Euro pacific bank cease operatrion, i need a new offshore bank

[Peter69]

Hello

I am a freelancer and provide service in part of development and procuction for small and medium businesses.
I did build a offshore company in seychelles and used Euro Pacific Bank for the last 5 years, never had any problem.

Company tax haven is seychelles , my tax haven is Europe.

We did receive monthly payments from german costumer and did payments to Portugal, where our office and company is placed.

Now we are looking for a new bank , that can provide a swift transfer in and out.
Agency gave us 3 options:
- Caye Bank
- Migom Bank
- EQI Bank

Reading in forum , they are not the best advise.
Please help us out to find a suitable bank for our small business.

Or is there another option as freelancer to work with Xolo ?

 

[JohnnyDoe]

Hey what a genius setup! rof/%
You should be more concerned about finding a good lawyer”¦

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[Martin Everson]

Peter69 said:
Now we are looking for a new bank
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Wait and see what EPB is offering as replacement bank to its customers.

P.S Check the new banks financials beforehand however.

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

 

[Peter69]

Martin Everson said:
Wait and see what EPB is offering as replacement bank to its customers.

P.S Check the new banks financials beforehand however.
Click to expand...

You think they will offer a replacement ?

 

[Martin Everson]

Peter69 said:
You think they will offer a replacement ?
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They said they would on their site. It sounds like it will possibly be the bank they claimed wanted to buy EPB that they will suggest.

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

 

[CyprusLawyer101]

ABC Banking Corporation Mauritius

 

[csp dubai]

i suggest you to move to low tax jurisdition offsfore is not working any more for small guys, if you workwith. europe andorra couldbe a good solution

 

[Peter69]

csp dubai said:
i suggest you to move to low tax jurisdition offsfore is not working any more for small guys, if you workwith. europe andorra couldbe a good solution
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can you suggest , who can provide service for opening account ?

 

[csp dubai]

for andorra you need to get permit first , is not difficult , but to get it htere is one time application fee 15000 eur

 

[Peter69]

csp dubai said:
for andorra you need to get permit first , is not difficult , but to get it htere is one time application fee 15000 eur
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thanks for advise , i was looking in to it, mostly you have to stay there 90 days a year

CyprusLawyer101 said:
ABC Banking Corporation Mauritius
Click to expand...

can you send me an PN please, need to ask you some questions

Last edited: Aug 5, 2022

 

[csp dubai]

nobody check you how lonf you stay in andorra, but you have to have areal business

 

[Forester]

CyprusLawyer101 said:
ABC Banking Corporation Mauritius
Click to expand...

I am not sure whether they will like such setup. But it is worth trying, there is no processing fee, IIRC.

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[maxiz]

avoid EQI

Peter69 said:
thanks for advise , i was looking in to it, mostly you have to stay there 90 days a year
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for this type of visa, passive residency, you need to invest around 350-400k eur

15k works with active residency, (180 days +,)

 

[Mavpu]

I am in the same situation. While waiting for a replacement, could someone help with an intro to ABC ?

 

[bubbledouble]

CyprusLawyer101 said:
ABC Banking Corporation Mauritius
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that's an good alternative, indeed.

 

[Peter69]

For ABC you need introduction, who can provide ?

 

[CyprusLawyer101]

Peter69 said:
For ABC you need introduction, who can provide ?
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We can

 

[Martin Everson]

Do you really want to use ABC? ABC Mauritius is basically a Chinese run bank now with all Chinese management. I thought their focus was now as an Asian offshore hub in Africa.

Not a hugely profitable bank either.

https://www.abcbanking.mu/wp-content/uploads/2021/11/AR2021_2022_WEB.pdf

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

 

[Fred]

Martin Everson said:
Do you really want to use ABC? ABC Mauritius is basically a Chinese run bank now with all Chinese management. I thought their focus was now as an Asian offshore hub in Africa.

Not a hugely profitable bank either.

https://www.abcbanking.mu/wp-content/uploads/2021/11/AR2021_2022_WEB.pdf
Click to expand...

You name it - was already sitting in there DIFC Rep Office but no thanks.

Beside of that you have to make a Skype Call to explain every transfer in-/out above 10.000 USD with supporting documents - which is a huge workload if you run a proper day to day business.

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[Mavpu]

well, i checked the financial statements, are profitable and audited which considering my recent experience is not a bad starting point. Also my company incorporation is HK so my alternative are HK banks I just need to go there to open one meanwhile I could use another bank support until the HK account is live (takes 1-2 months before is operable).

this was my other alternative but they don't have financial statements: https://www.cbibank.com/business-en.html

I applied to some banks in EU let's see what they say... in Switzerland do you know any bank that could help?