Bank account/EMI shutdowns without CRS/MCAA/CBC background check

[mickey]

As we all know, it is almost impossible to setup a company in one of the common jurisdictions (like: Caribbean, Seychelles, UAE) and getting a bank account and/or EMI. The main reason for this is that the beneficial owner still lives in a high tax country, so CRS/MCAA and/or CBC kicks in.
When the beneficial owner does not live in a CRS/MCAA/CBC country (I guess Cyprus could be a choice?) the structure should be safe right?

Recently however, I noticed that numerous shutdowns of bank accounts and EMIs were also executed just when an IBC was an account owner without CRS/MCAA/CBC beneficial owner checking, is that right? Which standards do apply today?

 

[Dandyline]

mickey said:
As we all know, it is almost impossible to setup a company in one of the common jurisdictions (like: Caribbean, Seychelles, UAE) and getting a bank account and/or EMI. The main reason for this is that the beneficial owner still lives in a high tax country, so CRS/MCAA and/or CBC kicks in.
When the beneficial owner does not live in a CRS/MCAA/CBC country (I guess Cyprus could be a choice?) the structure should be safe right?

Recently however, I noticed that numerous shutdowns of bank accounts and EMIs were also executed just when an IBC was an account owner without CRS/MCAA/CBC beneficial owner checking, is that right? Which standards do apply today?
Click to expand...

It´s no problem to open EMI for UAE company. Several EMIs can be opened within 10 minutes.

It's little more difficult to open a proper bank account, but that can always be solved.

 

[mickey]

OK an UAE company seems to be an alternative.
Any other jurisdictions?

 

[Dandyline]

mickey said:
OK an UAE company seems to be an alternative.
Any other jurisdictions?
Click to expand...

- US LLC
- UK LLP
- Non resident Cyprus

Depends on what you want to accomplish.

 

[Gamblord]

mickey said:
As we all know, it is almost impossible to setup a company in one of the common jurisdictions (like: Caribbean, Seychelles, UAE) and getting a bank account and/or EMI. The main reason for this is that the beneficial owner still lives in a high tax country, so CRS/MCAA and/or CBC kicks in.
When the beneficial owner does not live in a CRS/MCAA/CBC country (I guess Cyprus could be a choice?) the structure should be safe right?

Recently however, I noticed that numerous shutdowns of bank accounts and EMIs were also executed just when an IBC was an account owner without CRS/MCAA/CBC beneficial owner checking, is that right? Which standards do apply today?
Click to expand...

I might be wrong on this but the main problem with Caribbean, Seychelles is getting a bank account/EMI without having the corresponding passport. As soon as you hand in your higher tax country passport CRS already kicks in. Non-CRS countries are the exception to this but either much harder to get an account (Georgia?) or banks in places I wouldn't trust holding my money even for a short while like Cyprus.

 

[JohnLocke]

Dandyline said:
It´s no problem to open EMI for UAE company. Several EMIs can be opened within 10 minutes.
Click to expand...

What EMI's would that be?

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[mickey]

Gamblord said:
I might be wrong on this but the main problem with Caribbean, Seychelles is getting a bank account/EMI without having the corresponding passport.
Click to expand...

You don't need exclusively a passport, a proof of residency would be also accepted.

 

[Dandyline]

Admin said:
What EMI's would that be?
Click to expand...

Payoneer, Paysera, Bankera among others.

 

[JohnLocke]

Really, you are sure Payoneer? okay may be worth a try.

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