Offshore account for andorran company

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Evidence Alpha

Evidence Alpha

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Hi, regarding a unipersonal limited company (SLU) registered in Andorra, the onshore banks are too picky about compliance as well as costly especially for transfers (the SEPA norm arrived in march but is still billed outrageously).

LeoPay, PaySera, Bunq, N26, Revolut all reject non-EEA companies or specifically from Andorra. TransferWise does not provide a proper IBAN which I require.
I'm doing lots of SEPA and some SWIFT wire transfers (outbound and inbound) and would like to benefit from reduced costs (not something like banks from Latvia)
What options left for offshore banking / EMI would you suggest ? At last resort, what about choices in Spain ?

Thanks in advance for sharing ideas
 
Hi,

In order to fund trading accounts, the sender's name must be my own. Therefore, TransferWise is not compliant to meet this goal, I'm afraid (tried and tested, the wire transfers bounce back to TW because they fail to meet the regulatory framework)

I need a real dedicated IBAN, not one held by the name of the service I use
 
Evidence Alpha said:
Evidence Alpha said:
Hi, regarding a unipersonal limited company (SLU) registered in Andorra, the onshore banks are too picky about compliance as well as costly especially for transfers (the SEPA norm arrived in march but is still billed outrageously).
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Are you an Andorra resident? If you are not then why did you setup there? What compliance issue did you have that you feel you will not get outside Andorra?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
I was a resident in the past. It will be the second time. The banks here are very picky about the business selection, and they ban you easily without notice or very little. I was kicked out of 4 banks only for withdrawing to forex brokers.
Also, the law does not require a bank to open an account for a resident as mandatory, unlike at neighbooring countries, so there are situations when you'll have no onshore bank account available, even if the immigration accepted your foreign investment plan.
 
I think maybe a smaller bank in Spain might work for you. Things have changed now between Spain and Andorra and it's possible they will acept you as a client.
 
I have checked BBVA and Santander. Indeed, maybe. Although, not “small”

Any other recommandations ?
 
What about Revolut don't they work for you and have you seen the list of financial services here List of Banks, EMI's, Payment processors and BTC to FIAT institutions.

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Thx but Revolut is closed to Andorra at the moment

I'm now in contact with Fidor DE, because they offer accounts directed at crypto businesses, including investors of own funds. Hopefully, this servicing can accomodate trading the traditional markets too
 
Fidor DE is used by a few large Crypto businesses around but they don't really respond to any email enquiry as from my experience you will have to call them.

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Try banco popular, Ibercaja,Banco Sabadell....
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will study those, thx

Fidor DE is used by a few large Crypto businesses around but they don't really respond to any email enquiry as from my experience you will have to call them.
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You were right. By chance, would you have their phone number ? I can only find a fax
 
Evidence Alpha said:
Evidence Alpha said:
will study those, thx



You were right. By chance, would you have their phone number ? I can only find a fax
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Fidor is a real pain expect several months of waiting for account opening and very unfriendly customer support. Thanks to the low budget strategy they use.
Fidor is well known for German and Austria entrepreneurs with bad credit score. It's the only bank that open for business customers with bad credit score along Germany and Austria.
Phone: +49 (089) 189 085 233
 
Noticed already for the Fidor customer support not putting out much efforts.

Not considering new online remote opportunities, I'm thinking that exploring the spanish banks might be the best route. However, most of my activity being purely financial, I would not want to be accused to have most of all my assets outside Andorra, which could put to blame my tax residency.
 
I was going down the same road as well, heavily involved in crypto and looking to have tax residency in portugal with a plan to eventually get eu citizenship. Portugal economic activity/business location is looked more favorably by the andoran, and madaira banks so I was led to believe, and Jersey is right there as well, so that general area. I am heavily involved in offshore crypto and fx, so it's an on going research issue. Finding a bank that will make an account for a trust foundation let alone being progressive for forex and bitcoin is a real pain.
 
samdan777712 said:
samdan777712 said:
I was going down the same road as well, heavily involved in crypto and looking to have tax residency in portugal with a plan to eventually get eu citizenship. Portugal economic activity/business location is looked more favorably by the andoran, and madaira banks so I was led to believe, and Jersey is right there as well, so that general area. I am heavily involved in offshore crypto and fx, so it's an on going research issue. Finding a bank that will make an account for a trust foundation let alone being progressive for forex and bitcoin is a real pain.
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Sounds very interesting. Did you already made a decision where you will incorporate the trust? Depending on this you can go with several banks in Caymans, BVI and Jersey. But it's really pricey to setup a trust structure with good banking. What I figured out so far is that your needs can definitely be fit but in this banking sector everything costs additional. So for setting up trust structure you should plan with 100k$ minimum deposit in bank account and with your business case mid up to higher 4 figure only for the account opening. That's what I have come so far with informations. Currently in same situation as you but dealing only with my private assets.

Maybe @Martin Everson can shoot a message regarding this case and give a recommendation for banking
 
At last resort, I should wait for Andorra to join the EEA to open up options. Not much information circulates about it, yet it seems there are talks of negociations with a timeline for 2020. That would represent a big deal.
 
speaking of the EEA I was double checking the d7 and the golden visa program in portugal, it's still appealing, allows travel through the EEA. I'm still trying to figure out if there's any non habitual tax exemption stuff applicable to crypto. Andorra had strict banking so that was one thing that warded me away. I had read between the lines, and thought maybe if I made a crypto start up with 'economic activity' in spain or portugal they might comply.
 
There are some crypto projects based in Andorra, like SolarCoin, so they must have found banking solutions abroad. Also, there is a governmental desk helping innovative entrepreneurs to settle www.actua.ad Heck, there even was a blockchain conference some time ago
 
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