Best banking options (Malta/E-Commerce)

[BtcBiz]

@Fred @BlueMist thanks a ton for your replies and experiences so far. That's the quality‌ s**t we've been looking for. 🙂
May I ask where did you end up afterwards and did you⁣ manage to get your money back?
YES, absolutely. That's what we're used to, coming from a Central European country.︃ Not gonna lie, things are hitting us like a truck right now. Don't think we︄ would be off any better if we were relocating to Cyprus. These places just seem︅ to slowly fade out.
I'm not quite sure if I can︊ catch up. Would HSBC fall under this category? (Don't even consider going with them, just︋ want to make sure I got you right)

/// Off-topic.

We've just decided to remain︌ in Malta for like 1 or 2 years to get 1 or 2 tax certificates︍ ready and then relocate to a Central European country again. Currently looking for business-friendly countries︎ on mainland. Any experiences or recommendations, even the slightest hints in regard are much appreciated!️

 

[csp dubai]

estonia remani one of best places , only a bit cold

 

[casinoguy87]

I'm based in Malta. I'm in the gambling business. You will struggle a lot with‌ local banks no matter what you do. I know that local SME's such as coffee‍ shops, gyms, barbers are even struggling to get a bank account open for their business⁠ from the local banks.
The potential 5% effective tax rate seems attractive, but it's a⁤ real struggle with the banks.

 

[BtcBiz]

I thought of the Baltics (Estonia/Lithuania especially) too, but the type of weather‌ and lack of proper English worries me to be honest.

So far we were aiming‍ for Switzerland, Austria or the Netherlands. Switzerland seems to be way too expensive in any⁠ way, Austria is a beautiful country too, but they are not quite attractive business-wise.

We will go for the Netherlands in 2022 as quality of life (besides the lack of⁤ sun) as well as business benefits seem to be top notch.

What we have learned⁣ from this journey is that we rather pay some additional taxes than being stuck in⁢ some tiny islands such as Malta or Cyprus where life sucks (if you're used to︀ Central European standards) and it's all about corruption and greediness. I now experienced firsthand why︁ these places slowly go down.

 

[uplana]

good tax planning may help you.

 

[BtcBiz]

• Verifo: Accepted our application
  
• NexPay: Rejected our application
  
• IBSettle: No good chances (as for all‌ Baltic banks or EMIs) according to @Gediminas
  
• Bilderlings: No good chances (as for all Baltic‍ banks or EMIs) according to @Gediminas
  
• Bankera: No good chances (as for all Baltic⁠ banks or EMIs) according to @Gediminas
  
• MeDirect: Rejected our application (to be more precise, couldn't⁤ fulfill their ridiculous paperwork)
  
• Finductive: Rejected our application (to be more precise, couldn't fulfill their⁣ ridiculous paperwork)
  
• Bank Frick: Rejected our application
  

Providing you with the final update as promised.⁢ For other experiences please see the previous page.

Final conclusion:

I cannot recommend Malta when︀ starting fresh. Oh boy, how quickly tides can actually turn within the blink of an︁ eye. Taking the loss of 25.000 Euros (Company structure setup as well as company structure︂ liquidation) and moving on.

 

[BlueMist]

Did you try:
vallettapay.com
emoney.mt
sepaga.com
paysera.com

Also "couldn't fulfill their ridiculous paperwork", well don't‌ expect things to be easy and light on paperwork side with blacklisted country. Finductive asks‍ a lot of questions upfront, but it is a breeze later on.

 

[BtcBiz]

I don't remember why we chose to not apply for Vallettapay, but they⁠ were no solution either. Same for Paysera.

Haven't heard of Emoney and Sepaga yet. Would've⁤ looked into it if we were not in process of liquidation already.

Yes, I don't⁣ expect things to be easy as we are considered high-risk. Our point of view may⁢ caused the failing from the very beginning. Choosing a place like Malta, Cyprus, Georgia, Latvia,︀ Lithuania when trying to operate a high-risk money-laundering start-up may be the exact wrong way.︁ 😀

 

[Marios]

If you need any help or advise over SEPAGA will be happy︀ to provide as I work daily with them for many years now

 

[csp dubai]

i have tried open account in sepaga is ridocolus process

 

[Forester]

@BtcBiz:
Well, it is a︃ little bit late but better late than never:
IMO, you performed a really exhaustive research︄ and posted a lot of valuable information in this thread. Just want to say thank you 🙂

 

[csp dubai]

malta the banks are the worst of the worst , and cyprus after fnbe is‌ just a state fraud stay away

 

[BlueMist]

Agribank. They open accounts but it takes time. It was not a popular option because‌ they did not have SEPA which they have just recently added. Hurry, first come first‍ serve! 🙂

 

[Marios]

that is not‍ entirely true about Cypriot banks. The case with FBME has nothing to do with the⁠ current banking system in Cyprus. What has really affected it was the fall of the⁤ second biggest bank and the bail-in from the first one back in 2013. Don't ask⁣ what has led to the fall. The change after that is that they have become⁢ much more compliant, (went to the opposite direction), in a manner that they do not︀ open bank accounts easily and have lots of transaction monitoring. Certainly not state of fraud︁ despite the rumors you are hearing left and right as they are heavy regulated. On︂ another note, the local EMIs are more flexible and business friendly.

 

[BlueMist]

I will just post the facts:
FAIL 1. FBME was considered︂ "UBS" equivalent in Cyprus. It was highly regarded bank by HNWI and corporates, also famous︃ from their "no name" cards.
FAIL 2. There is no well known international bank in︄ Cyprus such as Citi, HSBC or any other. The last international bank Barclays has quit︅ from this market some time ago. This says a lot about local banking regulations...
FAIL 3. Cyprus deposit haircuts. You see maybe in 100 years people will forget but I︆ will for sure pass it to my next generations to absolutely not keep wealth in︇ Cyprus. What has been done cannot be reversed unfortunately.

 

[Marios]

Well argued. In any event,︁ Cyprus has never been a banking destination to keep wealth, only for transactions.

 

[Forester]

Just a recommendation:
Start a new thread (or find an appropriate older︍ thread) at this section
Offshore Company (and then ask admin to delete it here).
Here it a) is a little bit off-topic; and b) can easily be overlooked... (IMO)