Euro Pacific bank is a scam
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To EPB customers;
Euro Pacific Bank was never a scam. As anyone who banked with us knows, our KYC and AML procedures were extremely strong. That was not be choice, but by necessity. However due to false allegations that the bank facilitated money laundering and tax evasion, Puerto Rican regulators were pressured into closing the bank, and rejecting the sale to Qenta that had been awaiting OCIF approval for Nine months. The terms of the sale required Qenta to add $7 million in additional capital on closing. The sale was necessary because the false allegations made by the media made it impossible for the bank︀ to operate profitably under my ownership and with a tainted brand. I was personally covering︁ all the bank's operating losses while waiting for the sale to be approved. When the︂ bank was placed into receivership on June 30th of 2022 the bank had no debt,︃ no loans, no past-due bills, and millions in cash and cash equivalents above what was︄ owed to depositors. As the bank always operated on a 100% reserve basis, all customers︅ could have withdrawn 100% of their deposits on the day the bank was placed into︆ receivership. However, the receivership process substantially delayed the ability of the bank to return customer︇ funds. At this point the remaining hurdle is Novo Bank in Portugal not processing our︈ wires. They have indicated they will begin doing so on the 24th. However, at this︉ point I don't believe anything that I'm told. I have mainly been a passive investor︊ in this bank since it started. I invested over $10 million dollars over the 10︋ years I've owned it, and never took out one dime in salary or dividends. I︌ will likely lose 100% of that money (much more if you count the money I︍ would have been paid had OCIF allowed the planned sale of the bank to go︎ through.) But apart from the money I lost personally, I'm sorry about what the media️ did to this bank, especially Australia 60 Minutes. I am in the process of winning my defamation lawsuit against them. I'm sorry about what the IRS and OCIF have done, and what Novo is doing now. I'm sorry that the bank's former president died of a heart attack as a result of all the stress related to the false allegations of financial crimes. And I am sorry about the stress and inconvenience this ordeal has caused the bank's customers. But all of this has been beyond my control, and I have done everything in my power to help. But I can assure everyone on this︀ board that I after this is over, I am done with banking. Peter Schiff
Euro Pacific Bank was never a scam. As anyone who banked with us knows, our KYC and AML procedures were extremely strong. That was not be choice, but by necessity. However due to false allegations that the bank facilitated money laundering and tax evasion, Puerto Rican regulators were pressured into closing the bank, and rejecting the sale to Qenta that had been awaiting OCIF approval for Nine months. The terms of the sale required Qenta to add $7 million in additional capital on closing. The sale was necessary because the false allegations made by the media made it impossible for the bank︀ to operate profitably under my ownership and with a tainted brand. I was personally covering︁ all the bank's operating losses while waiting for the sale to be approved. When the︂ bank was placed into receivership on June 30th of 2022 the bank had no debt,︃ no loans, no past-due bills, and millions in cash and cash equivalents above what was︄ owed to depositors. As the bank always operated on a 100% reserve basis, all customers︅ could have withdrawn 100% of their deposits on the day the bank was placed into︆ receivership. However, the receivership process substantially delayed the ability of the bank to return customer︇ funds. At this point the remaining hurdle is Novo Bank in Portugal not processing our︈ wires. They have indicated they will begin doing so on the 24th. However, at this︉ point I don't believe anything that I'm told. I have mainly been a passive investor︊ in this bank since it started. I invested over $10 million dollars over the 10︋ years I've owned it, and never took out one dime in salary or dividends. I︌ will likely lose 100% of that money (much more if you count the money I︍ would have been paid had OCIF allowed the planned sale of the bank to go︎ through.) But apart from the money I lost personally, I'm sorry about what the media️ did to this bank, especially Australia 60 Minutes. I am in the process of winning my defamation lawsuit against them. I'm sorry about what the IRS and OCIF have done, and what Novo is doing now. I'm sorry that the bank's former president died of a heart attack as a result of all the stress related to the false allegations of financial crimes. And I am sorry about the stress and inconvenience this ordeal has caused the bank's customers. But all of this has been beyond my control, and I have done everything in my power to help. But I can assure everyone on this︀ board that I after this is over, I am done with banking. Peter Schiff
interesting to hear the story.
But still this information shut have given more earlier. As a costumer , to hear all that from the News and see our company money frozen, still to this day is not easy. We had to adapt and pull the plug for incoming transfers, otherwise we had to open insolvency.
It is not only you are loosing part of your business, we are loosing our intire business, costumers and trust in us.
Situation is still to be solved, lets see how long this will take.
But still this information shut have given more earlier. As a costumer , to hear all that from the News and see our company money frozen, still to this day is not easy. We had to adapt and pull the plug for incoming transfers, otherwise we had to open insolvency.
It is not only you are loosing part of your business, we are loosing our intire business, costumers and trust in us.
Situation is still to be solved, lets see how long this will take.
Yes I agree. The only reason I didn't fight OCIF︀ was to make sure the customers got their money back quicker. I didn't want tied︁ up in receivership for years, with expenses ultimately causing customers to lose money. But I︂ had thought all the money would have been returned months ago. Customers are just collateral︃ damages in the IRS's effort to make me look bad, and pretend that by shutting︄ down the bank they are tough on tax evasion and money laundering.
If they do not release next week we will need to hire a Portugese lawyer to legal force Novo to do it. The question is why are they dragging their feet. I know if the bank had been allowed to liquidate on is own, without a receiver, all the funds would have been returned months ago. That's whats so especially frustrating. Of course it would have been even better for all parties had the sale of the bank been approved, either to Qenta,︀ or several other parties who wanted to buy the bank. But "bank sold" was not︁ the headline they were after. They want "bank closed." That was the best way to︂ create the false impression the bank did something wrong.
You obviously have a problem with EPB and P.S.
The vast majority of EPB clients are law abiding citizens who pay their taxes.
As a former client of EPB, who has 5 other accounts in different jurisdictions, I can tell you that I opened my account with EPB because I wanted, and still want to bank with P.S. not because I had no other choice.
Many accounts were company accounts from︀ all over the world, impossible to evade taxes with an European company these days, and︁ all brokerage accounts were reported under the CRS, all clients had to submit a CRS︂ form, impossible to evade taxes having Interactive Brokers as their broker, anyway I could say︃ a lot more but I know the kind of guy you are, criticize, criticize, criticize.︄
No point in reading anything you write, you are clueless and by the way, you︅ are in the wrong forum, taking about tax evasion in this forum, what a joke!︆
And if there’s something I’ve learned through the years is that those that criticize tax︇ evasion are the first to evade taxes.
The vast majority of EPB clients are law abiding citizens who pay their taxes.
As a former client of EPB, who has 5 other accounts in different jurisdictions, I can tell you that I opened my account with EPB because I wanted, and still want to bank with P.S. not because I had no other choice.
Many accounts were company accounts from︀ all over the world, impossible to evade taxes with an European company these days, and︁ all brokerage accounts were reported under the CRS, all clients had to submit a CRS︂ form, impossible to evade taxes having Interactive Brokers as their broker, anyway I could say︃ a lot more but I know the kind of guy you are, criticize, criticize, criticize.︄
No point in reading anything you write, you are clueless and by the way, you︅ are in the wrong forum, taking about tax evasion in this forum, what a joke!︆
And if there’s something I’ve learned through the years is that those that criticize tax︇ evasion are the first to evade taxes.
It's what I am repeating since forever: I︆ never got what he is actually doing on here apart critics and a ton of︇ smileys in every thread. Also he is completely useless because he is unable to give︈ any concrete suggestion, he just joins every thread to dig up dirt on everything. But︉ because he is somehow a staff member he will nuke my post (like he did︊ 2 days ago) and probably your one as well. Would be in the interest of︋ this forum to get rid of him... He is probably some retired UK guy and︌ instead of spending his time playing bingo or watching TV he does waste it writing︍ critics on here
You very likely are a fake profile︆ created to bring support to EPB/Puerto Rico.
"New member" since September 2022 : 5 posts,︇ 2 are linked to PR/EPB. 1 other is asking to move money from bank account︈ to EMI, to another local bank account (for someone claiming to have 5 bank account︉ it's odd) and another post talking about residing in Portugal.
Very strangely linked to the︊ news of EPB, isn't it ?
There is absolutely no logical reason to open bank︋ account in P.R unless you have substance there, or if you are looking to avoid︌ CRS. This is how P.R has been marketed and functioning.
The closure of EPB is︍ not a surprise, we all knew it would end like this. Back in 2019, @Martin Everson and I had a bet on EPB closure date - btw we both lost︎ as we said by the end of 2020 haha.
stupi#21stupi#21stupi#21
"New member" since September 2022 : 5 posts,︇ 2 are linked to PR/EPB. 1 other is asking to move money from bank account︈ to EMI, to another local bank account (for someone claiming to have 5 bank account︉ it's odd) and another post talking about residing in Portugal.
Very strangely linked to the︊ news of EPB, isn't it ?
There is absolutely no logical reason to open bank︋ account in P.R unless you have substance there, or if you are looking to avoid︌ CRS. This is how P.R has been marketed and functioning.
The closure of EPB is︍ not a surprise, we all knew it would end like this. Back in 2019, @Martin Everson and I had a bet on EPB closure date - btw we both lost︎ as we said by the end of 2020 haha.
stupi#21stupi#21stupi#21
I’m not for or against EPB or P.S.
There are over 100 countries that don’t belong to the CRS, including the U.S. as you︄ know, and around 50 financial institutions in P.R. and basically according to you they are︅ all there to open accounts for tax evasion purposes, many people from South America have︆ accounts in P.R. as those banks offer services they can’t get back home, such as︇ multiple currency accounts, etc...
I was asking about EMI’s as I’m not familiar with those,︈ all I know is that some charge less for wire transfers and have better exchange︉ rates than banks do, so as someone that does a lot of wire transfer in︊ many currencies, I’m looking to cut my fees.
In any case, I do and will︋ do everything I can to pay the least amount of taxes within the law, and︌ yes Portugal, even though wasn’t for me, could be a great option under the NHR.︍ I know a number of people that have moved there and love it...
The point︎ is that Martin Everson has some type of personal problem with EPB and many others,️ not sure this forum benefits from members like him.
If the purpose of this forum is to give unbiased opinions and legit information, great, but if this forum is not serious, and people are here to criticize and talk whatever crap they want, then let me know so I don’t visit this forum again.
By the way, I don’t know if you can see the information I’ve checked on this forum, but this is the first time I’m reading about EPB on this forum, and as a former client, I had a great experience, bought precious metals, made good money investing in their funds, and︀ the brokerage account was great, I honestly never had a problem with EPB and yes︁ I did submit my CRS and FATCA forms, so the criticisms is unfounded imo...
There are over 100 countries that don’t belong to the CRS, including the U.S. as you︄ know, and around 50 financial institutions in P.R. and basically according to you they are︅ all there to open accounts for tax evasion purposes, many people from South America have︆ accounts in P.R. as those banks offer services they can’t get back home, such as︇ multiple currency accounts, etc...
I was asking about EMI’s as I’m not familiar with those,︈ all I know is that some charge less for wire transfers and have better exchange︉ rates than banks do, so as someone that does a lot of wire transfer in︊ many currencies, I’m looking to cut my fees.
In any case, I do and will︋ do everything I can to pay the least amount of taxes within the law, and︌ yes Portugal, even though wasn’t for me, could be a great option under the NHR.︍ I know a number of people that have moved there and love it...
The point︎ is that Martin Everson has some type of personal problem with EPB and many others,️ not sure this forum benefits from members like him.
If the purpose of this forum is to give unbiased opinions and legit information, great, but if this forum is not serious, and people are here to criticize and talk whatever crap they want, then let me know so I don’t visit this forum again.
By the way, I don’t know if you can see the information I’ve checked on this forum, but this is the first time I’m reading about EPB on this forum, and as a former client, I had a great experience, bought precious metals, made good money investing in their funds, and︀ the brokerage account was great, I honestly never had a problem with EPB and yes︁ I did submit my CRS and FATCA forms, so the criticisms is unfounded imo...
@ Tomboy and ???
I am not defending euro pacific bank in any way and I repeat that there have been moments when their attitude toward clients was garbage and other moments when they did work well. Lately they were working well, and if this makes you happy when I wrote that post they were working very bad. This at least should make clear I am not being paid by them to write positive feedbacks. At the same time I repeat what I wrote above, that specific user is just professional dirt digger acting like he knows everything while in reality he just criticizes everything︀ without giving concrete solutions. Depending on him every bank, emi, jurisdiction, etc. is junk...... The︁ only thing he gives are smileys. If he has a problem with offshore banks and︂ people trying to find a way to not pay or pay less taxes, he should︃ join the salvation army and not offshorecorptalk.
I am not defending euro pacific bank in any way and I repeat that there have been moments when their attitude toward clients was garbage and other moments when they did work well. Lately they were working well, and if this makes you happy when I wrote that post they were working very bad. This at least should make clear I am not being paid by them to write positive feedbacks. At the same time I repeat what I wrote above, that specific user is just professional dirt digger acting like he knows everything while in reality he just criticizes everything︀ without giving concrete solutions. Depending on him every bank, emi, jurisdiction, etc. is junk...... The︁ only thing he gives are smileys. If he has a problem with offshore banks and︂ people trying to find a way to not pay or pay less taxes, he should︃ join the salvation army and not offshorecorptalk.
That “Martin Everson” is︄ extremely ignorant and therefore a troll.
I’ll just give this information, although he doesn’t care︅ about the facts.
EPB wasn’t just one company, it was made up of at least︆ three different companies, all brokerage accounts were held under “Europacific Securities” not under “Europacific Bank”,︇ and EP Securities was not based in Puerto Rico, it was registered in the BVI,︈ and BVI is a jurisdiction that belongs to the CRS, so all clients that wanted︉ to have access to a brokerage account had to submit a CRS form, otherwise you︊ couldn’t have a brokerage account, and the vast majority of clients did have a brokerage︋ account, which was linked to Interactive Brokers.
Furthermore, EPB deducted money from clients accounts, including︌ mine, in order to pay for whatever U.S. taxes you owed if you had invested︍ in U.S. companies, they had to do that to comply with FATCA, so besides submitting︎ a FATCA form, the bank automatically withdrew from your account whatever you owed in taxes,️ so the case for tax evasion is absurd.
I’ll just give this information, although he doesn’t care︅ about the facts.
EPB wasn’t just one company, it was made up of at least︆ three different companies, all brokerage accounts were held under “Europacific Securities” not under “Europacific Bank”,︇ and EP Securities was not based in Puerto Rico, it was registered in the BVI,︈ and BVI is a jurisdiction that belongs to the CRS, so all clients that wanted︉ to have access to a brokerage account had to submit a CRS form, otherwise you︊ couldn’t have a brokerage account, and the vast majority of clients did have a brokerage︋ account, which was linked to Interactive Brokers.
Furthermore, EPB deducted money from clients accounts, including︌ mine, in order to pay for whatever U.S. taxes you owed if you had invested︍ in U.S. companies, they had to do that to comply with FATCA, so besides submitting︎ a FATCA form, the bank automatically withdrew from your account whatever you owed in taxes,️ so the case for tax evasion is absurd.
Lol...folks be crying over spilled milk. The bank is consigned to history books now. No amount of personal insults or emotional out pouring will change that fact cig-:,. Best to live and learn and engage logic and not emotion when choosing a bank in future 😉.
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