Where is it possible to setup a real offshore bank account?

[happyjohn]

There are a lot of discussions on this forum already about offshore bank account opening.

Anyway, most of these discussion turn into a lot of bull s**t with no direct answer to what our options are. Either people say they can help or they post a lot of nonsense about tax rules and other stuff.

I would like to know where is it possible to open a real offshore bank account for a business duly setup in the UK, Cyprus, Malta, Georgia and Bulgaria, just pick one country if you know something.

If you only know about personal account, please post here too.

 

[BlueMist]

I think there is no simple answer to that. I am hearing Cyprus banks are opening accounts for Maltese companies, even Maltese banks (how surprising...) do but it all comes down to the risk profile it seems. Somehow all of the sudden all banks I have checked became risk averse to gaming (bookmakers, casino etc) or gaming related (websites promoting bookmakers, casinos etc) businesses.

I am also not sure about your question regarding personal offshore accounts, because these are widely available such as Barclays Jersey (min. GBP 25,000), Citibank IPB London ($250,000).

 

[happyjohn]

Exactly what I figured out, the problem is the business itself. Some report Cyprus banks still accept foreign companies, some say no. I have experience with both from last year. But beside Cyprus it would be interesting to learn about other options available, business accounts ofcourse.

 

[BlueMist]

Exactly what I figured out, the problem is the business itself. Some report Cyprus banks still accept foreign companies, some say no. I have experience with both from last year. But beside Cyprus it would be interesting to learn about other options available, business accounts ofcourse.

2 years back my corporate service provider was offering me Cyprus bank account for Maltese company. Now they say it’s not an option anymore. Going back in time I should have arranged 2-3 bank accounts but who would have thought Maltese banks would stop offering services to Maltese companies in a pro gambling jurisdiction...The funny thing is Maltese politics are saying it’s out of their hand as these are banks internal policies. Stupid talk.

I am also interested in banking options available with reasonable fees, which CIM Banque’s are not.

 

[hernanday]

Lol, you guys are doing it all wrong. Take a hint from the California guys selling marijuana which is illegal on the federal level (including banks) but legal on the state level. Mask your business income with another business. Hence all marijuana dispensaries become coffee shops, property management firms and churches. Strip clubs become night clubs. Your online casino will need to become some business the banks will accept.

 

[Caporaso and Partners]

I agree with happyjohn , plus a 1K client is different from a 100K client and so on, so even if I think that to share experiences is good, if you have a real need you must contact an expert and not look for solutions in posts.... Someone may had a bad experience only because he did something wrong during the application

 

[curiousmarv]

Offshore means in another country, right?
All business accounts here require of course deep KYC. All are real banks. I don't know if they accept all your jurisdictions you mentioned (but the chance is high).

• CIM Banque (CH), high fees, high first deposit
• Wirecard Bank (DE), I think minimum fees around ~80€ per month
• Deutsche Handelsbank (DE), fair priced

Personal note: Stay away from Cyprus banks unless you really really need them for some stupid reason (like e.g. payed app developer for Google's Android in Cyprus). AML and KYC is a nightmare in Cyprus nowadays, everything is high risk for them unless you have a physical shop within Cyprus.

 

[BlueMist]

I agree with happyjohn , plus a 1K client is different from a 100K client and so on, so even if I think that to share experiences is good, if you have a real need you must contact an expert and not look for solutions in posts.... Someone may had a bad experience only because he did something wrong during the application

Exactly. Also it's not about doing something wrong on the application form. It's about so many possible scenarios that there does not seem to be unique recipe, e.g.:

X company directly owned by UBO
X company owned by Y holding from another than X jurisdiction (and this holding is UBO or nominee trust...).
Now the UBO itself is he a resident of EU or outside EU.

Deutsche Handelsbank has rejected by Malta business. But at least with them documents could be emailed and decision came back quickly (within few hours...). Wirecard on the other hand apart from €250 deposit, requires everything to be completed and posted to them. In addition to that they require copies of documents to be certified etc.