sanctioned country citizen to open offshore company

[dotas]

So I'm a citizen of a sanctioned country and wanted to open an offshore company mostly for transferring money. I have around 50-60k USD in Asia and more in Europe.
(I'm also getting my 2nd passport in 2 years or so which will make this process much easier and faster than now.)
I opened a company in turkey (because why not really: cheap, fast, and better than nothing), but because of my nationality and turkey's banking system as a whole, I cannot transfer high amounts or get loans at all.
I contacted a couple of companies that help to open an offshore company but both said that they are gonna need my passport and much more details, which I knew is going to be a waste of time and money because of nationality and etc.
I thought about opening a shell company and bearer shares but couldn't find anything online + 99% of the companies have mixed reviews some saying they are great some calling them scams.
I can travel in person if necessary for any reason also (tbh visa, especially Europe, is the easy part).
Also, I need to mention that I already can transfer money from 3rd party ppl which might not be the most legal but I really want to do it on my own.
So I wanted to know if anyone can help me here or give me any advice, which I would really appreciate.

What I'm looking for:
1.Opening for my nationality OR Opening a shell company (or 100% anonymous without the need of an ID or passport or any traceback to my nationality) with bearer shares.
2.Opening a bank account to transfer money freely between ASIA (Korea, Hong Kong) and Europe and ofc turkey.
3.0 Tax or Low Tax (which I'm not going to work much with the company, but I might if needed, so its gonna be more like the fees and taxes for transactions between countries)

 

[Konstanz]

What is that "sanctioned" country? It would be much easier to advice

 

[Martin Everson]

dotas said:
What I'm looking for:
1.Opening for my nationality OR Opening a shell company (or 100% anonymous without the need of an ID or passport or any traceback to my nationality) with bearer shares.
Click to expand...

How can we provide help when you don't specify your nationality?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Sols]

dotas said:
(I'm also getting my 2nd passport in 2 years or so which will make this process much easier and faster than now.)
Click to expand...

If you can, just wait two years.

dotas said:
I contacted a couple of companies that help to open an offshore company but both said that they are gonna need my passport and much more details, which I knew is going to be a waste of time and money because of nationality and etc.
I thought about opening a shell company and bearer shares but couldn't find anything online + 99% of the companies have mixed reviews some saying they are great some calling them scams.
Click to expand...

Almost no banks accept companies with bearer shares. Even so, you will still need to identify yourself with the bank so they will find out who you are.

dotas said:
What I'm looking for:
1.Opening for my nationality OR Opening a shell company (or 100% anonymous without the need of an ID or passport or any traceback to my nationality) with bearer shares.
Click to expand...

No such thing as anonymous banking anymore. You're at least 20 years too late, I'm afraid.

dotas said:
2.Opening a bank account to transfer money freely between ASIA (Korea, Hong Kong) and Europe and ofc turkey.
Click to expand...

Depending on your nationality, are there any friendly countries you can go to?

Toggle signature
This is the probably the answer to your question.

 

[dotas]

Martin Everson said:
How can we provide help when you don't specify your nationality?
Click to expand...

Konstanz said:
What is that "sanctioned" country? It would be much easier to advice
Click to expand...

apparently, I cannot edit my post, and tbh I didn't think that sanctioned countries differ from each other, but it makes sense sorry for not mentioning it.
My nationality Is Iranian.

Sols said:
If you can, just wait two years.


Almost no banks accept companies with bearer shares. Even so, you will still need to identify yourself with the bank so they will find out who you are.


No such thing as anonymous banking anymore. You're at least 20 years too late, I'm afraid.


Depending on your nationality, are there any friendly countries you can go to?
Click to expand...

Great info, but I think there might be anonymous banking still but maybe for higher class people probably.
and as I said I already opened a company in Turkey but it's nothing close to what I want.

 

[Sols]

dotas said:
Great info, but I think there might be anonymous banking still but maybe for higher class people probably.
Click to expand...

No, there isn't. There is no such thing as anonymous banking anymore.

Things changed in 2001. It had been in motion for a while but 2001 really turned things around. Before then, it was still possible to have effectively anonymous banking but nowadays, no, not without breaking laws.

dotas said:
and as I said I already opened a company in Turkey but it's nothing close to what I want.
Click to expand...

With an Iranian citizenship, you don't have many other options. A bank risks massive penalties if they take you on. Far greater than what they would earn in fees.

Toggle signature
This is the probably the answer to your question.

 

[dotas]

Sols said:
No, there isn't. There is no such thing as anonymous banking anymore.

Things changed in 2001. It had been in motion for a while but 2001 really turned things around. Before then, it was still possible to have effectively anonymous banking but nowadays, no, not without breaking laws.


With an Iranian citizenship, you don't have many other options. A bank risks massive penalties if they take you on. Far greater than what they would earn in fees.
Click to expand...

I mean it's weird kinda when I can still transfer with western union or transferwire but you cannot transfer much with them, fees and etc. Also not a long term solution.

 

[Konstanz]

What goals are you trying to reach? Do you do business internationally?

 

[JackAlabama]

dotas said:
I mean it's weird kinda when I can still transfer with western union or transferwire but you cannot transfer much with them, fees and etc. Also not a long term solution.
Click to expand...

Have you tried in Armenia or Georgia?

Well, it is crypto for you then my friend. This is the solution for the unbankable.

 

[dotas]

Konstanz said:
What goals are you trying to reach? Do you do business internationally?
Click to expand...

Yes International business also want to transfer some of my own money.

JackAlabama said:
Have you tried in Armenia or Georgia?

Well, it is crypto for you then my friend. This is the solution for the unbankable.
Click to expand...

Both yes and both negative.
But crypto is only way i guess

 

[JackAlabama]

dotas said:
Yes International business also want to transfer some of my own money.

Both yes and both negative.
But crypto is only way i guess
Click to expand...

How about getting a residency somewhere? Then at least you have more chances in your new place of living.

 

[LoveMyLife]

There is a way by openning a company in one of eastern european countries and hiring a local director and having a UK LLP as owner and having a 3 other companies from eastern europe as a partners in UK LLP.

Banks in eastern europe just requires business registry extract and ID card of a director. If director has ID card from EU country and business registry does not show owner of local company from a high risk country (in this case, it will be UK LLP), they open account in less than 1 hour.

Eastern european banks are not used to require any reasonable KYC documents from local companies. They does not care who is UBO. They care about UBO just in case if company has any govermental institution as a customer.

So, there is a solution..

 

[Martin Everson]

dotas said:
My nationality Is Iranian.
Click to expand...

You need a new address outside Iran. The passport is not necessarily the problem as there are Iranians everywhere outside Iran banking and running businesses from London to Switzerland to Dubai to US. The problem is the Iranian address. A few Iranians go across border to Armenia and even as far as Georgia to get a new address. As long as you have a new address and your activity is not related to Iran you may be ok.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Davis123]

Martin Everson said:
You need a new address outside Iran. The passport is not necessarily the problem as there are Iranians everywhere outside Iran banking and running businesses from London to Switzerland to Dubai to US. The problem is the Iranian address. A few Iranians go across border to Armenia and even as far as Georgia to get a new address. As long as you have a new address and your activity is not related to Iran you may be ok.
Click to expand...

Very true. There are many Iranians living in UAE too and they have no problems ? Did you try UAE? I think I saw Bank Saderat Milli Iran (pardon my spelling as i don't know Persian language) with lots of branches in Dubai. But with UAE you definitely need a residence visa nowadays.

 

[ThePassportMan]

easy. Opt for a second citizenship today, and you can open bank accounts with MOST banks around the world. I assume you have been living outside Iran for last 5 years... so can go for Vanuatu Citizenship and can open a bank account in Vanuatu or with big Hong Kong / UAE / Singapore / Switzerland banks

 

[lory]

OP there is some very useful advise here from OCT's Gurus which I would follow if I would be in your shoes.

 

[wellington]

LoveMyLife said:
There is a way by openning a company in one of eastern european countries and hiring a local director and having a UK LLP as owner and having a 3 other companies from eastern europe as a partners in UK LLP.

Banks in eastern europe just requires business registry extract and ID card of a director. If director has ID card from EU country and business registry does not show owner of local company from a high risk country (in this case, it will be UK LLP), they open account in less than 1 hour.

Eastern european banks are not used to require any reasonable KYC documents from local companies. They does not care who is UBO. They care about UBO just in case if company has any govermental institution as a customer.

So, there is a solution..
Click to expand...

Interesting, what countries and banks in Eastern Europe?

 

[lacomaco]

Defini

wellington said:
Interesting, what countries and banks in Eastern Europe?
Click to expand...

Definitely not Slovakia and Hungary... Even local companies beneficially owned by Iranians have big problems to open bank accounts. Using UK entities to confuse the beneficial ownership makes it even harder

 

[dotas]

Firstly thank you all for answering, I really appreciate it and sorry for not replying sooner.

Martin Everson said:
You need a new address outside Iran. The passport is not necessarily the problem as there are Iranians everywhere outside Iran banking and running businesses from London to Switzerland to Dubai to US. The problem is the Iranian address. A few Iranians go across border to Armenia and even as far as Georgia to get a new address. As long as you have a new address and your activity is not related to Iran you may be ok.
Click to expand...

As I said Im living in turkey for a few years now but it didn't help at all. I opened individual bank account here (local bank) and opened a company but cannot open bank account in any international bank Like ING, QNB, or even private banks like Ä°ÅŸbank. I have an address, house, and assets even but I guess citizenship is a must at this point.

JackAlabama said:
How about getting a residency somewhere? Then at least you have more chances in your new place of living.
Click to expand...

I have already, turkey. but as I mentioned no help, waiting for citizenship.

Davis123 said:
Very true. There are many Iranians living in UAE too and they have no problems ? Did you try UAE? I think I saw Bank Saderat Milli Iran (pardon my spelling as i don't know Persian language) with lots of branches in Dubai. But with UAE you definitely need a residence visa nowadays.
Click to expand...

UAE is even harder, most of the Iranians you see have 2nd passport or asking 3rd party people to transfer money.(this is as far as I know maybe there is actually another way and I would love to know). and that Bank Saderat Milli is worthless from what I know there is Melli bank is turkey also but they literally don't do anything you cannot even get money.

ThePassportMan said:
easy. Opt for a second citizenship today, and you can open bank accounts with MOST banks around the world. I assume you have been living outside Iran for last 5 years... so can go for Vanuatu Citizenship and can open a bank account in Vanuatu or with big Hong Kong / UAE / Singapore / Switzerland banks
Click to expand...

I still don't have the 2nd passport but soon (in 2 years) I will have one. Investing in island countries seems risky to me. but thanks for the advice 😉

lacomaco said:
Defini

Definitely not Slovakia and Hungary... Even local companies beneficially owned by Iranians have big problems to open bank accounts. Using UK entities to confuse the beneficial ownership makes it even harder
Click to expand...

Yes I heard that also but I think I need to find that gem country in eastern Europe that might exist *hopefully*

lory said:
OP there is some very useful advise here from OCT's Gurus which I would follow if I would be in your shoes.
Click to expand...

I'm all ears and thankful 😉

again thank you all for taking your time and answering. I hope soon with the new president and administration in the USA sanctions might hopefully be lifted. then I will buy you all a beer 😉

 

[JackAlabama]

dotas said:
Firstly thank you all for answering, I really appreciate it and sorry for not replying sooner.

As I said Im living in turkey for a few years now but it didn't help at all. I opened individual bank account here (local bank) and opened a company but cannot open bank account in any international bank Like ING, QNB, or even private banks like Ä°ÅŸbank. I have an address, house, and assets even but I guess citizenship is a must at this point.

I have already, turkey. but as I mentioned no help, waiting for citizenship.

UAE is even harder, most of the Iranians you see have 2nd passport or asking 3rd party people to transfer money.(this is as far as I know maybe there is actually another way and I would love to know). and that Bank Saderat Milli is worthless from what I know there is Melli bank is turkey also but they literally don't do anything you cannot even get money.

I still don't have the 2nd passport but soon (in 2 years) I will have one. Investing in island countries seems risky to me. but thanks for the advice 😉

Yes I heard that also but I think I need to find that gem country in eastern Europe that might exist *hopefully*

I'm all ears and thankful 😉

again thank you all for taking your time and answering. I hope soon with the new president and administration in the USA sanctions might hopefully be lifted. then I will buy you all a beer 😉
Click to expand...

No, that will not happen. I would rather prepare for some bombs by the new president.

You could ask a trusted friend opening a new account for him and you can use it to run your affairs thru it.