Safest offshore account with high value /multiple debit cards but not too high minimum / opening balance

[UKNewbie]

I am a UK national with a online retailing business based in USA (but i have no offices / staff there and trade as a non resident business) and I use Transferwise to receive funds.

What is the safest offshore account with high value /multiple debit cards but not too high minimum / opening balance.

I was looking at Caye Bank in Belize which several sites are pushing but read some bad comments here about them and about Belize banks generally

Any suggestions

ps apologies if this topic has been covered a million times

 

[newNomad]

Why do you want to pivot off Transferwise? Are you concerned about Wise reporting under CRS?

 

[UKNewbie]

Yes very very very much so .....................................!!!

Or am I talking rubbish

 

[UKNewbie]

I would love it if I could open a Transferwise business account in the name of my offshore company with the suffix IBC or LLC and it was safe but I feel sure it is not ..although I do not actually know. I assumme Transferwise will respond to any HMRC enquiries

 

[uplana]

They don't report yet. You can find something interesting to read for your setup actually in the mentor group gold. It is not the that difficult if you understand the basics.

 

[UKNewbie]

ok thanks for that uplana will join shortly....sounds great

 

[newNomad]

They don't report yet. You can find something interesting to read for your setup actually in the mentor group gold. It is not the that difficult if you understand the basics.

I think whether an EMI reports or not is strictly linked to definition of what is a 'depositary institution' and how 'payment accounts' are treated which varies from central bank to central bank and jurisdiction. So for instance all Maltese EMIs collect TIN and might report, as well as perhaps Lithuanian, while UK and Netherlands based seem to have a different approach (unless they have banking license like Bunq)
I doubt they would report without TIN and self certification of the tax residence - every law obeying government fearing brick and mortar bank has collected those from their clients well ahead of time and updated privacy policy and TOS to include relevant paragraphs.

For some official sources - since some people here like asking for them - there was this initiative to keep the EMIs out of scope of CRS - confidential doc:

https://www.e-ma.org/emaweb/wp-content/uploads/2020/06/EMA-letter-to-Lithuanian-STI-regarding-FATCA-and-CRS-June-2020.pdf

 

[uplana]

I think whether an EMI reports or not is strictly linked to definition of what is a 'depositary institution' and how 'payment accounts' are treated which varies from central bank to central bank and jurisdiction. So for instance all Maltese EMIs collect TIN and might report, as well as perhaps Lithuanian, while UK and Netherlands based seem to have a different approach (unless they have banking license like Bunq)
I doubt they would report without TIN and self certification of the tax residence - every law obeying government fearing brick and mortar bank has collected those from their clients well ahead of time and updated privacy policy and TOS to include relevant paragraphs.

For some official sources - since some people here like asking for them - there was this initiative to keep the EMIs out of scope of CRS - confidential doc:

https://www.e-ma.org/emaweb/wp-content/uploads/2020/06/EMA-letter-to-Lithuanian-STI-regarding-FATCA-and-CRS-June-2020.pdf

That does not apply! Mister Tango was considered an EMI - they reported me!

 

[newNomad]

That does not apply! Mister Tango was considered an EMI - they reported me!

Hm...was mister tango asking for a TIN and certification of residence?

 

[UKNewbie]

I have a question if you use youe Wise card or any EMI card does that create reporting since money has the be transferred to your UK Wise account I assumme


See below

How does tax work with my Wise account?​

Will you report my transfers to the tax authorities?
Wise Limited (Wise) is a UK company authorised by the Financial Conduct Authority as an Electronic Money Institution. We are still evaluating the impact of the Common Reporting Standards, including FATCA, to our business and how we will adopt the new requirements. At this time we are not reporting this information to HMRC or any other tax authority.

How does having a Wise account impact my taxes?

Assuming you are UK tax resident, most income/gains are taxed on a worldwide basis irrespective of the bank account location where the funds are remitted to. There are different rules for ‘non-domiciled’ individuals, also known as non-doms.