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2024 Update Banking & EMI (Offshore)
- Thread starter inector
- Start date
You can add e.g. Statrys, Airwallex, Verifo and (probably) Currenxie to BVI-friendly EMIs.
It means they do not exclude those but only onboard select clients where they anticipate substantial Forex transactions.
Acceptable cost of incorporation and annual fees, ability to connect bank/emi accounts and acceptable privacy. Seychelles/Belize is cheaper but difficulties with emis, especially with banks, Hong-Kong is more difficult with compliance & auditing. Is any other affordable 0 tax jurisdiction left?What do you mean by “best”? I can imagine a ton of interpretations...
Let's stick to the thread! The thread was primarily to just list EMIs and banks, without clutter.
You are completely right. @GrumpyMess, please create a new thread in Tax & Legal if you like to discuss zero tax jurisdictions.
I'm sorry for taking part in a hijack attempt
And maybe to your passport country as well if it differs from your tax residency country. Nobody seems to know for sure though.
Not automatically. Depending on the bank, they will just tell you to furnish the tax id for your passport country and then add it to the list of tax residencies.
The reason lists like these never end up being maintained and useful is because it's almost never as easy as Bank A accepts Jurisdiction X.
There's so much more than just jurisdiction that goes into whether a bank accepts or declines an application. Some jurisdictions are indeed blacklisted with some financial institutions. Poor choice of jurisdiction that can be a detriment. But even then — unless we're talking sanctioned countries — exceptions are often (but not always) possible if you get management approval.
UK company selling barrels of toxic sludge to children = unbankable.
Labuan company running a digital marketplace = bankable.
Labuan company running a digital marketplace of pictures of children doused in toxic sludge = unbankable.
UK company operating a web hosting business = bankable.
Marshall Islands company operating a web hosting business = bankable, but a bit harder.
And then you factor in UBO residence/nationality, directors residence/nationality, shareholders residence/nationality, counterparties residence/nationality, currencies involved, amounts, frequency, and so and so forth.
There's so much more than just jurisdiction that goes into whether a bank accepts or declines an application. Some jurisdictions are indeed blacklisted with some financial institutions. Poor choice of jurisdiction that can be a detriment. But even then — unless we're talking sanctioned countries — exceptions are often (but not always) possible if you get management approval.
UK company selling barrels of toxic sludge to children = unbankable.
Labuan company running a digital marketplace = bankable.
Labuan company running a digital marketplace of pictures of children doused in toxic sludge = unbankable.
UK company operating a web hosting business = bankable.
Marshall Islands company operating a web hosting business = bankable, but a bit harder.
And then you factor in UBO residence/nationality, directors residence/nationality, shareholders residence/nationality, counterparties residence/nationality, currencies involved, amounts, frequency, and so and so forth.
True! The reason I created the thread is because majority of banks / EMIs that I successfully opened for clients were found in real random places across the forum, and some didn't have links to the thread.
Unless they openly say "restricted country A" - many of them say "contact us if your country is not on the list" or "contact us if your business should be reviewed".
A lot of it is just trial and error.
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