Where to get offshore company and bank account now?

[StuartG]

I agree Suzy; i find the hassles a little inconsequential compared with the advantages of having a proper bank account. I previously had an account with Stanchar in HK and they gave me three months notice of closure with no reason!

 

[Suzy Emerald]

Well, at least they gave you notice. I have heard that other banks just close your account. Anyways, I would use multiple bank accounts for your money and not put all your eggs in one basket.

 

[Suzy Emerald]

For all and for what it's worth: in Belize there is also Heritage bank. It was suggested to me by a few agents.

 

[Saska2014]

hello everyone,

I'm in same doubt regarding offshore banking.Having a belize IBC got Bank of Cyprus corporate account closed and now looking for solutions.
I talked online with Heritage bank representative,they say it takes 2 weeks to open an account with them and you can do it yourself without an introducer.
Here's the quote:

The process takes two weeks for approval of the account. There should be a minimum deposit of $3000 USD. The requirements would be: A reference letter, Passport and the corporate documents of the company, and utility bill. All notarized copies. For the savings account you'll need a reference letter, passport and the utility bill. Notarized copies along with the completed application form signed for both account. There is a $100.00 application fee for new accounts.

However my question is is it safe to do banking thorugh belize? I heard that intermediary banks usually palced in germany may at any time decide NOT to send wire transfers to Belize offshore.True or not?

Also i want to open second bank account in Puerto Rico.Is Europacific oonly solution? Anything better?

Thanks everyone!

 

[Martin Everson]

However my question is is it safe to do banking thorugh belize? I heard that intermediary banks usually palced in germany may at any time decide NOT to send wire transfers to Belize offshore.True or not?

Intermediary banks can freeze funds or reject them if their own filter software detects a sanctioned party of suspicious transaction. In terms of banking in Belize or any offshore location you have to balance the risk/reward factor. The risk is high in Belize but is mainly risk associated with exposure to USD activity or US persons. Pretty much most offshore banks that have faced problems has been because of US actions. Financially Heritage bank is sound and profitable. However tomorrow morning the U.S can say the bank did a bad wire and the bank will disappear by midday if it is heavily USD dependent .

https://www.heritageibt.com/wp-cont...ance-Statement-2017-000001-e1530912518987.jpg

Also i want to open second bank account in Puerto Rico.Is Europacific oonly solution? Anything better?

There are literally dozens of other banks in Puerto Rico as it is one of the major offshore centers with around 22 offshore banks formed in last 3 years alone - CRS avoidance...cough cough or coincidence? However many just serve Latin America clients and don't offer much in way of English. You however seriously need to ask yourself in what mind set would you contemplate to bank in an OFFICIALLY BANKRUPT COUNTRY that has defaulted on its debts and population has fled the country....lol. That is the height of absolute and utter madness and irresponsibility. This is 10 levels of madness above people that decided to bank at Choice Bank knowing the banks past problems with correspondence banks . Think carefully or be prepared to start a new thread asking how to fill out claims forms against the bank . Sorry for my harsh tone but this madness has to stop.

Puerto Rico Is Officially Bankrupt: What Does It Mean?

 

[Safa]

It can be expanded, it's not only about the Banks and Jurisdictions accepting to do business. We tend to forget three crucial criterias from the banks that are their Liquidity, Solvency and Derivatives exposure compared to their assets.

For example, think of the following figures from two banks:

Barclays Bank:

-Liquidity: 36.6%
-Solvency: <6%
-Derivatives: <32x

Liquidity looks great though their solvency and derivatives figures are scary.

HSBC HK:

-Liquidity: <4%
-Solvency: <10%
-Derivatives: <6x

Liquidity looks poor though their solvency and derivatives figures looks great however due to their investments into Asian markets, it explains why their liquidity is low and makes them more reliable than Barclays Banks.

I definitely think we have to do more due diligence and look at figures from the start as it can end up badly for anybody despite having a successful structure in any jurisdiction regardless of the partner we are working with.

How will you go about it to open an bank account with one of these banks for your 500 dollar operation which looks more like a shelf than a real business?

 

[Saska2014]

Intermediary banks can freeze funds or reject them if their own filter software detects a sanctioned party of suspicious transaction. In terms of banking in Belize or any offshore location you have to balance the risk/reward factor. The risk is high in Belize but is mainly risk associated with exposure to USD activity or US persons. Pretty much most offshore banks that have faced problems has been because of US actions. Financially Heritage bank is sound and profitable. However tomorrow morning the U.S can say the bank did a bad wire and the bank will disappear by midday if it is heavily USD dependent .

https://www.heritageibt.com/wp-cont...ance-Statement-2017-000001-e1530912518987.jpg



There are literally dozens of other banks in Puerto Rico as it is one of the major offshore centers with around 22 offshore banks formed in last 3 years alone - CRS avoidance...cough cough or coincidence? However many just serve Latin America clients and don't offer much in way of English. You however seriously need to ask yourself in what mind set would you contemplate to bank in an OFFICIALLY BANKRUPT COUNTRY that has defaulted on its debts and population has fled the country....lol. That is the height of absolute and utter madness and irresponsibility. This is 10 levels of madness above people that decided to bank at Choice Bank knowing the banks past problems with correspondence banks . Think carefully or be prepared to start a new thread asking how to fill out claims forms against the bank . Sorry for my harsh tone but this madness has to stop.

Puerto Rico Is Officially Bankrupt: What Does It Mean?

Thank you Martin Everson for your extensive reply,I sure will do more research before i make a decision.Somehow Belize bank ( either Heritage either Caye International Bank, Ltd) seems like most immediate solution.
Really is a bit difficult to find what's the best in these times..

 

[atze]

Hi guys.
I am thinking about incorporating in Belize by myself where only 1 member is needed or Cyprus where 2 members are needed. I have read that if your Cyprus corporation is declared as foreign that the 12.5% tax does not apply...is that right?
The problem is that the 2nd member in the Cyprus corporation would be my Ukrainian wife.
So, what solutions is better for being accepted by banks? Belize with just me in it or Cyprus with my Ukrainian wife and me? We both have permanent residency of Panama and I have German nationality. The business is investment through a discountbroker. I know about EMI, but I don't want to plan my whole financial future based on EMI accounts or just 1 regular bank account, like Euro Pacific. There might be a day when I need to withdraw everything, and that's just too much money for EMI or only 1 bank account.
And it's not about hiding, i don't need to tax in Panama anyway.
Besides that, do. US banks still open accounts for foreign companies if applying in person? And if so, what is the Belize/Cyprus comparison there?
Sorry to get a little off topic here, but i cannot open an own topic, because I did not receive any "likes" yet. ;-(

 

[Safa]

So, what solutions is better for being accepted by banks? Belize with just me in it or Cyprus with my Ukrainian wife and me? We both have permanent residency of Panama and I have German nationality.

It depends on what it is you try to achieve. From a technical perspective it's sure possible you and your wife setup a Cyprus company and bank in Ukraine if it's not possible for the company to obtain a bank account in Cyprus.

and that's just too much money for EMI or only 1 bank account.

You must consider that taking out a lot of money in cash will rise flags anywhere you do that. So at this time where you want to take out all your money you will want to have opened a local bank account where you live to take the money into your country! You will be taxed sure, but if you say you have so much money you won't be able to take it out at one time or even occasional. Otherwise you want to find a country to move to now and stay there to take out your money!

 

[JohnLocke]

I think @Admin can split this off into a new thread if needed.

better is to stick to the forum guidelines and don't mix up threads! It make it confusing to find information and I would love to avoid to give warnings here

 

[Spinat]

Am I the only one who has had a reasonably good experience with Europacific Bank

Well if you use them for normal banking in the means that you safe up money there then you won't face any problem, the only thing is when you use it as a regular bank with daily in and out transfers it's the biggest s**t on earth.

 

[Spinat]

Well, I'm back in Cyprus and very very happy! I don't hope this country stop banking for offshore corps at anytime in the future. Most other banks and EMI's I tried in the meantime were horrible