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CSB Cook Islands

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Larry

BANNED MEMBER
Cheers mates!

Anyone have experience with Capital Security Bank in Cook Islands? They look exclusive Private Bank for Foundations and Trust regarding wealth planing / management.

Wondering if they have the same wire transfer process like all the Caribic offshore banks I mean working with 2-3 intermediary banks and regularly loosing the possibility to send and receive funds over many weeks?

What do you think about Cook Islands as banking location?

Can't find much on the internet only some pro reviews I can't figure out if they are real.
 

Old Spice

New member
Nothing on their website suggests they do business banking. However I did think this was interesting:

"Gain access to fully allocated physical metals such as Gold, Silver and Platinum stored in our vault located in New Zealand."
 

Larry

BANNED MEMBER
Nothing on their website suggests they do business banking. However I did think this was interesting:

"Gain access to fully allocated physical metals such as Gold, Silver and Platinum stored in our vault located in New Zealand."

They do business banking for IBC's , Trusts and Foundations. You can find this on their website.

I'm looking for experience with them and need feedback what you think about them regarding to use them for wealth management/ asset protection with foundation / trust.

Nobody know them or have experience with them?
 

aceshigh

New member
They do business banking for IBC's , Trusts and Foundations. You can find this on their website.

I'm looking for experience with them and need feedback what you think about them regarding to use them for wealth management/ asset protection with foundation / trust.

Nobody know them or have experience with them?

I haven't dealt with them specifically but by and large the Cook Islands are relatively trust worthy but VERY expensive to deal in. Much of the administration of the trusts and companies actually occur from New Zealand where I am located.

Jokingly, you can always send me $500-600 and I will fly over there (its about a 3.5hr flight) and talk to them directly for you :) haha and I will work on my suntan whilst there.

Cheers Mate.
 

Larry

BANNED MEMBER
I haven't dealt with them specifically but by and large the Cook Islands are relatively trust worthy but VERY expensive to deal in. Much of the administration of the trusts and companies actually occur from New Zealand where I am located.

Jokingly, you can always send me $500-600 and I will fly over there (its about a 3.5hr flight) and talk to them directly for you :) haha and I will work on my suntan whilst there.

Cheers Mate.

Ok so please tell a little bit more details how are there incoming and outgoing wires work on Cook Islands?
Have they better connection to send and receive wires not like all of the caribbean banks?

I wonder why nobody already mentioned this bank because actually it's well known you need to choose Mauritius Bank for Foundation or Trust or you have only a premium selection of shady caribbean banks available. And at least if you bring tens of millions of dollars maybe Switzerland/ Liechtenstein. Singapor only accept IBC's.

Would be nice if somebody can mention his setup if necessary because of privacy please send a PN!
 

aceshigh

New member
@aceshigh did you setup a company with them or a Trust or something different?
Hi Admin,

CSB is a Cook Islands based banking institution which is their core business and as I mentioned I haven't dealt with them directly before.

Regarding Trust and companies in the Cook Islands, i've setup quite a few Trusts there which are really well put together and the legal regime is excellent. As far as asset protection goes you cant beat the Cooks BUT be aware that services are typically quite expensive there. Even the annual trustee fees can be up there but it is worth it for lots of reasons especially given that the courts/operations/many banking setups are actually done through New Zealand.

Companies are another matter and I firmly believe that there are better jurisdictions to incorporate a trading IBC in...the biggest issue you will have with a Cook Islands Company is finding a bank for it given how rarely they are used as actual trading vehicles.

I shy away from providing any recommendations of registered agents/Trustees/Lawyers because things change too rapidly and I never feel happy vouching for those guys.

Ok so please tell a little bit more details how are there incoming and outgoing wires work on Cook Islands?
Have they better connection to send and receive wires not like all of the caribbean banks?

I wonder why nobody already mentioned this bank because actually it's well known you need to choose Mauritius Bank for Foundation or Trust or you have only a premium selection of shady caribbean banks available. And at least if you bring tens of millions of dollars maybe Switzerland/ Liechtenstein. Singapor only accept IBC's.

Would be nice if somebody can mention his setup if necessary because of privacy please send a PN!

Tell you what, PM me a list of questions and I might actually ring these guys....they may be in Auckland anyway....and will post back with answers for everyone etc.
 

Admin

Forum Moderator
Staff member
I shy away from providing any recommendations of registered agents/Trustees/Lawyers because things change too rapidly and I never feel happy vouching for those guys.
OK - but then this!
Tell you what, PM me a list of questions and I might actually ring these guys....they may be in Auckland anyway....and will post back with answers for everyone etc.

It is the second time you promote youself to be the guy that can help! Stop this if you don't have anything useful to share. 1 Warning point given.
 

Larry

BANNED MEMBER
I can call them by myself If I want to. Thank's. I started this tread because I want real experience with them and for sure Cooks and CBS will be only used for asset protection / management. The point is how trustworthy and reliable they are. The cooks law for trusts and foundations is very good as in many other jurisdictions too. But the banking need to be as good as the trust/foundation law of incorporation jurisdiction.

Mauritius Banks closed all doors for foundations over the last weeks you are only able to get foundation account if you use the foundation only as shareholder of trading company where is selling fruits and vegetables. lol.

Singapore no accounts for foundations / trusts.

Some agents mention Cyprus but don't believe actually that they open for Foundation/Trusts with incorporation in typically offshore jurisdiction.

Only reliable setup I could find till now is Liechtenstein Foundation + Bank Account Swiss/Liechtenstein. (I live outside Europe and don't want to incorporate such setup in my old home country). Asked the banks about setup in offshore jurisdiction. Could only find one bank allowing BVI companies with license and regulations. But only case to case decisions, 3M$ initial deposit and no pre approval.

So all routes lead to shady caribbean or CSB securty bank. That's why I startde this thread to find out why and if there is a real difference between caribbean banks and CSB.

I have the point of view that everybody is dealing with large 6 figures should think about setting up a foundation or trust but in reality it looks like you can contact reliable banks only with millions of dollars.

Any suggestions?
 

lostguy

Active Member
would like to read about valid agent that can help to setup company, foundations and trusts in Cook Islandsnai¤%
 

MrTony

Entrepreneur
Do you know that Minimum Required Account Balance at Capital Security Bank is 20 000 USD and Outward Payments starting from 100 USD/EUR?

Monthly maintenance fee will increase from USD50 (balances USD20k and over) to USD100 per month until the balances meet the minimum USD20k
 

Larry

BANNED MEMBER
Do you know that Minimum Required Account Balance at Capital Security Bank is 20 000 USD and Outward Payments starting from 100 USD/EUR?

Monthly maintenance fee will increase from USD50 (balances USD20k and over) to USD100 per month until the balances meet the minimum USD20k

Yes I know this and I can't see an issue if you want to use them for asset protection and wealth planning with a trust or foundation we don't talk about trading IBC's. For example all reputable Swiss and Liechtenstein Private Banks require 6 figure deposits and you can use them only with local trust or foundations within EU.

So as I can see nobody had ever experience with them?

Just wonder because not less agents mention them on their websites.
 

mnschwarz

Offshore Agent
Entrepreneur
To be honest I've never heard a bad word about any bank, trust, foundation, agent etc from Cook Islands other than it's expensive. Which is also probably why you won't find a lot of info about them here. CBS while not cheap, appears to be extremely well priced in comparison to other Cook island alternatives in general.
 
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Larry

BANNED MEMBER
Contacted them 2 weeks ago. Got ASAP feedback within 24 hours I had all documents regarding bank and account opening. Requested a pre-approval and send them passport for this matter. Never heard back again from them.

It's offshore private bank with focus on Trusts and Foundations as they mention on their website but if they don't reply their is no benefit at all.
 
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Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
I used CSB many years ago when I had a Panama Foundation. They have been around for decades I cannot believe they are still around eek¤%& . They are one of the oldest wave of new school offshore banks. Service is exactly same as EPB. They lost correspondence accounts and you cannot even send them a dime without pre-approval first. They must be using a PSP or something to process payments now as they got hit with the whole Caribbean wave of banks de-risking correspondence services.
 

Larry

BANNED MEMBER
@Martin Everson haha I was wondering all the time why you didn't write in this thread I was sure you have experience with them.

Yes you are right you need pre-approval for every transaction. I was fine with this fact because want to use them for Foundation too and not for trading purpose but after they never replied to my question regarding there correspondence banks and later with second mail address never replied to my pre approval request after sending passport. For me this is no no.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Yes you are right you need pre-approval for every transaction. I was fine with this fact because want to use them for Foundation too and not for trading purpose but after they never replied to my question regarding there correspondence banks and later with second mail address never replied to my pre approval request after sending passport. For me this is no no.

Your lucky they replied. Cook islands is in the middle of absolutely nowhere. It still amazes they have internet access.

Yeah when banks don't respond to new business its not a good sign :(
 

4br

New member
I also tried opening an account with them. I sent them the outlines details, which they had no issues with. I then went through the process of filling out their lengthy documentation and emailed it to them. I didn't hear back. I emailed to inquire on the status. Nothing. I emailed again to ask if they could tell me if they rejected it. Nothing.


The forms they sent me to fill in (PDF forms) had also already been filled in by a US citizen, i.e. they had sent me the forms someone had already filled in.


clow#¤%
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
I also tried opening an account with them. I sent them the outlines details, which they had no issues with. I then went through the process of filling out their lengthy documentation and emailed it to them. I didn't hear back. I emailed to inquire on the status. Nothing. I emailed again to ask if they could tell me if they rejected it. Nothing.


The forms they sent me to fill in (PDF forms) had also already been filled in by a US citizen, i.e. they had sent me the forms someone had already filled in.

They are members of the Mentor group and are available in there. You can maybe reach out to them directly in there as they have their own thread in there. I made a post and they responded in there. Otherwise don't know what to say sadly.
 
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