Hi everyone! I need to set up a bank account for collecting payments from my clients located globally in EUR, USD, and GBP and can withdraw money through an ATM, with low rates and high limits. I am also a cryptocurrency trader and would like to use that account for fiat deposits. Can you even open a personal offshore bank account these day's or would I need to set up a company at first?
Bank account for digital nomads working globaly?
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Welcome aboard 🙂
It is possible to open a personal account but unlikely they will approve it unless you provide the bank with a long explaining business description.
What you are looking for is to setup a company somewhere in Europe in order to use an EMI before your crypto money hits your regular account. Some good EMI's can be Kraken and Mister Tango which allow you to exchange Crypto to FIAT. Both have no debit card but you are able to transfer your money to your own bank account which may have a debit- or credit card.
Forget about anonymity in such setups it won't work since all EMI's will report you also if you hide behing a offshore company.
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It is possible to open a personal account but unlikely they will approve it unless you provide the bank with a long explaining business description.
What you are looking for is to setup a company somewhere in Europe in order to use an EMI before your crypto money hits your regular account. Some good EMI's can be Kraken and Mister Tango which allow you to exchange Crypto to FIAT. Both have no debit card but you are able to transfer your money to your own bank account which may have a debit- or credit card.
Forget about anonymity in such setups it won't work since all EMI's will report you also if you hide behing a offshore company.
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Just do a quick search on this forum on caye bank and banking in belize and you willl have the answer: not such a good idea!
fake all fake.. can easely be ordered for less than a few hundred $$
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Yup just like EPB reviews all of a sudden they are all glowing and then any criticism is reported and deleted on trust pilot ns2.
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I am thinking of opening an IBC on Seychelles and then open a corporate bank account elsewhere, but ultimately I don't need a corporation I would just open it if I have to, to use offshore banking. I am researching for week's now and I still can't find a straight answer or a reputable, trustworthy consulting company which is why I still don't know how to approach this matter. On the majority of the consulting companies websites, I see that the partner banks are s**t, like Euro Pacific Bank or the one at Belize that was closed down.
The other key point is that I am not US or EU citizen so I cannot use the standard expat options or the minimum deposit is very high (like for example at HSBC where the minimum has gone up to 50k).
The other key point is that I am not US or EU citizen so I cannot use the standard expat options or the minimum deposit is very high (like for example at HSBC where the minimum has gone up to 50k).
lol smi(&%
Unfortunately Caye has to take what correspondence bank they can get in 2019. No sensible bank in US is willing to work with Belize banks any more. The bank probably only accepted Caye as a client with the enhanced due diligence on every payment as a caveat. It will get processed in the end hopefully
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I would find an EMI like Mister Tango, TransferWise borderless or similar services until you have sufficient with money to load a regular bank account.
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Open normal bank account in poland, no limits, euro usd and gbr, very low cost and no complaince. Forget about emi and s**t like belize or seicheles.
And you will have to go to Poland? and you say in Poland you can bank anonymous?
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A bank account in Seychelles or Mauritius can be considered if given with a proper explanation on your work history.
Hi OP,
I have a few options from personal experience. Apologize if i miss the mark but good info nontheless.
The first one would depend if you're a USA citizen. If you are, Stewart's site (not a plug) is a good resource for free info.
https://ustax.bz/crypto/
Basically, his advice is to form an LLC pass through entity in USA that is owned by a Belize company. From my recent call with another Belize incorporation services I was told IBC now requires you to show that you're paying tax somewhere else but Belize LLC does not. Both still hide your identity though.
You can probably set up a Payoneer or Transferwise card to receive payments or dump paypal money into it (not sure about the paypal portion). But the transferwise international card has the lowest withdrawal fees and only available to some European and USA citizens.
Second option, this is what I use currently, is Hong Kong corp with a NEAT business and personal account. I sell on Amazon in every country they are and I use WorldFirst to receive my money locally. Then I wire that money for about 2-3% fee to the Hong Kong corp. In terms of taxes, I file an exemption every year since I don't do any business in Hong Kong. It cost me about $800 to maintain the corp yearly and $500-600 to file the exemption every year.
In regards to Belize banks, I've also heard personal friends tell me how s**t and unreliable they are.
Hope this helps.
I have a few options from personal experience. Apologize if i miss the mark but good info nontheless.
The first one would depend if you're a USA citizen. If you are, Stewart's site (not a plug) is a good resource for free info.
https://ustax.bz/crypto/
Basically, his advice is to form an LLC pass through entity in USA that is owned by a Belize company. From my recent call with another Belize incorporation services I was told IBC now requires you to show that you're paying tax somewhere else but Belize LLC does not. Both still hide your identity though.
You can probably set up a Payoneer or Transferwise card to receive payments or dump paypal money into it (not sure about the paypal portion). But the transferwise international card has the lowest withdrawal fees and only available to some European and USA citizens.
Second option, this is what I use currently, is Hong Kong corp with a NEAT business and personal account. I sell on Amazon in every country they are and I use WorldFirst to receive my money locally. Then I wire that money for about 2-3% fee to the Hong Kong corp. In terms of taxes, I file an exemption every year since I don't do any business in Hong Kong. It cost me about $800 to maintain the corp yearly and $500-600 to file the exemption every year.
In regards to Belize banks, I've also heard personal friends tell me how s**t and unreliable they are.
Hope this helps.
Did I missed anything here. What 's the problem to open an EMI account for your business @drumsta ?
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The other thing is that I am not striving to become an expat - a tax resident in my country and living abroad, but a nomad with no tax residence so an offshore personal bank account would be best in my opinion. I have started looking more into banking in Vanuatu (ANZ bank) as they offer no initial deposits and a straight forward application process with online banking and debit card, although I am still not sure how do they conduct business with non-residence. Can anyone confirm that I can open a personal bank account in Vanuatu and what are your experiences?
This has proven to be such a nightmare. I am actually wanting to conduct the legal business of sending and receiving the money I earn through the internet into my bank account and having the excess to my hard earned money. Is that hard to ask?
This has proven to be such a nightmare. I am actually wanting to conduct the legal business of sending and receiving the money I earn through the internet into my bank account and having the excess to my hard earned money. Is that hard to ask?
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