Offshore bank accounts

[jeff]

I have set up an offshore business in St Vincent, and tried to open a‌ bank account in St Vincent. But I ran into a bit of a problem when‍ trying to open a bank account in St Vincent as they say at the bank⁠ that my business must have the day to day operations within St Vincent. This is⁤ not a possibility. They suggested that that I open an offshore account in another country.⁣ My question is what country would be a suitable country to open a bank account⁢ in that would meet my business needs?

Thanks

 

[negon]

Why can't you open the account in St. Vincent for instant with Euro Pacific bank?‌

What documents can you provide?

 

[jeff]

I was trying to open with CIBC / Barclays. I have not tried with Euro‌ Pacific as of yet. Thanks. I believe I can provide everything a bank could need,‍ except for the proof of operating day to day business out of the country that⁠ the company is registered in.

Thanks!

 

[JohnLocke]

You need a bankers reference letter in order to open an account with them! Beside‌ that you can easely open an account. You may just be carefull with putting too‍ much money in this bank and always open a second account with some other bank..⁠ There is no need to risk all your money with one bank, no one knows⁤ what will happen in the near future!

 

[jeff]

OK, that would be a bankers reference letter from what bank? I don't have a‌ bank account for this business yet. I do have a reference letter for my personal‍ account in Canada, but that's all.

Thanks

 

[JohnSeed]

That's the one you will be needing! personal reference letter‍ from your current bank!

 

[jeff]

Is Euro Pacific the best choice for my situation? Or should I look into something‌ offshore from St Vincent? Looking for the safest route.

 

[JohnLocke]

Please elaborate what do you‌ mean with something offshore? If you don't want to bank in Cyprus, Mauritius or Belize‍ Euro Pacific could be a good alternative.

 

[icecold]

Has this changed over time?

 

[suzy]

You need to be prepared to answer lots of questions and provide lots of⁤ documents with some of the banks. What you want to do before you apply for⁣ any offshore account is to ask what documents and information is required to get it⁢ all done! So you avoid big surprise!

 

[zedeafone]

Great information is on this forum and I am learning a lot. Thank you everyone.‌

 

[happyjohn]

With which︀ agent did you setup your St. Vincent Company and do you mind to let me︁ know what you paid for setup and first year fee?

 

[suzy]

Would like to know what the fee is to open a St. Vincent company too?‌ That said back to topic. What do you think about opening an account in Bahrain‍ or Panama are these countries banned by European banks you think?

 

[myhand]

You want to use this as one of the few option⁤ when deciding to open an offshore account, since not many onshore banks will protect you⁣ from lenders and creditors today.

 

[myhand]

The only limit I⁠ see is that your customers refuse to transfer money to your offshore accounts, other than⁤ that no limits.

 

[suzy]

If this is the EPB account we can get it for free no need to‌ pay anyone to open an account there. Question is if it is really worth the‍ effort one need to get through to open an account there just to find out⁠ that there is only a little more privacy there compared to regular offshore banks that⁤ obvious not provide much privacy any longer!

 

[Houdini]

Someone know what is the fastest offshore bank to open account? No personal visit and‌ no reference letter!

 

[cosmo]

To open an offshore bank account can be needful for people that can't open an‌ bank account at all in their own country either because that's not an option at‍ all only for rich people or because the banks have restrictions on who can open⁠ an account. Believe it or not, there are countries in Europe where the banks have⁤ grouped and keep people out of the banks because of a bad credit history or⁣ just because they can't make money on the customer.

In these cases an offshore account⁢ can be a business live safer!

 

[JohnLocke]

If you are not into some shady business it is still useful to have a‌ real bank account available.

 

[maxmoney]

Do you found a‍ bank for your products sold?

Beside that OP this is interesting reading, thanks for the⁠ wonderful share 🙂