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Best Offshore Jurisdiction for TransferWise

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rowena

rowena

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Dec 16, 2017
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Hello,
Unfortunately, TW announced that they will exit from UAE because of the regulations. So‌ far, I'm really happy with TW. They're reliable, support both SEPA/SWIFT transfers and that's why‍ I'm looking best offshore jurisdiction that is compatible with TW.

I'm a UAE resident, I⁠ don't pay income tax and I'm also looking for a 0% tax jurisdiction without audit⁤ requirements. I receive payments from Google and Apple. Can you recommend me a jurisdiction?

Thanks
 
Hey,

Why do you want to register a new company instead of opening an account‌ somewhere else? It doesn't make any sense. Especially when you talk about Transferwise.
 
I mentioned the reason at the top. I want to work with⁠ TransferWise. I don't want to open an account with another EMI.
 
Yes. I have got the same issue. Very bad news that TransferWise is gonna close‌ multi-currency accounts for UAE entities.
 
It is not their fault.‍ TransferWise provided very good service and became very popular across the UAE. UAE government trying⁠ to "boost local banks" by imposing bans like that(not joking). The thing is UAE banks⁤ bad and not trustable. I am planning to close my Freezone companies in UAE and⁣ move my operations abroad.
 
Rowena, do you have local bank accounts in UAE? I'm having 2 bank accounts and‌ those are ok, but Transferwise is just better
 
Yes, I‍ have both personal and business but I want to use TransferWise since they support SEPA.⁠
 
Just get another EMI that is licensed in the EU. There are others with competitive‌ prices (some are even cheaper). TW is good until they block your account for no‍ reason, and then you will face the reality.

It happened many times! If it didn't⁠ happen for you yet, that doesn't mean it won't in the future.

But I get⁤ your point - you are in the comfort zone and tend to think they won't⁣ touch your account hehe. The reality is nothing like that.

Anyway, I hope you will⁢ find an alternative either for your entity or account. Good luck with that 😉

P.S. there︀ won't be any jurisdiction in the EU with no accounting auditing obligations. There is a︁ chance you will find a suitable country for your new TW account, but they might︂ block this jurisdiction next time anyway. It's a strange game you are trying to play.︃
 
Rowena. Offshore bank account is very difficult now, so think carefully before closing your FZ‌ company. Singapore now stops to open offshore bank accounts for island-based companies. You can try‍ to open company and bank account first before close down your current company
 
Yes, BVI entities can be onboarded. It's not only about the jurisdiction, but about‍ the business activities and UBO as well.
 
I don't agree. They don't block account no-reason. I transacted almost 8 figures⁤ euro in total since 2017 and zero problems.

I am not looking entity in the EU. There are lots of island options and︂ I am thinking BVI. It is expensive but probably better than Belize or Seychelles.
 
Thank you Gediminas. Surely anybody has to pass KYC process to prove for the business‌ and UBO. But I can see the Tariff for SWIFT Transfer is quite high, it‍ is suitable for SEPA transfer
 
They do, actually. I had‌ many clients who come to me after their TW account gets blocked (for no reason).‍ And I am sure there was no reason because I onboarded them to other financial⁠ institutions and I am aware of their business activities.

I can help you with BVI entity formation, in case you⁢ need it. But I don't see the big difference compared to Seychelles (I can also︀ help with that).
 
It's worth pointing out that @Gediminas makes a living recommending people to other EMIs than‌ TransferWise, hence the FUD. He has a personal financial interest in people using his Lithuanian‍ buddies. The commission from Bankera/Pervesk and others is pretty good, especially if he onboards you⁠ under the high-risk pricing scheme which is several orders of magnitude greater than TransferWise's fees,⁤ and often with far worse exchange rates in most cases.

TransferWise is perfectly fine for⁣ anything not high-risk. I see six–seven figures flowing through business accounts with TransferWise monthly, with⁢ no more hiccups than any other EMI or banks. You just need to have your︀ affairs in order in case they ask about invoices, source of funds, source of wealth,︁ and so on.

As for OP, your best options are probably BVI, Seychelles, or US︂ LLC. Gibraltar might be an option if you qualify as a small company (turnover under︃ 1.25 million GBP). Avoid Belize and most other offshore jurisdictions like it. I've seen TransferWise︄ accept jurisdictions like Belize, Vanuatu, and so on but there's no clear advantage to them.︅
 
Rowena. I've got a BVI company and get approval from OCBC Singapore Bank account. But‌ there is new rule to stop island-based companies and now there is no way to‍ get offshore bank accounts in Singapore unless private account for investment. So please check carefully⁠ because a lot of banks require physical visit and you cannot go due to Covid-19⁤ lockdown everywhere
 
Thanks for the information. My business is safe and I︆ receive payments from Google & Apple. That's why I don't look for EMIs accepting high-risk︇ businesses. I will consider BVI seriously.

Do you think Seychelles better than Belize?

Can you send me quick information about BVI and Seychelles?
 
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