2024 Update Banking & EMI (Offshore)
- Thread starter inector
- Start date
- Status
It means they do not exclude those but only onboard select clients where they anticipate substantial Forex transactions.
Acceptable cost of incorporation and annual fees, ability to connect bank/emi accounts and acceptable privacy. Seychelles/Belize is cheaper but difficulties with emis, especially with banks, Hong-Kong is more difficult with compliance & auditing. Is any other affordable 0 tax jurisdiction left?
You are completely right. @GrumpyMess, please create a new thread in Tax & Legal if you like to discuss zero tax jurisdictions.
I'm sorry for taking part in a hijack attempt 😉
I'm sorry for taking part in a hijack attempt 😉
And maybe to your passport country as well if it differs from your tax residency country. Nobody seems to know for sure though.
Not automatically. Depending on the bank, they will just tell you to furnish the tax id for your passport country and then add it to the list of tax residencies.
I might be missing an explanation of which offshore jurisdictions these banks support, or conversely, where the companies you wish to apply for an account with these banks and EMIs on your list are registered.
The reason lists like these never end up being maintained and useful is because it's almost never as easy as Bank A accepts Jurisdiction X.
There's so much more than just jurisdiction that goes into whether a bank accepts or declines an application. Some jurisdictions are indeed blacklisted with some financial institutions. Poor choice of jurisdiction that can be a detriment. But even then , unless we're talking sanctioned countries , exceptions are often (but not always) possible if you get management approval.
UK company selling barrels of toxic sludge to children = unbankable.
Labuan company running a digital marketplace = bankable.
Labuan company running︀ a digital marketplace of pictures of children doused in toxic sludge = unbankable.
UK company︁ operating a web hosting business = bankable.
Marshall Islands company operating a web hosting business︂ = bankable, but a bit harder.
And then you factor in UBO residence/nationality, directors residence/nationality,︃ shareholders residence/nationality, counterparties residence/nationality, currencies involved, amounts, frequency, and so and so forth.
There's so much more than just jurisdiction that goes into whether a bank accepts or declines an application. Some jurisdictions are indeed blacklisted with some financial institutions. Poor choice of jurisdiction that can be a detriment. But even then , unless we're talking sanctioned countries , exceptions are often (but not always) possible if you get management approval.
UK company selling barrels of toxic sludge to children = unbankable.
Labuan company running a digital marketplace = bankable.
Labuan company running︀ a digital marketplace of pictures of children doused in toxic sludge = unbankable.
UK company︁ operating a web hosting business = bankable.
Marshall Islands company operating a web hosting business︂ = bankable, but a bit harder.
And then you factor in UBO residence/nationality, directors residence/nationality,︃ shareholders residence/nationality, counterparties residence/nationality, currencies involved, amounts, frequency, and so and so forth.
True! The reason I created the thread is because majority of banks / EMIs that I successfully opened for clients were found in real random places across the forum, and some didn't have links to the thread.
Unless they openly say "restricted country A" - many of them say "contact us if your country is not on︀ the list" or "contact us if your business should be reviewed".
A lot of it︁ is just trial and error.
Unless they openly say "restricted country A" - many of them say "contact us if your country is not on︀ the list" or "contact us if your business should be reviewed".
A lot of it︁ is just trial and error.
- Status