Brokerage account for Panama company

[JackAlabama]

The only thing⁠ you can provide is the physical share certificate or some correspondence with your lawyers regarding⁤ that ownership. There is no way that is a public info as of now.

I'd treat that as the "modern-world-way" of saying: No - gtfo - Panama no mas.

 

[nobel]

Can you recommend several Spanish banks that open accounts with residence Andorra with no or︃ few fees? I need a Spanish IBAN. Also the list with EMIs for residence Andorra.︄ Thank you!

 

[romalo]

Andorra Solutions - Tax advisors, company formation + residency Andorra
Please contact them and keep us up to date. You bring usefull information I see 🙂
(ps.The 2nd lawyer did not respond(yet))

Plane was to keep 1 bank in Andorra as it⁣ is an obligation, then a second offshore neo bank for daily stuff. Private and business.⁢ Not usre if Paysera business offshore is available for Andorra?

hahaha exaclty!!

update:
Swissquote confirmed, NO, no 3rd part deposits.
Wittix: dropped price︂ again, from plan f, to c to a.
ConnectPay: YES. Swift in/out €50.- no %,︃ BUT -> €500/month minimum fee!

Bankera:

negative:
No email about deposit.(No API)
Deposit to JP︄ morgen londen
Swift € incoming 1% ($=€18)
Swift € outgoing 2% ($=0,2%)

positive:
Sepa incoming/outgoing︅ FREE
Swift incoming in $ = €18,-

Wittix:

negative:
No Api
Email notification??
Sepa incoming/outgoing︆ 0,15% (Swift should be almost free)
Swift incoming/outgoing €30+0,15%
BIGGEST problem in/out to risk country︇ +0,3%

positives
Swift costs are relatively okay.(still high)

ConnectPay

negative:
€500 minimum fee costst per︈ month, even on inactive account
Cross-border payments (IN/OUT)** 50 € (this is swift? or also︉ sepa cross border?)

positives:
BIG: Merchant API
Sepa almost free, but its a trick??

I think they are all multi currency will check.
Will also check if clients can send︊ money directly or need to send to central bank in London (like with Bankera)

pro/con list for who's interested.

 

[Mda]

Andorra Solutions is not a lawyer but a gestoria or a general advisor without a‌ licenced qualification if you prefer. Anybody can open a gestoria since the activity is not‍ regulated here.
Contact a real lawyer for accure advices > Relació d'advocats

Paysera welcomes customers⁠ from Andorra, as well as BBVA or Santander in nearby Spain

 

[romalo]

https://augelegalfiscal.com/en/the-firm/our-team/This is the other one I contacted, they claim to be lawyers. I'm⁤ waiting for their response.

Please explain, this Andorra Solutions was my nr1 because these guys⁣ responded quick and know a lot compared to others. Is a gestoria a real bad⁢ thing? I want a price quote for them with succes fee. I want the 2%︀ CIT max 4% else I will not proceed.

Your last frase is interesting, but it︊ says "local residents', you mean Panama company Panama resident?

Do you think Andorra banks will︋ accept my case? in Litouwia it's all EMI, no real banks. I prefer a real︌ own bank with real own bank account number.

 

[Mda]

For reference

 

[romalo]

Super accurate info.Seems you are a wise man.

"The 2% special trading tax regime in‌ Andorra no longer exists. No escape to the default 10%"

0 escapes? also not through‍ a smart dividend route? Are they just checking what country the money is coming form,⁠ and what CIT they have up there?

Or I really have to show tax reports⁤ to the tax-government from Andorra?

 

[romalo]

Update:

Finci : NO
IFX : NO, which is weird, because Wittix uses IFX for‌ their Swift transactions.

Conclusion: Only bankera and wittix seem okay but very very expensive.
they dont use dedicated Swift bank account numbers. They use shared swift codes, not using my‍ company name but 3rd part name. This looks really weird to our customers.
Maybe it⁠ is better to go tthe naughty route:

Open account on transferwise(Panama not listed but colombia⁤ yes), on a company which I never use in Colombia and has almost the same⁣ company name as in Panama.
Let the customers pay to the Transferwise accounts (IBAN)
and then send the money to Panama. (on the website they say from/to Panama is okay)⁢

Theory:
Transferwise has 100% no CRS
CRS is not applicable on active operational business accounts,︀ only private.
Sending euro to euro is just 4 euro instead of 50,- euro.
True?

 

[romalo]

Good news.
Andorra 2% regime is still active according to lawyer
Patent box regime still‌ exists, it is just a little bot limited. We should analyses the application of this‍ regime in your case, in order to determine the best way to proceed and verify⁠ if it would be totally or partially applicable.

 

[romalo]

mAzzy, hope you laugh about this one.
You adviced only to talk with real lawyers and not the company Andorra-Solutions. Which sounded as‌ a good advice.
But...This article that you posted, is from the manager of Andorra Solutions‍ rof/%

And this man confirmed the 2% CIT is still there!
Allthough they are no real⁠ lawyers I think i will work with them. really pro's.
But okay, time will tell.⁤

 

[Mda]

What will it cost you to consult to verify this claim and others ? Maybe‌ 200 €
https://valentimarti.comhttps://advocats-andorra.com
Also regarding the sourcing of incorporation + residency, in between extremes‍ of gestorias and affordable lawyers, there is sometimes a gap of up to 5 folds⁠ in costs, for no more or less competency, depending on the specifics you need to⁤ address. Shop well

 

[romalo]

hi mAzzy, the other (real) lawyer already confirmed, I posted that little days ago.
I'm in the process now, I'll try to update here in few weeks or months. Let's‌ see, I'm sceptic like you!

More good news:
ARIVAL.com APPROVED our PANAMA company!!!
Expensive bank?‍ yes, not the opening but the rest yes.
https://arival.com/pricing
So after 200 hours of work⁠ I can now finally confirm that it is not true what people say that it⁤ is impossible to open "bank" account for Panama.
Bankera
Wittix
Arival
Accept Panama. Arival approved⁣ for free no costs.

The list is︀ much longer with banks that rejected, I now end the topic now with only banks︁ that work. Hope it helped you.

We now use Transferwise account based on other company︂ in Colombia, with almost the same company name as the Panama company.
Transferwise is super︃ simple and no CRS.
So our clients get an invoice from Panama, with payment details︄ Belgium IBAN. Then when we receive the money we send it to Panama.

Maybe not︅ fully legal but the best method.

My tax lawyer said that as long as invoice︆ is correct and legal, and the money ends in the Panama bank account, the only︇ one who can make a problem is transferwise.
But they can close the account, no︈ more.
There is no tax evasion, and...
Transferwise is no real Bank where you long-term︉ store the money which you have to report to tax-government, u just use it as︊ passthrough.
so no issue with Colombia or Panama government.

 

[Fred]

These are no banks but Financial Institutions - they︋ are limited in there options of receiving funds in the name of the company and︌ - depending on how desperate they are - charge you everything between a leg and︍ arm or only a leg.

Arival is some kind of Mercury.

It's right when people︎ claim it's close to impossible to get a decent reliable retail bank account for a️ Panama Company.

 

[bizniz]

What do Arival's wire instructions look like? Is it direct or via⁤ some EMI?

Any reason⁢ why you did not open an account in Panama itself?

Transerwise would likely close the account︆ after you start acivity.

This is probably︌ true. But they will close the account which is a big hassle if you have︍ transfers in transit etc.

 

[romalo]

Yes I totally agree, but maybe this info helps you:

Well with Revolut we have‌ 3 years experience. Now they went from EMI to bank. Zero difference, you wont notice‍ any difference.
yeah your money is protected if a bank goes bankrupt blabla. But only⁠ untill 100k or so, so that wont make a difference (in my case)

My advice⁤ would always be to have a Panama bank account for the big money, and EMI's⁣ to collect the payments.
I think Panam is one of the most save places in⁢ the world to keep your money. I have 6 Panama bank accounts. Old fashioned s**t︀ banks and also crazy expensive. EMI's are 100x more user friendly.

Arival is wayyy to︁ expensive like most of them. But swiss and panama banks are simular.

I believe Bankera︂ is the big guy of these 3, the rest is small.

Stripe we had 3︃ checks now. They dont care we use Panama invoice data. We had approval black on︄ white. No CRS, just like paysera and Wise.(see other topic)

Stepping over to Andorra as︅ we speak, seems much more interesting then running business in Panama. Panama has super easy︆ accountancy though.
Meanwhile using Transferwise & stripe to collect and send from transferwise to Panama.︇ Works super easy. Matter of minutes for the money arrives.

We opened a few Wise︈ accounts. Easy as hell. Received a payment of 21k no questions asked untill now.
And even if they asks documents like invoices, just supply them?! or make them. With Revolut︉ always worked and they are worlds most horrible(see reddit etc)
Andorra banks are crazy expensive︊ as well, good for savings but not for payment collection, So EMI's is still the︋ way to go for collecting payments I think...

Yeah Wise seems the best to‍ receive in the company name, no weird bank names like with Arival, but just the⁠ real company name.
Thx to this forum, read/found good stuff about Wise. I never realised⁤ they became so advanced in the last years. (and Much complaints like with everybody these⁣ days.)

 

[romalo]

Now using Payoneer. I even have a personal IBAN!
It was way more easy then‌ opening a bank accounts in Panama. That's slow and dramatic and no IBAN.

Took me‍ about 200 hours research, mostly for kyc.
I hope it helps some people here. Payoneer⁠ is the way to go...

 

[Silvio]

Agree and even if not, I would not post here in a public forum how‍ you trick TransferWise and with such obvious details, will take them 2 minutes to find⁠ your company and close.

 

[Jerry1911]

This whole thread should be moved to MG in my opinion.

 

[romalo]

Works perfectly with Wise, no problem. 80k/month.
Why would they care? it's not of their‌ business.
Nothing illigal. We register the payments as a loan and pay back of the‍ loan directly from the client, all put in a simple contract. Therefore Good tax lawyer⁠ is half of the work.
Ask your lawyer, he can explain you how to use⁤ bank accounts from other companies or private accounts.

The only REAL problem with Wise which⁣ you don't read here is that EUR payments out of Europe are limited to 200.000/year.⁢ Per valuta.
Thats nothing.

Therfore wise is useless to us. Only to collect its much︀ better because it's super fast incoming instant Sepa's.
Bankera and Payoneer are slower. Testing a︁ lot now. Revolut and Wise are quick. Will start another topic about this later on.︂

 

[lostguy]

there are no bank in bermuda