Getting blacklisted for being a known owner of an offshore company?

[rockrock]

Taxes are sorted out.
Suppose I restructure a business from an onshore to an offshore company. People obviously could find out who is behind the offshore company.
Thinking of banking... Would this get one added on a blacklist / enhanced due diligence for all business activities simply for the fact of owning an offshore company?

 

[Martin Everson]

rockrock said:
Thinking of banking... Would this get one added on a blacklist / enhanced due diligence for all business activities simply for the fact of owning an offshore company?
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Owning an offshore company would not get you blacklisted or extra due diligence unless we are talking about the far offshore. For example someone living in EU won't get much banking problems operating a company in another EU country. However the far offshore i.e UAE, Seychelles, BVI etc which are tax havens may cause problems. A lot can depend on your country of residence and the policy of the bank itself.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Sols]

It's very situational. Depends on who's looking, why they are looking, and who you are in general. Owning an offshore company will in and of itself not get you blacklisted, but it will likely lead to you having to provide additional documentation to prove that your funds are clean.

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This is the probably the answer to your question.

 

[JackAlabama]

Martin Everson said:
Owning an offshore company would not get you blacklisted or extra due diligence unless we are talking about the far offshore. For example someone living in EU won't get much banking problems operating a company in another EU country. However the far offshore i.e UAE, Seychelles, BVI etc which are tax havens may cause problems. A lot can depend on your country of residence and the policy of the bank itself.
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Well said. Panama is sadly often also not liked much as residence/bank account/company location 😉. However, it is not black and white and depending on circumstances it can still work but be prepared for some explanations.