Bank Account for Caribbean CBI Programs

[Hank Moody]

I'm interested in st kitts and nevis CBI. It requires bank statement for at least 1 year. I dont have any transactions done in the past 2 years with my bank account in UAE but the bank account was created 2 years ago.

Can anyone please answer the following questions?
- If I now receive 100k in UAE bank acc and show it for CBI, will they ask for my previous experience in this field?
- Will they ask for my Indian bank account statements (I was in India since 12 years and received money from businesses in Indian bank accounts only) and the source of funds in those accounts?
- I dont want to show any Indian bank accounts at all so how do I manage this? Is it possible? If yes then in what case?

 

[Martin Everson]

Hank Moody said:
- If I now receive 100k in UAE bank acc and show it for CBI, will they ask for my previous experience in this field?
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Receive 100k for what? n You can't show them random money without it having a purpose.

Hank Moody said:
- Will they ask for my Indian bank account statements (I was in India since 12 years and received money from businesses in Indian bank accounts only) and the source of funds in those accounts?
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They will want source of funds on the bank statement you show them.

Hank Moody said:
- I dont want to show any Indian bank accounts at all so how do I manage this? Is it possible? If yes then in what case?
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Then put money on account for a legit activity now i.e work or investment income and start the clock ticking. Then approach an authorised agent in 12 months time to go through process.

P.S You can open an account with Bank of Nevis (BONI) and deposit with them and say its for CBI program. Bank Of Nevis Int Ltd is an authorised CBI agent for the program btw.

Last edited: Nov 9, 2021
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Hank Moody]

Martin Everson said:
Receive 100k for what? n You can't show them random money without it having a purpose.
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It will be a clean business income.

Martin Everson said:
They will want source of funds on the bank statement you show them.
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And they will have it and I dont have problem with showing the source of income for the Dubai Account which have 0 AED in it right now.

Martin Everson said:
Then put money on account for a legit activity now i.e work or investment income and start the clock ticking. Then approach an authorised agent in 12 months time to go through process.
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You mean if I receive USD 100k now it will not work? USD 100k needs to be in my bank account for 1 year at least? :O Do they have that kind of rule?

Martin Everson said:
P.S You can open an account with Bank of Nevis (BONI) and deposit with them and say its for CBI program. Bank Of Nevis Int Ltd is an authorised CBI agent for the program btw.
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Opening bank account with them and telling them its for CBI program will stop them from reporting the transaction to Indian gov? How can Bank of Nevis help me at all?

What if I want to go with Dominica and cancel st kitts and nevis cbi plan? Is there any other such bank which is authorised CBI agent for the Dominica CBI program and which also doesnt report to Indian gov (Im Indian citizen)

 

[Hank Moody]

Im trying to get second citizenship within months as corona s**t has already pushed me 1.5 years back. I hope the odds be on my side.

 

[Martin Everson]

Hank Moody said:
And they will have it and I dont have problem with showing the source of income for the Dubai Account which have 0 AED in it right now.
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You can try this but all a zreo statement will show them is you are hiding something. Do you also think you can obtain a good bank reference for a zero balance an zero transaction account? If you can then well done thu&¤#.

Hank Moody said:
You mean if I receive USD 100k now it will not work? USD 100k needs to be in my bank account for 1 year at least? :O Do they have that kind of rule?
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Good question. You can possibly claim the 100k for last 12 months of work under a contract paid out at end maybe.

Hank Moody said:
Opening bank account with them and telling them its for CBI program will stop them from reporting the transaction to Indian gov? How can Bank of Nevis help me at all?
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So reporting to India under CRS is an issue then? So BONI won't help at all. You would have to open an account in a non-CRS a country like Puerto Rico.

Hank Moody said:
What if I want to go with Dominica and cancel st kitts and nevis cbi plan? Is there any other such bank which is authorised CBI agent for the Dominica CBI program and which also doesnt report to Indian gov (Im Indian citizen)
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You need to look at government official list. St KItts alone has quite a few agents all over the world.

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