Banks blocked my account!

[mulinoo]

Very nice list. Leupay sounds good. I was wondering if any of you have any input in view of these new regs. Note. I am a US citizen, resident in Italy. Ibc in Seychelles, bank in Cyprus.
I think it is no coincidence that my Austrian bank officer wants to talk (after 3 yrs), My Italian bank manager wants to chat (after 20 years), and worse. My account in Cyprus is suddenly being terminated. !!! :O F..ing terminated!!!!! No forewarning. As of yesterday!
I can't even pay my vendors! Luckily I have a second fairly dormant bank acc in Cyprus (will see what happens, when I suddenly move all funds over) BUT no direct link VISA for retrieving Paypal funds.
This leaves mean in an absolutely awful position so Now on to Leupay.

Much of my tiny little business volume is actually in italy. I'm thinking I might as well bite the bullet and demonstrate US residency for Leupay account, NO italian residency or I'll be paying taxes twice. Wouldn't these regs mean reporting to all pertinent countries? And it appears the bullying USA does not adhere to AEOI so they would not be doing any reporting to other countries. ??? If there is no way around all this reporting, I mean.
Please- any advice would lift my day

 

[mrau]

The banks in Austria and Italy also blocked your account? Are these 3 accounts (CY, IT, AT) in your name or in your Seychelles IBC's?

 

[mulinoo]

Austria and Italy are personal accounts. They are not blocked, but they requested suddenly that I contact them. I haven't had time. Only Cyprus accounts are in IBC name. I am waiting to see if my agent can get the account operable until at least Dec. 31 so I can pay vendors. What is absurd is shutting it down so fast, with no forewarning and what do they expect me to do with the money? Hop on a flight and take it out in cash (an option) except I'll just move it to the other Cyprus bank. No way I can move it into my personal account. The account will be closed as of Feb 7th, however, as it is it's useless.
If I don't resolve, my business is essentially at a stand still.

 

[mrau]

Unfortunately, it seems that when a financial institution finds anything they don't like or not 100% fit to an new regulation, they decide to suddenly end the relationships rather than start a dialogue with their customers. Very sad.
Be aware with LeuPay, they are wonderful for tiny businesses but I've heard they have a terrible reputation when account turnover is over a very few thousands. If you were surprised by Cyprus bank, LeuPay might be much worst unless you can provide them tons of paperwork or evidence. It's said that they freeze your funds for up to 180 days without explanation, doesn't return e-mails or calls and when that 6 months period is over (and if they decide to release the money) they force you to transfer your balance to another account in the same name only in an EU bank for which they also request some sort of prior certification.

 

[mulinoo]

Well, honestly most of the incoming funds will be from Paypal- to Visa card. All of outgoing are regular invoice payments to vendors. The company is on the up and up in every way. Of course with Paypal, funds come in at 750.00 per shot no more. I suppose I will be very speedy at paying my vendors. The only reason I need a Leupay is to move the funds from PayPal- and my other current (for now working) account in Cyprus has ludicrous fees! So, I am not concerned about getting my money out of paypal...that is easy- to any debit card, but I need the option of making SEPA payments where that money is held or I can't run the business.

 

[negon]

And for that prupose you consider a EMI account if I understand you correct?

 

[mulinoo]

WOW ! Today I am a happy camper. My account is no longer frozen. I am able to pay vendors. However due to CRS, and the fact that the account will be terminated I have to reorganize. I will also have one important payment to make after closure of the account. I'm waiting on confirmation from my agent for verification (PIN) at the Seychelles address. however, BO residency remains a problem. ??
If I understand correctly there is a threshold for reporting accounts of legal entities = 50,000 euro (CRS), but not for controlling persons, BO ??