Pros & Cons of Nevis

[offshoreavatar]

Ah ok I wasn't aware⁠ crypto companies accepted KYC for companies.

Thank you for the advice on ABC Bank Mauritius⁤ but I really prefer using EMIs. Most of my funds come from all over the⁣ world (different currencies) hence EMIs with multiple currency acocunts is best.

 

[Evgeniy Miller]

Yep, multicurrnecies accounts in EMIs are really better sometimes⁤

 

[smbdoff]

I'm confused. I'm 100% sure that⁣ PayPal required a personal address, company address and PayPal account all to be in the⁢ same country. I know for a fact that foreigners who have a company in a︀ different jurisdiction from their residency couldn't get a PayPal account approved.

You need to prove︁ that you live in a country where your PayPal account and company are setup. You︂ also need to access PayPal with a local IP address. If you begin accessing your︃ PayPal from a foreign IP, after a while they will close it since you no︄ longer live there.

Care to clarify?

 

[offshoreavatar]

Hey mate yes correct I have also experienced what you're referring to first︀ hand. But it looks like it's different with Saint Kits & Nevis. Maybe because it's︁ a small island they have additional allowances for there I don't know sorry.

 

[tacokai]

The part about the IP address is rubbish, I have seen this posted all over‌ the global forums.

But you need to have a utility bill, phone number and sometimes‍ bank account or EMI from the same country to get started. Otherwise you need to⁠ call PayPal which I did in the past, they told me what I already wrote⁤ here.

 

[offshoreavatar]

Yes I've experienced the same. After personally speaking to⁣ them it seems like it's different for Saint Kitts and Nevis. Maybe PayPal have differentregualtions⁢ for each country.

 

[EliasIT]

It would be a new loophole if they have different rules for Nevis & Saint‌ Kitts - someone up to try it?

 

[smbdoff]

It's not rubbish, if you don't live there, they⁣ will block your account. And this comes from first hand experience when they blocked accounts⁢ for folks who have a permanent residency in XYZ country, but don't live there.

Or at least you have to create an illusion that you live there so that PayPal︀ doesn't know.

 

[user9823671]

My experience is of being UK citizen and having UK paypal account for 10+⁣ years with UK usage. I moved away and turned the account to a UK business⁢ account to allow selling through it. For the last 10 years have used paypal account︀ from abroad with out issue.

Not quite the same as you are referring to, but︁ just adding my experience as it is not 100% correct IP will get account banned.︂ However, I think if you open a NEW account for a biz from (X) country,︃ then only ever log in from (Y) country you will have issues or so I︄ have heard.

 

[offshoreavatar]

Sorry when I say I've experienced the same. I don't mean in relation‍ to the IP issue. I have not ever had that problem. I have had problems⁠ with registering a business account in countries that the business isn't registered in. With respect⁤ to this thread's example that wouldn't be applicable the business would be in the same⁣ country the PayPal account is being registered in. I did think there may be problems⁢ with the residential address of the representative / main contact but after a phone call︀ with them walking me through it and assuring me it seems fine.
You also get︁ to pick your currency which is nice. (ALthough I think you can change that anyway︂ in most other countries' PayPal settings later).
The only problem is I'm not going to︃ be able to test it out until I actually register a Nevis company which isn't︄ until a few months yet.

 

[user9823671]

Sort of. You can pick currency, but when you want to get the money out,⁠ it has to be exchanged to the local currency.

For example I have a UK⁤ paypay account, but sell in dollars and store money in dollars in the account. If⁣ I had a dollar bank account. paypay would exchange the dollars to GBP then back⁢ to USD to send to the dollar bank account (all at their terrible exchange rate).︀

Or so it was when I spoke to them - which was a few years︁ back now. The funds HAVE to be exchanged to the local currency of the account︂ (so Nevis in your case) then can be exchanged again to be sent where you︃ want them.

 

[ImKing]

never had⁠ that issue, have been using my paypal account worldwide, hotels, internet cafes and many other⁤ places, never had it blocked.

 

[offshoreavatar]

No the main PayPal account I currently use︂ has 2 currency options to cash out. You can bank transfer out into a USD︃ bank account and the home countries currency bank account. (Without conversion charges).
The reason why︄ picking the main currency for small island nations is good is because the main currency︅ in PayPal is only charged ~2.6% vs the subsidary currencies at ~3.6% (incoming) at least︆ in my expeience any way.

 

[user9823671]

Yes, I can cash out dollars, but they will still exchange to⁢ the home country currency then back to the cash out currency. I live in a︀ country that uses the US dollar and it didn't make sense to exchange dollars to︁ GBP send to UK bank, then exchange to dollars to transfer to bank account here.︂ But looking into it, I found the above, thought it must be a mistake, but︃ contact paypal and they confirmed.

If I remember I try and find the links explaining︄

 

[John Andrews]

OP how's it going so far? Which EMIs have accepted your Nevis company? Is your‌ Paypal still working?

 

[offshoreavatar]

I won't be doing this for‍ a few months yet. As I'd prefer to do it after I emigrate (to a⁠ country with no CFC rules and no tax on foreign income) which won't be until⁤ next year (COVID allowing). EMI's aren't the problem. PayPal might be but during a step⁣ by step call with them it seems fine. You can also check for yourself to⁢ see how different a PayPal Saint Kitts & Nevis account is compared to other countries︀ without finishing sign up.