Transferwise Business Account - Belize Company - USD wire bank details

[offshoreexpert]

Seychelles is it a best solution for TransferWise? I don't think they like offshoring

 

[curiousmarv]

So what is the solution what do you suggest?

There is no real solution with Transferwise and your country. You need either another bank/EMI or another country then.

 

[offshoreexpert]

There is no real solution with Transferwise and your country. You need either another bank/EMI or another country then.

Which other EMI do you suggest for Seychelles?

 

[Martin Everson]

Panama is not listed either. WOW. Interesting list for sure.

Panama is an obvious one after Panama papers. I don't even think banks/EMI's are interested in people living in Panama let alone a company.

 

[JimmyWho]

What's our goal here? To conclude there are no solutions?

 

[Mr Wolf]

Martin, you sound very sarcastic and negative... Maybe try to suggest some solutions based on your knowledge and experience could turn this chat into something more constructive ?

 

[Martin Everson]

Martin, you sound very sarcastic and negative..

I am because I live in the real world and I am a realist not a dreamer .

Maybe try to suggest some solutions based on your knowledge and experience could turn this chat into something more constructive ?

The OECD is eliminating tax havens unless you have been living under a rock for last 5 years. The entire Caribbean has been forced to change their laws. The US is also restricting access to USD outside US via heavy compliance, sanctions and a lot of banks have lost their USD correspondence accounts. Even Transferwise has tough restrictions over USD - have you not realized? Then someone asks for a solution for a tax haven company (Belize) and USD account . What do you expect then answer to be?

If your looking for miracles then go to church. This is 2019 not 2009.

 

[offshoreexpert]

I am because I live in the real world and I am a realist not a dreamer .



The OECD is eliminating tax havens unless you have been living under a rock for last 5 years. The entire Caribbean has been forced to change their laws. The US is also restricting access to USD outside US via heavy compliance, sanctions and a lot of banks have lost their USD correspondence accounts. Even Transferwise has tough restrictions over USD - have you not realized? Then someone asks for a solution for a tax haven company (Belize) and USD account . What do you expect then answer to be?

If your looking for miracles then go to church. This is 2019 not 2009.

That's the real truth. What do you propose to do with offshoring right now?

 

[Martin Everson]

That's the real truth. What do you propose to do with offshoring right now?

We have to all get creative. Offshoring will never relly die in the same way greed will never go away. We are just in period of transformation. Old offshore mentality and habits have to die and people need to embrace new methods and schemes and that include maybe crypto for the crypto fans out there .

What is killing offshore is access to traditional banking services. Offshore countries have noway of fighting back against being shut out of the international banking system and threats from OECD. Until there is a credible alternative to allow them to stand up against the constant threats, things will get worse before they get better. However I am optimistic a credible payment network/currency will emerge that can't be sanctioned, blacklisted or blocked and that is stable and universally accepted (so not bitcoin).

 

[Mr Magoo]

I would say its a game of give and take right now: go to a onshore jurisdiction where you pay some tax and sleep without stressing out. Dont't get too greedy trying to pay zero tax

 

[JimmyWho]

Would Singapore meet this requirement?

 

[Martin Everson]

I would say its a game of give and take right now: go to a onshore jurisdiction where you pay some tax and sleep without stressing out. Dont't get too greedy trying to pay zero tax

That's the idea. You can pretty much pay only 5% corporate tax in EU or 0% (deferred corporate tax) already. The only stumbling block is passing a "substance test" of the host country where the company is based. This means most one man show companies need to set up bricks and mortar operations to benefit from such rates so your looking at 5-20k annually in fees.

 

[asterix]

Just an update: I created a Seychelles company and did get a USD business account with Transferwise.

 

[offshoreexpert]

Update us if in the future you have any problems.

 

[TurnedToRobot]

Just an update: I created a Seychelles company and did get a USD business account with Transferwise.

Where did you get this setup?

 

[asterix]

Where did you get this setup?

For the Seychelles company I used Fidelity Corporate Services Seychelles offshore company formations

And for the Transferwise business account, I did it myself.

 

[Martin Everson]

Just an update: I created a Seychelles company and did get a USD business account with Transferwise.

The USD account you got is it a local US account? i.e you can only receive money from US and send money to US but cant send to a US account outside the US because of lack of ABA code?

Even though I don't use USD I did look and found the TW USD ability is limited and basically useless unless you do business in US.

 

[800008]

Will have to somehow switch to EUR, or find a real bank.

Anyway, I asked if there's a list of countries where one can get USD bank details and they pointed to this page: Transferwise - Why can't I get USD account details? Here's the list as of today:

All EEA countries (excluding Cyprus)	Canada	Guernsey	Montserrat	Saint Pierre and Miquelon
Aland Islands	China	Guyana	Morocco	Saint Vincent and Grenadines
American Samoa	Christmas Island	Haiti	Nauru	Saint-Berthelemy
Andorra	Cocos (Keeling) Islands	Holy See (Vatican City)	Nepal	Saint-Martin (French)
Anguilla	Cook Islands	Indonesia	New Caledonia	San Marino
Antarctica	Costa Rica	Isle of Man	Niue	Sao Tome and Principe
Armenia	Dominica	Israel	Norfolk Island	Seychelles
Aruba	Dominican Republic	Jamaica	Palau	Singapore
Australia	Faroe Islands	Jersey	Paraguay	South Georgia and the South Sandwich Islands
Bahamas	Fiji	Malaysia	Peru	South Korea
Barbados	French Guinea	Marshall Islands	Philippines	Suriname
Benin	French Polynesia	Martinique	Pitcairn	Switzerland
Bermuda	French Southern Territories	Mayotte	Puerto Rico	Taiwan
Bhutan	Georgia	Micronesia	Reunion	Thailand
British Indian Ocean Territory	Greenland	Monaco	Saint Helena	Turks and Caicos Islands
British Virgin Islands	Grenada	Mongolia	Saint Kitts and Nevis	United Arab Emirates
Brunei	Guadeloupe	Montenegro	Saint Lucia	Uruguay
United States*	Chile	New Zealand

It's said "You can only get USD borderless account details if your address is listed in the countries and territories below. "

It's for personal ? Not for business a/c ?

The answer is slightly confused.

 

[800008]

For the Seychelles company I used Fidelity Corporate Services Seychelles offshore company formations

And for the Transferwise business account, I did it myself.

Is the service provider really Fidelity at boston, ma, or just some firm use the big name ?

 

[Artemis Eleutheria]

Is the service provider really Fidelity at boston, ma, or just some firm use the big name ?

COMMUNITY FEDERAL SAVINGS BANK