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AEOI enforcement & Belize Bank behaviour / Share with you

Brokenby2703

Brokenby2703

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Jan 7, 2017
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#1
Good morning folks !

As you can see from my various posts I own a BELIZE LLC and I'm searching a bank account or similar to receive dividends (for 2016) and get a Debit Card from where I can withdraw.

One of my close friend in different business line incorporate a BELIZE LLC almost same time as I did (if anybody need a suggestion for a serious offshore incorporation company, please PM me or conversation and I will be delighted to tell this company). He did also open a bank account in BELIZE.

During last weekend friend's meeting I informed about this forum and what (alarming) I discovered about how strong will be FATCA EU / AEOI etc.

So he went to ask to his bank in BELIZE about their intentions about AEOI as he did have a very good relationship with them.

This was their reply:

-----
Good Morning Mr. *******,

In regards to your query, please note that we are FATCA compliant and our country have already agreed to be apart of the AEOI, however, I'm pleased to inform you that since you are a pre-existing customer, you don't have to be worried about us disclosing any information to FATCA or AEOI once your corporate account remain within the threshold of USD 250,000.00.
Different story will be for all accounts opened after 29th October 2015 which will be, sorry to say, automatically reported to the client's jurisdiction of residence.

Should you have any other query, feel free to contact us again.

Best Regards,

Marissa
-----

After he did forwarded to me this email he got yesterday I went asking to the broker I have incorporated the BELIZE LLC (and my friend got the bank account) about AEOI and about brokers like ADVCASH.com.

This was the broker reply:

-----
Dear P.,

We confirm receipt of your email.

Please note the link you provided (advcash.com) is for a company which is registered at that address, note they do have a licence issued by the IFSC as noted on the website.
Please note this does not necessarily mean this is their address where they do their business out form, it appears to be their agents address, but cannot confirm to you.
We would recommend you contact them directly as we do not have any information on them.
At the moment, there is not real indication on how BELIZE banks will behave on September 2018 when they will have to report for 2017 foreign accounts to respective jurisdictions.
It seems anyway that, also all other financial & licensed institutions, similar to the one you was mentioning, will be forced to report as well but again, it isn't clear right now how they will do.

Available for any further request.

Sincerely
Johanna
-----

After both email above while searching more about AEOI I came to these 2 links:
Automatic Exchange of Information on Financial Accounts
Countries Which Will Not Automatically Exchange Account Information

This was just my shared experience.
It seems becoming difficult and more difficult day after day.
Any comments are welcome.

Paul
 
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#2
Thank you for this great review and also to share your research with us :)

From how I see it then you don't need to look any further in any part of the world for a bank that will not report you, it's simply not possible any longer! Only exception may be if you already had an account with a bank like in your above mentioned case, I don't know if that is true but let's believe that for now.

I have already mentioned it a few times on various threads and told many that contacted me, if you don't want your personal data revealed but need a way to withdraw your money in the ATMs then you will have to find a service like Xapo, WorldCore and similar and that has no obligation (at least by now) to report you.

If you want to sleep well at night you don't even want to use your personal docs but find a way to avoid that. OP you don't need to pin point here what I'm talking about!

Like most of you already have found out, you can post on the walls of the user you want to get in touch with and most of us reply to you by PM, unless you can PM already of course :D

OP, is it only your friend that has an account in Belize already or does it apply for your person too? If so, you may be happy about this great news I imagine ;)
 
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#4
auric said:
Thank you for this great review and also to share your research with us :)
Click to expand...

Indeed you has been very kind and supporting.
I'm taking some days to decide the way to go although I know it already.

auric said:
OP, is it only your friend that has an account in Belize already or does it apply for your person too? If so, you may be happy about this great news I imagine ;)
Click to expand...

Lucky NO!
I was delaying because of laziness on preparing the documents.
And this most probably saved my a*s because it was AFTER October 2015 !!!
:)
 
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#5
maxmoney said:
So what you say is that if we can get a belize bank account from before oct. 2015 we would stay under the radar? correct ?
Click to expand...

I didn't say, the bank in belize which is using my friend has replied to him so.....

quote from bank's email :
I'm pleased to inform you that since you are a pre-existing customer,(*) you don't have to be worried about us disclosing any information to FATCA or AEOI once your corporate account remain within the threshold of USD 250,000.00.
Different story will be for all accounts opened after 29th October 2015 which will be, sorry to say, automatically reported to the client's jurisdiction of residence.

(*) he did open the account in June 2015 !
 
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#8
OK! thank you. I will try to get a hold of a few agents around to see if they should have dormant offshore corps with belize bank accounts available for sale! If it is true what your friends bank told you it's awesome!
 
#9
maxmoney said:
OK! thank you. I will try to get a hold of a few agents around to see if they should have dormant offshore corps with belize bank accounts available for sale! If it is true what your friends bank told you it's awesome!
Click to expand...

The world of offshore is changing.
Those old days of cheap BVI etc ( $399, $499, etc), are gone simply because to joint a not reporting bank account won't be possible any more (all those financial institution like advacash, etc will be forced to report to the country of residence no way and it seems for them, don't ask me how as I have no idea, they will be forced to report ALL ACCOUNTS no matter the threshold).

I don't think dormant solution will be the best way to go. Yesterday I was speaking with the broker which incorporated my Belize LLC (and they use to have shelf company for sale). He told me that somebody already start thinking the same way. Some people start asking whether he has LLC or IBC dormant with bank account.
Some intermediary brokers have, he said, but they already pump up the price.
He was mentioning something like US$ 20/30,000 for a company dormant with bank account incorporated before Oct 2015. And prices keep climbing.

The only solutions will become those expensive ones as change of residency, 2nd citizenship, etc.
I'm building something about it and surprising I may come out with something positive.
I will share once I will 100% sure it may work.
 
#10
Brokenby2703 said:
Those old days of cheap BVI etc ( $399, $499, etc), are gone simply because to joint a not reporting bank account won't be possible any more (all those financial institution like advacash, etc will be forced to report to the country of residence no way and it seems for them, don't ask me how as I have no idea, they will be forced to report ALL ACCOUNTS no matter the threshold).
Click to expand...
Well you may be right. So far AdvanceCash is registered in Russia and Belize so it makes things very complicated in OECD matters. I think they give a f... to what OECD think. That's my personal opinion of course.
 
#12
Well it is Russia everything can be done there. If they revoke the license in Belize they will simply get one in Russia or some other places. Actually for what they are doing I don't believe it is strictly necessary to have a license in order to comply with Russian laws. You can just pay your kickback to the government on time and no one will ask questions there ;)
 
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#15
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#16
Brokenby2703 said:
Can their financial license be revoked if they don't comply to the AEOI / CRS / OECD and etc. ?
Click to expand...
Do you really think that can happen? They may have proved their business already and why would they not apply to these regulations like all do. Question is how they handle it and how long it will take for them to execute such a request or exchange.

I believe there are many factors that need to be considered here for advance cash but also when people cry about the regulations in offshore jurisdictions, do you really think they will speed up the process of reporting? I have only seen this s**t going on in the BVI but no where else!
 
#18
Usually this will not be possible. Since there is a public list f countries participating in the program, you can search the OECDs website for this list, I can't remember where I saw it. So that means if you apply with a bank that comply to regular AEIO reporting but your country is not on the list of reporting, then no reporting will be done.
 
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