Recent content by permabear

Sounds like Terabank have correspondent bank problems or it's a trap and once you set foot inside their branch to collect the cash you'll be whisked away to a secret gulag.

I have accounts with the usual suspects in Georgia (TBC, BoG, VTB) and whilst they don't hold a king's ransom, I'd still like to diversify deposits further. What are people's experience with Terabank? They're quite heavy on advertising in Tbilisi yet after a deeper dive into them, I was...

Is remote opening possible here?

They do indeed have direct Fedwire clearing but they're now obligated to be forensically anal about every single wire (even the tiddlers) hence the delays. Ironically, their KYC and DD in the last 6 months is now one of the strictest I have ever witnessed, it's bananas. I'm still on the fence...

You don't keep any physical cash whatsoever? Are you new to this offshore shenanigans?

Silver isn't overpriced, it's actually grossly undervalued historically (currently well below 1980, 2011 and 2020) and underpriced relative to other commodities through COMEX and LBMA price suppression (but that's another story). It's the premiums on PHYSICAL silver that are problematic at the...

Novo Banco is majority owned by Lone Star Funds (PE outfit) who have quite a high risk appetite so they may continue to run with EPB for some time. I find it fascinating and hilarious in equal measure that EPB's USD correspondent bank is the New York Fed, surely that's like the headmaster making...

It would be prudent to assume they would backdate reporting from (at the minimum) when they signed up to CRS, but they would probably do so even before that. A lot of people are getting their panties wet, somewhat unnecessarily I feel, over CRS and AEOI. Just because a country has signed up...

Currently Georgia (although will begin information exchange from 2023), Armenia and Philippines just to name a few. These aren't jurisdictions where you'd stash the rainy day fund and sleep like a baby every night but the banks are more reliable than many would initially deem, as always...

I suspected as much, however that avenue appears all far too convenient. Even with a multilateral framework agreement as comprehensive as CRS, it's only as strong as the weakest link. If FIs don't authenticate the client's tax residency, then the whole system is underpinned by honesty through...

Good day all. In your experience, do banks ask for evidence if you inform them of a country change of tax residence? I ask with particular emphasis on CRS self-certification forms. This is of course with a view to changing tax residence to a non-CRS country. Thank you in advance.