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To do business with Iran and Cuba -- what jurisdiction would be a good fit?

#5
JamesDonkey said:
Suppose, I wanted to do business with Iran and Cuba. What jurisdictions and banks would be a good fit for that -- to open a company and bank account there? For instace, would Seychelles and Belize do?
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I would select an Iran Freezone company if possible. Banking wise use the Iranian bank Melli, Hamburg branch.

https://www.bankmelli.de/en/
There is no SWIFT currently...lol. My guess is wait for EU's INSTEX network and JCPOA talks to either work or fail with Iran. If talks succeed then Iran will be back on SWIFT again or more likely INSTEX network maybe ready.

https://instex-europe.com/about-us/
Otherwise historically BCP and REYL bank in Switzerland was where people banked some business with Iran pre-Trump re-imposed sanctions.


For Cuba no idea.
 
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#6
Some years ago I was in Cuba, I saw the Chinese UnionPay system logo in several places, probably Chinese banks have a way to work with Cuban Banks and you may want to investigate in that direction for a bank account that works there. I also saw some business from Chinese people living or working there.
Not sure... is just an idea.
 
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#8
My question is about jurisdictions and banks *outside of Iran and Cuba* -- the ones that would be a good fit to do business with Iran and Cuba.

Are there some banks that wouldn't care if one sent to or received money from a business in Iran or Cuba? Except the ones located in those countries, of course.
 
#9
JamesDonkey said:
My question is about jurisdictions and banks *outside of Iran and Cuba* -- the ones that would be a good fit to do business with Iran and Cuba.

Are there some banks that wouldn't care if one sent to or received money from a business in Iran or Cuba? Except the ones located in those countries, of course.
Click to expand...
North Korea smi(&%

Try Hong Kong, Egypt, Russia, Serbia, Bosnia maybe. Start here: Foreign relations of Iran - Wikipedia

UAE seems to be one of the main trade partners of Iran, maybe @CaptK can chime in.
 
#11
JamesDonkey said:
My question is about jurisdictions and banks *outside of Iran and Cuba* -- the ones that would be a good fit to do business with Iran and Cuba.

Are there some banks that wouldn't care if one sent to or received money from a business in Iran or Cuba? Except the ones located in those countries, of course.
Click to expand...
Don’t mix Cuba with Iran. Cuba receives money even from transfer services whilst Iran was disconnected from swift in 2012.
I think you should check with Spaniard banks.
 
#12
JamesDonkey said:
Suppose, I wanted to do business with Iran and Cuba. What jurisdictions and banks would be a good fit for that -- to open a company and bank account there? For instace, would Seychelles and Belize do?
Click to expand...
You have also chosen two beautiful countries to do business with.

You cannot do direct business with Iran. Everything is done through UAE, Turkey and other third countries and without a local business relationship and trusted person/company as exchanger you will lose your money faster than you can see.

EuroKiss said:
Any credit card works fine in Cuba and I guess also in Iran (but I am not sure).
You can travel there and use CC (Visa, MC and Unionpay) and POS, or cash, or crypto, or use Cuban banks in Europe (Banco Exterior de Cuba). Currently there is a lot of European investment in Cuba.
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NO credit card works in Iran!

They have a fully local banking system and cards.
 
#14
JamesDonkey said:
My question is about jurisdictions and banks *outside of Iran and Cuba* -- the ones that would be a good fit to do business with Iran and Cuba.
Click to expand...
reading the thread you got a lot of valid suggestions already, specially the Hamburg branch for the Iranian bank I would look into.
 
#16
uplana said:
reading the thread you got a lot of valid suggestions already, specially the Hamburg branch for the Iranian bank I would look into.
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Due to sanctions, the banks are NOT allowed to do any banking!

JamesDonkey said:
How does then Iran receive money for the goods it exports and sells?
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As already written, you cannot do direct business with Iran. Everything is done through UAE, Turkey and other third countries and without a local business relationship and trusted person/company as exchanger you will lose your money faster than you can see.
 
#17
JamesDonkey said:
Are there some banks that wouldn't care if one sent to or received money from a business in Iran or Cuba? Except the ones located in those countries, of course.
Click to expand...

You can try Bank Saderat Iran, UAE branch. Account opening forms are online or just walk into the Dubai office and ask.

http://www.banksaderat.ae
 
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