the money with different emi's ( you got a thread list of Emi's here)
20k per Emi sounds safe.

 

[Nyep]

with emi's you are not protected by the deposit scheme

Note that EMIs are obligated via regulation to keep 100% of their customers' money in zero-risk accounts (e.g. an interest bearing bank savings account). Unlike banks, EMIs can't use that money to lend, leverage, provide credit, or make risky investments. So, in theory, if regulations are followed (and for the majority they are certainly followed) your money is very safe.

A doomsday scenario would be a collapse of one or more of the banks providing accounts to the EMI. As in, a backbone failure. It's an unlikely scenario, and they certainly try to mitigate those risks by working with several large providers.

Then there's the risk of the EMI deciding that they don't want you as a customer anymore. This can happen with any financial institution, and they will not keep your money if this happens, unless instructed to by law/tax agencies.