Euro pacific bank - reliable, safe or no

[Sols]

Well, the extreme would be closure of account, especially if you have no economic activity‌ in or commercial ties to Singapore.

Other than that, they might ask to see detailed‍ invoices for ever transaction you do and hold/freeze funds if they find you suspicious.

Marshall Islands are used disproportionately for criminal activities (fraud, money laundering). It's on almost every bank's⁠ list of high-risk jurisdictions.

 

[BTCNG]

For Marshall Islands - they have introduced a new law for Economic⁠ Substance. If you will not have staff, Headoffice etc. there they can fine you (50K$⁤ or 100K$):

http://csj.hkics.org.hk/site/2019/0...ayman-islands-and-the-british-virgin-islands/
This applies also on MANY other tax-haven jurisdictions (and those that didn’t⁣ not introduce it are BLACKLISTED by the EU).

For Singapore banking - they are closing⁢ accounts also for LOCAL companies.
https://www.reuters.com/article/us-...irms-to-combat-money-laundering-idUSKCN1V2231
For offshore companies, I got the information they are︀ sizing down the exposure so it is a matter of time until they will close︁ your account (IF you will manage to open it), so think twice before you travel︂ to the other side of the world for that (and travelling is a MUST. no︃ way for opening a bank account from distance).

VERY difficult times... I know...

 

[JackieTsan]

I had no idea of that when I was opening the company in marshall.
But my company will be clear and providing some specific items. I have no issue to‌ send them the invoices in every transaction.

In any case will I have risk they‍ freeze my money and I will lose them? Or they will just tell me we⁠ close the account take your money out (which is a fair approach).

Thank you

Oh I had no idea of this. What i need to do⁢ now?

Yes this is a risk but my︄ company is ok and doing specific things so I don't see reason not to get︅ it approved

 

[BTCNG]

If your company⁠ is inactive, I think the economic substance law is irrelevant (but you need to check⁤ the law).

I would advise to dump the Marshall Islands company and get a good⁣ (paid) consultant.

 

[JackieTsan]

But this says regarding hong kong, yes?

The company is still inactive and new. So‌ that I payed is a complete loss and leave it like that? They are asking‍ a lot to close it immediately.

Am I in danger?

Thanks

 

[BTCNG]

The Marshall Islands passed a low on Economic substance.
For all the rest - you need⁠ to ask a professional.

 

[JackieTsan]

where can i find a payed professional to ask all the details? can you please‌ suggest me? thank you

I am not an accountant, but as I read this is talking for other comjpanies that⁣ hold/ are holding to other companies etc.

I am talking about a Limited company that⁢ is a personal company which invoices services etc, having a local Director, and me as︀ shareholder. Is this illegal if I declare in my tax country the income from this︁ company? And if yes, why it is illegal?

Thank you

@Martin Everson what about CAYE︂ INTERNATIONAL BANK in BELIZE or BANK ONE LIMITED in MAURITIUS ? Are they same to︃ EPB?

 

[Martin Everson]

Don't know about Bank‍ One Limited yet but avoid Caye Bank like the plague now. They change correspondence banks⁠ like underwear. Now they are using a UK EMI to process payments in and out.....lol.⁤ Look at their wire instructions below. They might as well throw their banking license in⁣ the bin...its now a joker bank at end of road.

https://www.cayebank.bz/international-wire-transfers.php

 

[JackieTsan]

what a dirt i'm involved in. I should have listen to you @Martin Everson and stay far from offshore.

are these true? do i have problem with those? :

http://csj.hkics.org.hk/site/2019/0...ayman-islands-and-the-british-virgin-islands/

Thank you

 

[Martin Everson]

Yes it is largely true and old news now. It was a project of EU....sorry⁠ OECD 😉 to shutdown shell company activity across the offshore world via an aggressive practice of⁤ "Do what we say or we will blacklist your country". I touched on subject in⁣ many threads months ago i.e

https://www.offshorecorptalk.com/threads/aeoi-crs-bvi-aus.25403/post-92234
https://www.offshorecorptalk.com/threads/dominica-and-tax-status-for-ibc’s.25574/post-95762
https://www.offshorecorptalk.com/th...ompany-usd-wire-bank-details.25770/post-98099
Some islands have not ratified these new⁢ laws but will have too. It is not something that just appeared but a calculated︀ plan by EU to kill shell company activity. The next stage they will plan will︁ make it almost impossible or not worthwhile to hold a company outside your country of︂ residence if you live in EU. I have been banging on that people must plan︃ to relocate quickly else you will be trapped with exit taxation etc and all kinds︄ of new stuff.

 

[JackieTsan]

Hi @Martin Everson i don't undertstand what is this. And there will be penalty to‌ company owners 50K$ - 100K$ as somebody wrote? what is the issue?

Regarding the exit‍ taxation, what do you mean? please clarify

Thank you

 

[JohnLocke]

I remember FBM E very well, it was‌ awesome with the nameless debit card they offered.

 

[LegitBananas]

It seems like that all the banks that offer⁣ "remote opening" suck 🙂 like Caye, EPB, etc. do you know any good ones in any⁢ non-euro jurisdiction? Maybe ABC bank in mauritius? But don't know if they offer remote openings︀ to be fair

 

[JackieTsan]

Guys I am extremely confused.
I don't understand anything.

@Martin Everson according to what you‌ send me, an Offshore (marshall) with a singapore bank account is ok, right?

What is‍ this New offshore Economic Substance Laws – Implications for Hong Kong companies of new Economic⁠ Substance Laws in the Cayman Islands and the British Virgin Islands | CSJ HKICS
a guy in this forum said that will be a penalty to companies 50$K to 100K$⁤ if not having local office, employes etc. Is this true?

Thank you

 

[Spinat]

What guy told you this?

 

[JackieTsan]

please look earlier at this‌ post, page 3 post by @BTCNG

is this true?
thank you

 

[Martin Everson]

You mean for Marshall Islands penalty? Then looks that way for certain businesses‍ see page 4-5 and for penalties page 10. But see if your business type is⁠ covered firstly which I doubt.

https://www.register-iri.com/wp-con...rations-through-29-August-2019-amendments.pdf
Not sure if the above is the best guidance⁤ notes so don't shoot me....lol.

https://www.wfw.com/articles/marsha...st-economic-substance-guidelines-forthcoming/

See my posts in other threads about exit taxation.⁢ Right now its applied to high values companies moving abroad. But in some countries like︀ Poland to they apply it to individuals over a certain threshold moving abroad as I︁ posted on another thread...lol.

 

[Martin Everson]

Yes ABC Mauritius is a serious bank has been around for a while, publishes⁠ its finances on website. It also has serious correspondence banking relationships.

You just need⁤ to look at who their correspondence banks most of the time and if you see⁣ i.e MisterTango or CurrencyMatters rather than i.e Citibank or Barclays then that.....tells you also need⁢ to know 🙁.

 

[JackieTsan]

@Martin Everson I'm very stressed and confused now.

According to this I will have penalty!‌

I am not having there employees etc I have only a director and I'm the‍ shareholder.

My business is it related services and online services (nothing illegal business wise).

So I need to close it then?

Thank you

 

[Martin Everson]

So what does your business activity fall under on page 4-5 section‍ 3? Or are you worrying about nothing?