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That's still correct as of now. It's the only downfall I had with the bank. The money earns zero interest, can't be invested or used in any way and does indeed apply per currency. It's a great bank in general but for most it's too much cash wasted on the sidelines.

I opened an account with OCBC for a BVI company. Was super easy. I heard Singapore banks like BVI as a jurisdiction and is quite common, which is one of the reasons I went there to start with. Was in 2017 so not sure if it's changed since then but I never had an issue with them trying to close...

Just had a quick look. They really don't share much on the site do they? I requested some more information which can apparently only be provided by a bank manager. I'm also curious how they can offer 10% on EUR savings accounts.... Especially since they state they are a transactional only bank...

I generally just like my privacy but think it's more of a 'just in case' thing at the moment. Perhaps legal action is brought against me in future, or I decide to move to another country. Or perhaps my original country disagrees with my residency and chases me for back taxes and so forth. It's...

It seems many confuse tax residency, permanent residency, citizenship and just residency. This will of course depend on your home country and their laws / views but for the most part: Where you are legally obliged to pay taxes is your tax residency and this will often be based on where you live...

Like many here I've spent the years in the cheap, zero tax, anonymous structures/jurisdictions. And while it's still currently working it is getting increasingly harder (mostly for banking options). I find myself spending a lot of time constantly looking for, applying for (and often getting...

Not to diss the mentor group (I have almost no firsthand experience), but how much anonymity and privacy can we really expect when we're all posting our situations, experiences etc online? The mentor group obviously is closed to the public but for a small fee anyone has access to it and...

HK is the bees knees but not overly cheap, easy and requires accounting records. I agree with @blueweb that the smaller, cheaper, easier jurisdictions require constant attention and probably won't last as long. mainly cus of the tightening on banking regulations. I've already re-domiciled mine...

Corrupt countries aren't always all that bad in my experience also. IMO the big western governments are much worse. At least in the third world corrupt countries its well known and relatively transparent. Just need to take caution, educate yourself on the local way of doing things and be smart...

It's not nonsense. Failure to pay the annual fees initially serves to increase them with late penalty fees. But after 180 days the registrar can strike it off. This is done each January 1st. So if could be struck off between 6-18months depending on your renewal date. You can also renew a...

What happened with the funds in this case? Was a check sent to the registered address or funds sent back etc?

Be sure to check the CFC laws in your country. In most, simply incorporating offshore does nothing to avoid taxes. They all have their own variations but most say something along the lines of, if the company is owned or managed in full or the main shareholders have above 10-25% ownership, the...

The difference there is they actually lived in the USA. As previously mentioned, if you can't satisfy the criteria to be resident of another country, you will usually be deemed a tax resident of your original home country. It's always best to cover your bases and have tax residency somewhere...

To be honest I've never heard a bad word about any bank, trust, foundation, agent etc from Cook Islands other than it's expensive. Which is also probably why you won't find a lot of info about them here. CBS while not cheap, appears to be extremely well priced in comparison to other Cook island...

I just opened a transferwise borderless account for a seychelles company. It seemed fine with them at first until I mentioned the shareholder was a foundation and they closed it immediately. Said it was 'beyond their risk appetite'. If you're the owner of the IBC you might be able to go that way.

There's generally three ways to avoid it: 1. Live in a non CRS country (I didn't find one I'd be happy in personally). 2, Bank in a non CRS country (I also didn't find any decent banks in those countries). 3. Use an account signatory from a non CRS country so you are never named (I'm not that...

As far as I'm aware in Australia you'll have to claim bankruptcy to get out of it. If you simply stop paying, the institution can and most likely will take you to court which will only serve to increase your debt and force you to sell anything of value you own. Your friend's amount is smaller...

I haven't as yet. Being the weekend I knew I'd get a quicker response here to satisfy my curiosity! Much appreciated. I'll hit up the agent on Monday.

I've been looking at the different EMI options and most use the Euro as their base currency. Are there any that use the USD? Cheers.

Just wondering if it's possible to use a different DBA or multiple DBA names under the one IBC, specifically in Seychelles? It would be helpful to have different names for different areas of business, easier identification of the services offered, marketed etc. I realise I could simply set up...