US bank closures after second passport citizenship by investment

[puf3]

Hello, I'm a US citizen and obtained a Dominica passport three months ago via citizenship by investment (for work purposes). About two weeks after I received the Dominica naturalization paperwork, the US border control revoked my Global Entry. And in the three months since, two banks / brokers have closed all my accounts with them. They send vague letters in the mail that they've made a "business decision". When I call in they won't disclose any other reason. Is this somehow linked to me having obtained a second citizenship and passport? Anyone else have a similar experience? Or obtained a Caribbean passport and had no issues with their US bank accounts?
Appreciate any insight even if it's just that you've obtained a Caribbean passport and not had any issues.

 

[JohnnyDoe]

This will happen more and more often in the future. CIPs are to be avoided. Much better to go the residency route or use darks

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[Sols]

I don't have any personal experiences to share, but I can tell you how financial institutions treat this.

Many compliance/AML policies with financial institutions have provisions calling for CIP passports to be considered high risk, as they are often used to conceal the person's country of origin or for tax evasion/money laundering.

Your original citizenship is also a contributing factor. If you go from having a low-risk citizenship to a CIP passport, it's considered less risky than if you go from a high-risk citizenship. The perceived risk of having obtained the new passport for criminal activities goes up.

Immigration rules are different but it's quite normal for visas to require reassessment if a person obtains a new citizenship, since the visa was issued on condition of your citizenship at the time of application. You (or better yet your local legal representation) should notify the relevant immigration authority ahead of time and inquire about applying again.

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This is the probably the answer to your question.

 

[Jerry1911]

How did they find out you've obtained a Dominica passport?

 

[JohnnyDoe]

Jerry1911 said:
How did they find out you've obtained a Dominica passport?
Click to expand...

The US know everything.

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[Martin Everson]

Jerry1911 said:
How did they find out you've obtained a Dominica passport?
Click to expand...

Thats what I want to know also ns2.

puf3 said:
About two weeks after I received the Dominica naturalization paperwork, the US border control revoked my Global Entry. And in the three months since, two banks / brokers have closed all my accounts with them.
Click to expand...

It sounds like your name has been put on some central blacklist for this all to happen so close together. Could be by accident or on purpose as your now considered high risk or of dubious character.

First check your name is not listed in Refinitv World Check Database. It is is a database most FI's use to screen against PEPs.criminals and high risk persons. See my post below on what to do.

https://www.offshorecorptalk.com/th...nk-account-quite-impossible.34899/post-186354

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

 

[JohnnyDoe]

Martin Everson said:
Thats what I want to know also ns2.
Click to expand...

The 3p DD service provider must have made enquiries, which caused data to leak everywhere

Martin Everson said:
It sounds like your name has been put on some central blacklist for this all to happen so close together. Could be by accident or on purpose as your now considered high risk or of dubious character.
Click to expand...

Come on, let's stop pretending that a CIP passport is a “passport to freedom”. This narrative is over. You might manage to justify a Turkish passport by pretending to have Turkish ancestors, but small islands”¦ banks today consider those pp as high risk, and rightfully so. CIP passport holders are also being detained at borders and denied entry more and more frequently. Even Chinese nationals today can obtain a visa to almost any country in 48 hours, so it's just bs that they need a 2nd passport to travel.

Martin Everson said:
First check your name is not listed in Refinitv World Check Database. It is is a database most FI's use to screen against PEPs.criminals and high risk persons. See my post below on what to do.

https://www.offshorecorptalk.com/th...nk-account-quite-impossible.34899/post-186354
Click to expand...

You can obtain a WorldCheck entry to be modified if incorrect/misleading, not if it reports true information. So, if WorldCheck simply states that person X obtained a CIP passport, basically person X is fucked for life.

Moral of the story: forget CIPs. Obtain a solid residence and eventually you might acquire citizenship through naturalization. Or buy a fake pp at a fraction of the price.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[daxbr]

Jerry1911 said:
How did they find out you've obtained a Dominica passport?
Click to expand...

The only way I see is to file request for information about yourself from every relevant USG agency.

 

[JohnDones]

JohnnyDoe said:
The 3p DD service provider must have made enquiries, which caused data to leak everywhere




Come on, let's stop pretending that a CIP passport is a “passport to freedom”. This narrative is over. You might manage to justify a Turkish passport by pretending to have Turkish ancestors, but small islands”¦ banks today consider those pp as high risk, and rightfully so. CIP passport holders are also being detained at borders and denied entry more and more frequently. Even Chinese nationals today can obtain a visa to almost any country in 48 hours, so it's just bs that they need a 2nd passport to travel.


You can obtain a WorldCheck entry to be modified if incorrect/misleading, not if it reports true information. So, if WorldCheck simply states that person X obtained a CIP passport, basically person X is fucked for life.

Moral of the story: forget CIPs. Obtain a solid residence and eventually you might acquire citizenship through naturalization. Or buy a fake pp at a fraction of the price.
Click to expand...

I actually met a US person with a Dominica passport and he was doing fine a year or two ago.

Could the OP renounce his CBI citizenship if he is indeed on world check because of it and hence clean the record?

 

[JohnnyDoe]

JohnDones said:
I actually met a US person with a Dominica passport and he was doing fine a year or two ago.
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Things have changed a lot in the last two years. But it might just be that DD on the other person was conducted by a different, more reliable provider.

JohnDones said:
Could the OP renounce his CBI citizenship if he is indeed on world check because of it and hence clean the record?
Click to expand...

Renouncing citizenship is not a problem. But it is not guaranteed that his record will be cleaned: it might just be modified to something like “purchased citizenship in”¦ renounced in”¦”, which might even be worse.

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[JohnDones]

JohnnyDoe said:
Things have changed a lot in the last two years. But it might just be that DD on the other person was conducted by a different, more reliable provider.


Renouncing citizenship is not a problem. But it is not guaranteed that his record will be cleaned: it might just be modified to something like “purchased citizenship in”¦ renounced in”¦”, which might even be worse.
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Curious why would it be worse?

 

[JohnnyDoe]

JohnDones said:
Curious why would it be worse?
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Imagine a monkey in the bank's compliance department seeing that first he bought a passport and then renounced: he will start thinking “this guy must really be dodgy”, “why on earth first he buys a passport and then renounces” etc. In other words, it could draw even more unwanted attention and scrutiny.

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[Prsone]

puf3 said:
Hello, I'm a US citizen and obtained a Dominica passport three months ago via citizenship by investment (for work purposes). About two weeks after I received the Dominica naturalization paperwork, the US border control revoked my Global Entry. And in the three months since, two banks / brokers have closed all my accounts with them. They send vague letters in the mail that they've made a "business decision". When I call in they won't disclose any other reason. Is this somehow linked to me having obtained a second citizenship and passport? Anyone else have a similar experience? Or obtained a Caribbean passport and had no issues with their US bank accounts?
Appreciate any insight even if it's just that you've obtained a Caribbean passport and not had any issues.
Click to expand...

Good Afternoon, you will only be able to pass that passport outside the states and for offshore purposes in different countries, when you use it in the United States you will not be able to pass any kyc in banking institutions, normally bank security asks in this case to block or delete the account due to unusual activity or data disparity, that passport can be used by opening accounts in london, luxemburg offshore countries you can buy a trust with that passport and with that trust you make the investment, please do not use a passport in the United States since you are a citizen and it can cause you unnecessary problems

Last edited: May 18, 2022

 

[Martin Everson]

JohnnyDoe said:
You can obtain a WorldCheck entry to be modified if incorrect/misleading, not if it reports true information. So, if WorldCheck simply states that person X obtained a CIP passport, basically person X is fucked for life.
Click to expand...

World check does not work that way unfortunately. Take it from someone with access to the system. It will contain public data from internet with negative stories on you such as criminal offenses, alleged fraud, connection to sanction person or sanctioned entity etc etc. Believe it or not some of the info is scraped from internet news articles which can be wrong. Hence WorldCheck don't allow users to reveal contents of WorldCheck for obvious liability issues.

There is more to this story than meets the eye. Why did an American choose to obtain the CIP passport in first place? It's not just a CIP passport issue there is something wrong in this whole story.

puf3 said:
the US border control revoked my Global Entry.
Click to expand...

The U.S Global Entry system revocation sounds like its the actual root cause of the problem. You are considered a high risk person. Otherwise why did they revoke your entry in the system. Did you try and enter U.S as a U.S Person with a Dominica passport?

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

 

[JohnnyDoe]

Martin Everson said:
World check does not work that way unfortunately. Take it from someone with access to the system. It will contain public data from internet with negative stories on you such as criminal offenses, alleged fraud, connection to sanction person or sanctioned entity etc etc. Believe it or not some of the info is scraped from internet news articles which can be wrong. Hence WorldCheck don't allow users to reveal contents of WorldCheck for obvious liability issues.
Click to expand...

WorldCheck will disclose the data it retains under a GDPR request; and it will definitely respond to a well written letter from a lawyer; if not, they will be forced to do so by a court. Been there, did that (precisely because they misread a internet source).
WorldCheck is a shitty business and there are plenty of horror stories about it. They mostly collect data from web open sources but they also have access to semi-private sources such as court records etc.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[daxbr]

An associate is in the final stages of obtaining a Russian passport based on ancestry. It was not a part of his consideration and he wont like that.

 

[Martin Everson]

JohnnyDoe said:
WorldCheck will disclose the data it retains under a GDPR request; and it will definitely respond to a well written letter from a lawyer; if not, they will be forced to do so by a court. Been there, did that (precisely because they misread a internet source).
Click to expand...

Banks and FI's do not tell you it is WorldCheck they use. They are not permitted to. Legal action is not the first route to take. World Check already provides a link to check with them anyway if your in their database and I sent OP a link to a post I made on how to check with them if he is in WorldCheck. False positives do happen.

JohnnyDoe said:
WorldCheck is a shitty business and there are plenty of horror stories about it. They mostly collect data from web open sources but they also have access to semi-private sources such as court records etc.
Click to expand...

As I said already they scrape the internet for news articles. So mistakes to happen. But U.S Global Entry seems to be issue anyway.

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

 

[JohnnyDoe]

Martin Everson said:
Banks and FI's do not tell you it is WorldCheck they use.
Click to expand...

They will when put under enough pressure or if you have a good relationship with someone inside.

Anyway it's easier to setup a new identity than having to deal with all this nonsense.

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[Golden Fleece]

Martin Everson said:
Did you try and enter U.S as a U.S Person with a Dominica passport?
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That is a violation of U.S. federal law. You must enter and exit the U.S. using a U.S. passport. That would definitely result in a U.S Global Entry system revocation. It can get revoked for far less.

 

[PiersBlack]

Martin Everson said:
Banks and FI's do not tell you it is WorldCheck they use. They are not permitted to. Legal action is not the first route to take. World Check already provides a link to check with them anyway if your in their database and I sent OP a link to a post I made on how to check with them if he is in WorldCheck. False positives do happen.
Click to expand...

It seems like nowadays WorldCheck requires you to send a copy of your passport before confirming if they have you on their database or not (or so they told me). Would you feel comfortable sending them a copy of your ID?