Best offshore bank CIM Bank Review maybe?
- Thread starter firestorm
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You need to know how to work with them.
I can say they like it really much if you go first for a private account - use this account for some time and after that you have much more possibilities with them when it comes to business accounts with the for let's say more exotic jurisdictions outside EU. If you were a good customer to them in the past you even can start a conversation with them about some Holding setup's in offshore jurisdictions with high reputation like Dubai.
I can say they like it really much if you go first for a private account - use this account for some time and after that you have much more possibilities with them when it comes to business accounts with the for let's say more exotic jurisdictions outside EU. If you were a good customer to them in the past you even can start a conversation with them about some Holding setup's in offshore jurisdictions with high reputation like Dubai.
In the first place patience is required from your side.
It's still possible but CIM Bank is one of the banks with the most pressure from OECD.
We are located here in Dubai and can walk in to the Branch of the Banks - that's always helping to succeed.
I recommend CIM Bank as diversification beside︀ of a real UAE bank account because CIM Bank we have no influence at all︁ - from 2-3 weeks to 6 months to account opening we have seen everything from︂ there side.
It's still possible but CIM Bank is one of the banks with the most pressure from OECD.
We are located here in Dubai and can walk in to the Branch of the Banks - that's always helping to succeed.
I recommend CIM Bank as diversification beside︀ of a real UAE bank account because CIM Bank we have no influence at all︁ - from 2-3 weeks to 6 months to account opening we have seen everything from︂ there side.
I haven't needed a CV for 15 or so years since I have worked for myself. I don't remember the dates / positions 15+ years ago and don't want to write something inaccurate. I haven't been asked this from other banks who were happy with just the corp docs / tax statements
According to law requirements, bank must fulfill due diligence procedure. It is necessary to confirm that you have a professional experience, that allows you to establish and operate with such kind of business and declared amounts. If you have been a hairdresser for whole your life, but now you want to open account for international oil trading operations with 1mil turnover per month, bank would not open such account.
What's the problem to provide that, even Cyprus banks have asked for this for centuries!
I agree, it's just something you can put up, dates etc. is not that important they just need to be there.
I agree, it's just something you can put up, dates etc. is not that important they just need to be there.
Sounds reasonable, anyway, with a reasonable business plan backed by professionals it may still be possible. Some around here of the folks that apply for an account are simply to small, to lazy and maybe they don't even know what they are into, that may be︀ their biggest enemy.
Hi, I have been working with CIM Banque for 8 years now. Their customer acceptance policy has changed significantly since then and they have become very inflexible.︀ For example my latest corporate client has been declined because of the activities of his︁ other company, which was not even the applicant entity! (This is one of the reasons︂ they are asking for a detailed personal KYC questionnaire of the UBO). And they demanded︃ that the client change the M&AA of his other company to include his current business︄ activities. All these totally unrelated with the applicant entity. This is just to give an︅ indication of the level of their due diligence nowdays.
Exactly.
They are good︁ for personal accounts only nowadays - no problems in that case.
And for the company︂ account topic - well I already promote here in the forum since 8 months that︃ non-resident banking - especially for companies - is coming to an end and CIM Bank︄ is a gold example for this fact.
So get your company, residence and bank within︅ the same country like you get it in the UAE.
They are good︁ for personal accounts only nowadays - no problems in that case.
And for the company︂ account topic - well I already promote here in the forum since 8 months that︃ non-resident banking - especially for companies - is coming to an end and CIM Bank︄ is a gold example for this fact.
So get your company, residence and bank within︅ the same country like you get it in the UAE.
Totally agree!
More and more banks will only be servicing local/resident companies. This is the reason EMIs are booming as they can accept international corporations under︀ certain conditions of course. And through them, banks hosting accounts for those EMIs are still︁ servicing international clientele - indirectly
More and more banks will only be servicing local/resident companies. This is the reason EMIs are booming as they can accept international corporations under︀ certain conditions of course. And through them, banks hosting accounts for those EMIs are still︁ servicing international clientele - indirectly
You are not Swiss located are you?
Wonder if someone reasonly was able to open an account with CIM Bank ?
Wonder if someone reasonly was able to open an account with CIM Bank ?
No we are based in Cyprus.
Of course during the years I've managed to open several clients, both corporate and private individuals. However lately (last 3-4 years) their customer acceptance policy has become very narrow in terms of accepted line of business activities along with their all time existent requirements for particular jurisdictions and simplified company structure. At the same time, their KYC/DD goes beyond the applicant entity and or individual, to include all companies in the structure in︀ case of a group, as well as all counterparty entities and all other companies owned︁ by the UBO even if there will be no direct transactions among them. Thus only︂ few clients can really nowadays open account and at the same time to operate it.︃ We can tell in advance what are the chances on each particular case from our︄ experience.
Of course during the years I've managed to open several clients, both corporate and private individuals. However lately (last 3-4 years) their customer acceptance policy has become very narrow in terms of accepted line of business activities along with their all time existent requirements for particular jurisdictions and simplified company structure. At the same time, their KYC/DD goes beyond the applicant entity and or individual, to include all companies in the structure in︀ case of a group, as well as all counterparty entities and all other companies owned︁ by the UBO even if there will be no direct transactions among them. Thus only︂ few clients can really nowadays open account and at the same time to operate it.︃ We can tell in advance what are the chances on each particular case from our︄ experience.
Yes - we do personal accounts for clients that are willing to accept there KYC process.
They are still pretty much open for personal accounts no matter where they are based - however company accounts what was 2 years ago there main business is close to impossible to open and operate with CIM Bank.
They are still pretty much open for personal accounts no matter where they are based - however company accounts what was 2 years ago there main business is close to impossible to open and operate with CIM Bank.
Yes we help existing clients that did the Dubai Setup with us and fits into the requirements of the Bank.
In fact they are the most straightforward Personal Bank Account you get with Dubai Residence outside the UAE.
Of course there service is limited and can't be compared to big Private Banks but if you compare the KYC process the input/output is excellent.
For example Barclys IoM takes 6 months to verify you with Dubai Residence and CIM Bank just 1 month.
They are good to hold EUR balance as︀ they wave you the neg. interest rate till 2M.
In fact they are the most straightforward Personal Bank Account you get with Dubai Residence outside the UAE.
Of course there service is limited and can't be compared to big Private Banks but if you compare the KYC process the input/output is excellent.
For example Barclys IoM takes 6 months to verify you with Dubai Residence and CIM Bank just 1 month.
They are good to hold EUR balance as︀ they wave you the neg. interest rate till 2M.
Actually you can contact this bank at your own. I did and got response from them even by email after I spoke with some on the phone. An introducer is not required but personal visit is preferred what ever that means.
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