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We can forget BlueOrange and Latvia

C

countryfree

Active Member
Sep 24, 2017
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#1
I'm in Riga, and I've been at the BlueOrange bank earlier today, trying to open a bank account for my Wyoming LLC, they told me it's no longer possible.

The Latvian government passed some new regulations against "shell companies" this week. It's no longer possible to open a bank account in Latvia for a company based in Panama, or Delaware and the like, which are blacklisted, and clients are now asked to provide business reports. This also applies to existing clients. If you had a Latvian bank account for Delaware LLC (it used to be possible), you will have to give the bank financial details about your business, or close your account.

Well, I'll have to find another country... Suggestions welcome!
 
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#2
Thank you very much for the feedback, it's great help for all of us.

Unfortunately I have no alternative banks I can mention, but I hope someone else has any suggestions.
 
#7
Estonia is much worse than Latvia regarding regulations and controls. Sadly, I don't know much about Lithuania, but it should not be better in any way. You've got to watch where Russian money is going, and there's not much of it in Lithuania.
 
#9
Yes, I've heard about Georgia, too, but it's a bit off limits. Not really offshore, but I've yet to see someone doing business in the European Union with Georgian money, or coming from a Georgian bank. Another concern is that when I look on the map, Georgia's between Russia with an unresolved border issue, and Iran. I'm not sure it's safe place to store money, but then, I've never been there.
 
#10
Best advice is to get out of using offshore companies and rethink your strategy.

Georgia is nice place I lived there for a year...very proud people. Don't let the fact that Russia could flatten it in 5 minutes and use it as a car park discourage you. It 100% is not safe place to keep money but a very business friendly and open country. They also have a comprehensive freetrade agreement with EU so they are not some obscure country. Business between EU and Georgia is encouraged by EU :-)
 
#12
Martin Everson said:
Best advice is to get out of using offshore companies and rethink your strategy.

Georgia is nice place I lived there for a year...very proud people. Don't let the fact that Russia could flatten it in 5 minutes and use it as a car park discourage you. It 100% is not safe place to keep money but a very business friendly and open country. They also have a comprehensive freetrade agreement with EU so they are not some obscure country. Business between EU and Georgia is encouraged by EU :)
Click to expand...

Yes, there are many positive signs from Georgia, but I guess I'll need to visit the country to feel safe about it.

Poland? This is a surprise. You can open a bank account for an American LLC, there? I had no idea. Do you any more info about it, or can you suggest a bank, maybe? Actually, it's very stupid, because I'm in Berlin right now, and I drove through Poland without looking at anything...
 
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