UK Non Dom with Offshore Company

[Isleofmanguy]

Hi - this isn't directly a solution - but - is there a need for the︃ IOM Co to open a bank account in the Isle of Man ? Our banking︄ universe here on the Island is a bit limited - and usually our banks do︅ require local control but - of course Isle of Man companies can open bank accounts︆ any where a bank will accept an application so that might provide you with some︇ other options. For example - maybe the family already has a banking relationship elsewhere that︈ it can leverage ? Here locally - you may find Nedbank and Investec worth speaking︉ to - depending on whether you are prepared to use their Investment services as this︊ seems to concentrate their minds a little more on the provision of banking services.

 

[willow2013]

Yes I already had spoken with Investec which was a︃ 'no'. I have tried all of the other jurisdictions where I have a relationship and︄ that is also a 'No'. Not sure, if its the level of investment/cash is limited︅ - maybe I am too small. Haven't tried Nedbank so will reach out them.

 

[Isleofmanguy]

I'm not︀ sure if you have set the company up yet but depending on which CSP you︁ are using - they may have some leverage for you too. Capital International are also︂ worth considering as they are stock brokers as well as bankers so should have a︃ good investment platform. The banking platform is pretty good actually.

 

[willow2013]

Yes I was aware of them as they were mentioned to me. There⁤ is custody fees attached to them which just added to the overall cost and made⁣ the structure unviable, again it might be because of the level of my investment.

 

[Isleofmanguy]

The other option to consider is an EMI - I suppose︀ - but maybe you have already considered that - quite a few of them will︁ open for IOMCo's - including Revolut.

 

[willow2013]

I think the issue for me is that⁠ I have to keep away / any funds connected to the UK or remotely connected⁤ as that would be considered a remittance.