Bank for accepting transfers from Lebanon

[Willblack]

Hello guys and gals,

I've recently been presented with an extremely lucrative business opportunity due to the dire humanitarian / financial situation in Lebanon, however I'm having quite a bit of trouble (and lack of connections) in making it work.

What I'm looking for (if it even exists) is a bank / EMI, willing to either:

1. Onboard Lebanese individuals and accept transfers from Lebanese bank accounts in their name. Funds will then have to get to an EU (or offshore) EUR bank account in my company's name (can incorporate anywhere for that purpose).

2. Onboard my company and accept transfers from said individuals' Lebanese bank accounts.

If that isn't enough of a hassle by itself, I do have to add the following:

1. Some of the individuals in questions may be high level PEPs.

2. The amounts are 7 figures in USD/EUR.

As you can imagine, cost is not a factor, more or less as longs as it's reasonable (less then 10% of the total amounts) to make it happen.

Please point me in the right direction, because so far I've hit a dead end.

 

[Gediminas]

Hey,

Send me an email and let's discuss it further. I might be able to help you.

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https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[bullhorn offshore]

Hello.
It is possible to open an account for a Lebanese citizen in Europe. It is also possible to credit the payment from Lebanon (own funds). For example Cyprus. I cannot guarantee that the Lebanese central bank will release your payments.
Politically significant persons, not immediately. It's easier to change to another person.
Unfortunately this is below the market by 10% or less and if you find anyone doing this under 18% please let me know.
My practice confirms that all cheap services are more like a scam or "search for a cash cow".
The price depends on the presence or absence of supporting documents very much.

 

[Forester]

Willblack said:
What I'm looking for (if it even exists) is a bank / EMI, willing to either:

1. Onboard Lebanese individuals and accept transfers from Lebanese bank accounts in their name. Funds will then have to get to an EU (or offshore) EUR bank account in my company's name (can incorporate anywhere for that purpose).

2. Onboard my company and accept transfers from said individuals' Lebanese bank accounts.
Click to expand...

It's a little bit unclear to me. Do you mean either (as claimed in 1) or (as claimed in 2) ”“ correct? Or it should work both ways?

Additional questions:
Does your company already exist? If so, what business is it in? If newly formed/incorporated, what business will the company claim to be its core business? And generally, what would be the reasons for payments from the Lebanese individuals to your company?

Willblack said:
1. Some of the individuals in questions may be high level PEPs.
Click to expand...

Quite a killer.

Willblack said:
2. The amounts are 7 figures in USD/EUR.
Click to expand...

If previous is solved, this will not be such a problem.

Willblack said:
As you can imagine, cost is not a factor, more or less as longs as it's reasonable (less then 10% of the total amounts) to make it happen.
Click to expand...

I am afraid I must agree with @bullhorn offshore's opinion re: costs above.

P.S.
What is your nationality and residence (as the UBO/director of your company)?

Last edited: Aug 22, 2022
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Martin Everson]

Willblack said:
1. Onboard Lebanese individuals and accept transfers from Lebanese bank accounts in their name. Funds will then have to get to an EU (or offshore) EUR bank account in my company's name (can incorporate anywhere for that purpose).
Click to expand...

Barclays Jersey accepts Lebanese residents. They accept overseas corporates too but you need to discuss your situation directly with them.

Willblack said:
2. Onboard my company and accept transfers from said individuals' Lebanese bank accounts.
Click to expand...

Oh.

Willblack said:
1. Some of the individuals in questions may be high level PEPs.
Click to expand...

Oh no.

Willblack said:
2. The amounts are 7 figures in USD/EUR.
Click to expand...

That's who they are looking for.

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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]

@Willblack

For what you have mentioned it's obviously the UAE - Dubai.

I guess it's nothing new to you that more and more Lebanese moving over to the UAE and you don't have any issues getting a Setup done over here.

Through the Dubai Company Formation which grants you the Dubai Residence Visa you get access to the local UAE Retail Banks which have no issues with your mentioned Transaction Profile.

I would never ever make myself dependent on EMI's in such matter and general speaking forming the Company and receiving the funds from Lebanese Individuals is the realistic scenario while it's very unlikely that any EU based bank or EMI makes a mass opening for all the Lebanese Individuals.

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[overnbeyond]

@Willblack
If you are looking for a hard time, complicated process, "onboarding screening fees" all the unnecessary ways to collect "processing fees" that is called EMI - Dubai is your best bet, that's your start forget EU

 

[Willblack]

Thanks everybody, will look into Dubai for sure, as this is what my lawyer could come up with as well, as well as Turkey (which he suggested).

Now to answer some of your questions:

bullhorn offshore said:
Hello.
It is possible to open an account for a Lebanese citizen in Europe. It is also possible to credit the payment from Lebanon (own funds). For example Cyprus. I cannot guarantee that the Lebanese central bank will release your payments.
Politically significant persons, not immediately. It's easier to change to another person.
Unfortunately this is below the market by 10% or less and if you find anyone doing this under 18% please let me know.
My practice confirms that all cheap services are more like a scam or "search for a cash cow".
The price depends on the presence or absence of supporting documents very much.
Click to expand...

No bank in Europe will touch a Lebanese high profile PEP currently due to sanctions, I've confirmed this from multiple sources at some of the top tier banks in Europe. Also, you are correct that the Lebanese central bank will not release the payments (I'm hearing of bribe requests, amounting to 50-60% of the total amount to make it happen).

Forester said:
It's a little bit unclear to me. Do you mean either (as claimed in 1) or (as claimed in 2) ”“ correct? Or it should work both ways?

Additional questions:
Does your company already exist? If so, what business is it in? If newly formed/incorporated, what business will the company claim to be its core business? And generally, what would be the reasons for payments from the Lebanese individuals to your company?


Quite a killer.

If previous is solved, this will not be such a problem.

I am afraid I must agree with @bullhorn offshore's opinion re: costs above.

P.S.
What is your nationality and residence (as the UBO/director of your company)?
Click to expand...

1. I mean EITHER 1. or 2., yes.

2. I have quite a few companies under my control, most are EU entities, with EU ownership structure, either consulting companies and/or licensed crypto brokerage companies. Can incorporate any company, anywhere or use a an existing one, under the control of somebody I know (I know plenty of people in Europe / UK with many companies I can use).
3. Reasons for the payments from the Lebanese individuals to my company can be anything that the banks will like. That doesn't really matter, we can make it impeccable for bank compliance purposes.

The rest of the questions are pretty much answered above.

Martin Everson said:
Barclays Jersey accepts Lebanese residents. They accept overseas corporates too but you need to discuss your situation directly with them.



Oh.



Oh no.



That's who they are looking for.
Click to expand...

Thank you, will inquire with Barcleys Jersey.
Yeah, when I say high profile PEPs, I really mean high profile PEPs...hopefully money will talk.

Fred said:
@Willblack

For what you have mentioned it's obviously the UAE - Dubai.

I guess it's nothing new to you that more and more Lebanese moving over to the UAE and you don't have any issues getting a Setup done over here.

Through the Dubai Company Formation which grants you the Dubai Residence Visa you get access to the local UAE Retail Banks which have no issues with your mentioned Transaction Profile.

I would never ever make myself dependent on EMI's in such matter and general speaking forming the Company and receiving the funds from Lebanese Individuals is the realistic scenario while it's very unlikely that any EU based bank or EMI makes a mass opening for all the Lebanese Individuals.
Click to expand...

Will get in touch with you to discuss further. My Lebanese contact for some reason suggested that there may be a problem with Dubai as a destination, but I didn't ask any further questions. Will discuss further for sure, because that is what my lawyer suggested as well.

 

[Martin Everson]

Willblack said:
Yeah, when I say high profile PEPs, I really mean high profile PEPs...hopefully money will talk.
Click to expand...

It's not end of world. Quite a few private banks will accept PEPs as long as it does not lead to reputational risk of the bank. It just requires extra due diligence by the bank into source of funds and for the relationship to make sense for the bank economically if you know what I mean.

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

 

[JackAlabama]

Willblack said:
Thanks everybody, will look into Dubai for sure, as this is what my lawyer could come up with as well, as well as Turkey (which he suggested).

Now to answer some of your questions:


No bank in Europe will touch a Lebanese high profile PEP currently due to sanctions, I've confirmed this from multiple sources at some of the top tier banks in Europe. Also, you are correct that the Lebanese central bank will not release the payments (I'm hearing of bribe requests, amounting to 50-60% of the total amount to make it happen).




1. I mean EITHER 1. or 2., yes.

2. I have quite a few companies under my control, most are EU entities, with EU ownership structure, either consulting companies and/or licensed crypto brokerage companies. Can incorporate any company, anywhere or use a an existing one, under the control of somebody I know (I know plenty of people in Europe / UK with many companies I can use).
3. Reasons for the payments from the Lebanese individuals to my company can be anything that the banks will like. That doesn't really matter, we can make it impeccable for bank compliance purposes.

The rest of the questions are pretty much answered above.


Thank you, will inquire with Barcleys Jersey.
Yeah, when I say high profile PEPs, I really mean high profile PEPs...hopefully money will talk.


Will get in touch with you to discuss further. My Lebanese contact for some reason suggested that there may be a problem with Dubai as a destination, but I didn't ask any further questions. Will discuss further for sure, because that is what my lawyer suggested as well.
Click to expand...

Have you thought about you help your clients by teaching them how to use cryptocurrencies?

 

[Forester]

@Willblack, as from what I have read,
1) Barclays International Bank Account might be a solution. (@Martin Everson, may I ask you why did you suggest namely Barclays Jersey? I believe that Barclays at Guernsey, Isle of Man and Jersey offer the same services...)
2) UAE definitely can be an option, if no obstacles on Lebanese side.
3) Any other hypothetical solution (HK, Caribbean) seem to me worse or undoable.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[bigbill27]

There are crypto options in Lebanon. My last post was deleted, but they generally charge 2-3% per transaction. Just do a google search. Most of the brokers can handle big values.

 

[Martin Everson]

Forester said:
(@Martin Everson, may I ask you why did you suggest namely Barclays Jersey? I believe that Barclays at Guernsey, Isle of Man and Jersey offer the same services...)
Click to expand...

No specific reason other than experience.

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

 

[Forester]

Martin Everson said:
No specific reason other than experience.
Click to expand...

You mean the experience with the service, simply how it works there, correct?

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Martin Everson]

Forester said:
You mean the experience with the service, simply how it works there, correct?
Click to expand...

I actually visited the bank some years ago and walked around Jersey as I mentioned in this post from 2019. So I felt comfortable with the place and developed a bit of bias.

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

 

[Forester]

Martin Everson said:
I actually visited the bank some years ago and walked around Jersey as I mentioned in this post from 2019. So I felt comfortable with the place and developed a bit of bias.
Click to expand...

Well understandable 🙂 . Thanks for the clarification.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Willblack]

JackAlabama said:
Have you thought about you help your clients by teaching them how to use cryptocurrencies?
Click to expand...

I am doing exactly that 😉
But they can't use Lebanese brokers currently due to...reasons, so they are using my services instead.

 

[Forester]

Willblack said:
I am doing exactly that 😉
But they can't use Lebanese brokers currently due to...reasons, so they are using my services instead.
Click to expand...

Well, now all the case is well understandable 😉

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...