Offshore Bank License
- Thread starter kalikex
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Lol
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Splitting this from the thread about EQI Bank.
That's then followed by:
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This is the probably the answer to your question.
- Raise enough money (usually a few million USD, but less can work).
- Pick a jurisdiction.
- Build a team.
- Apply for license (hire a local law firm to help you).
- Go through license process.
- Get a banking license.
That's then followed by:
- Try to get correspondent bank accounts.
- Try to get correspondent bank accounts.
- Try to get correspondent bank accounts.
- Try to maintain what fragile correspondent accounts you have.
- Lose correspondent account.
- Try to get correspondent bank accounts.
- Try to get correspondent bank accounts.
- Try to get correspondent bank accounts.
- Try to maintain what fragile correspondent accounts you have.
- Lose correspondent account.
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This is the probably the answer to your question.
I'm trying to tell you that it's not realistic to get a bank license and operate a functional bank.
Do you have a few million USD in funding and ability to hire around 10-15 people with banking background?
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This is the probably the answer to your question.
What you forget is that you need a lot of capital to start a bank. In most European countries, the capital required is about 10 million euros - in addition, there are huge demands for buildings, staff, training, regulations, etc. - the fact that you can pay for a license that may only cost (guess) 50,000 EUR is not enough - it is far from the goal.
But okay, none of us here know if you actually have maybe 30 or 40 million euros. It has been seen before, they have also been found on this forum before, as unlikely as some would say but true.
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But okay, none of us here know if you actually have maybe 30 or 40 million euros. It has been seen before, they have also been found on this forum before, as unlikely as some would say but true.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
PR for sure. But you need to have a solid $5mil in capital, $1m for fees, and a minimum of $1m for startup costs.
Dominica is a joke of a jurisdiction for getting a bank license. You just funnel money in fees & miscellaneous costs (aka bribes) until you don't have any more. It's a corrupt jurisdiction and almost worthless for banking endeavours.
Also, you would still need at least $2M in capital and at least some professionality (don't want to offend, but your writing style isn't too great).
There are better jurisdictions where you don't need to pay off every government worker to get the process started. Regardless, you'll still need a solid $100K in costs or fees, and at least $1M (on the low end) for your license to be granted.
I've been waiting for this type of review. Also, the Kingdom Bank is licensed in Dominica, but their fees are quite aggressive as they expect to cover all costs from one customer. Thanks for understanding my English writing; I write without Grammarly. Otherwise, I use professional English, but in forums, I stick to regular fluent English. Could I have your contact information as well? cover all cost from one coustmer also thanks for my english writing i write without grammerly else i use professional english but in forum i just done with normal fluent english can i have your connectin also ?
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