Euro Pacific bank is a scam

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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
update on meeting from yesterday
there will be a new townhall meeting for costumers who will migrate to Qenta
Qenta is no bank, they only hold metals
Qenta is only full operational for US citizans, others are in process
creditcards are in process as well, will take 6 month
they confirmed, that at the moment they are in same boat as all costumers and waiting for intermediat banks to release all transfers.
It seams for them it is also complicated to get in contact with EPB
most meeting was about Qenta and what they offer, for questions where little time and cut off after 15 min.

Qenta sounds pretty much useless then. Best to continue to try to get your money out.
 

afrishore

New member
i tried to login to my account today but it said "wrong password or user id". When I try to execute the "forgot password" option it does not process the request. Does anyone experienced the same? Thanks!
 

Pschiff

New member
To EPB customers;

Euro Pacific Bank was never a scam. As anyone who banked with us knows, our KYC and AML procedures were extremely strong. That was not be choice, but by necessity. However due to false allegations that the bank facilitated money laundering and tax evasion, Puerto Rican regulators were pressured into closing the bank, and rejecting the sale to Qenta that had been awaiting OCIF approval for Nine months. The terms of the sale required Qenta to add $7 million in additional capital on closing. The sale was necessary because the false allegations made by the media made it impossible for the bank to operate profitably under my ownership and with a tainted brand. I was personally covering all the bank's operating losses while waiting for the sale to be approved. When the bank was placed into receivership on June 30th of 2022 the bank had no debt, no loans, no past-due bills, and millions in cash and cash equivalents above what was owed to depositors. As the bank always operated on a 100% reserve basis, all customers could have withdrawn 100% of their deposits on the day the bank was placed into receivership. However, the receivership process substantially delayed the ability of the bank to return customer funds. At this point the remaining hurdle is Novo Bank in Portugal not processing our wires. They have indicated they will begin doing so on the 24th. However, at this point I don't believe anything that I'm told. I have mainly been a passive investor in this bank since it started. I invested over $10 million dollars over the 10 years I've owned it, and never took out one dime in salary or dividends. I will likely lose 100% of that money (much more if you count the money I would have been paid had OCIF allowed the planned sale of the bank to go through.) But apart from the money I lost personally, I'm sorry about what the media did to this bank, especially Australia 60 Minutes. I am in the process of winning my defamation lawsuit against them. I'm sorry about what the IRS and OCIF have done, and what Novo is doing now. I'm sorry that the bank's former president died of a heart attack as a result of all the stress related to the false allegations of financial crimes. And I am sorry about the stress and inconvenience this ordeal has caused the bank's customers. But all of this has been beyond my control, and I have done everything in my power to help. But I can assure everyone on this board that I after this is over, I am done with banking. Peter Schiff
 

Peter69

New member
interesting to hear the story.
But still this information shut have given more earlier. As a costumer , to hear all that from the News and see our company money frozen, still to this day is not easy. We had to adapt and pull the plug for incoming transfers, otherwise we had to open insolvency.
It is not only you are loosing part of your business, we are loosing our intire business, costumers and trust in us.
Situation is still to be solved, lets see how long this will take.
 

Pschiff

New member
interesting to hear the story.
But still this information shut have given more earlier. As a costumer , to hear all that from the News and see our company money frozen, still to this day is not easy. We had to adapt and pull the plug for incoming transfers, otherwise we had to open insolvency.
It is not only you are loosing part of your business, we are loosing our intire business, costumers and trust in us.
Situation is still to be solved, lets see how long this will take.
Yes I agree. The only reason I didn't fight OCIF was to make sure the customers got their money back quicker. I didn't want tied up in receivership for years, with expenses ultimately causing customers to lose money. But I had thought all the money would have been returned months ago. Customers are just collateral damages in the IRS's effort to make me look bad, and pretend that by shutting down the bank they are tough on tax evasion and money laundering.
 

Pschiff

New member
is there a real possibility that Novo doesn't release the money and what happens in that case?
If they do not release next week we will need to hire a Portugese lawyer to legal force Novo to do it. The question is why are they dragging their feet. I know if the bank had been allowed to liquidate on is own, without a receiver, all the funds would have been returned months ago. That's whats so especially frustrating. Of course it would have been even better for all parties had the sale of the bank been approved, either to Qenta, or several other parties who wanted to buy the bank. But "bank sold" was not the headline they were after. They want "bank closed." That was the best way to create the false impression the bank did something wrong.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
But I can assure everyone on this board that I after this is over, I am done with banking. Peter Schiff

Best decision you have made thu&¤#.
 

Peter69

New member
You mean the former president from Novo Banco, Antonio Ramalho did step down after 6 years as president by august 22 , he announced it on 31.03.2022.
After this all the trouble started.
 

Radko

New member
Euro Pacific Bank is a criminal enterprise designed to attract tax evaders and service shell companies. Anyone who thinks they are not and that they are a trust worthy bank then please show me their financial statement..... I will wait cig-:,.


......still waiting......ca#"!
You obviously have a problem with EPB and P.S.
The vast majority of EPB clients are law abiding citizens who pay their taxes.
As a former client of EPB, who has 5 other accounts in different jurisdictions, I can tell you that I opened my account with EPB because I wanted, and still want to bank with P.S. not because I had no other choice.
Many accounts were company accounts from all over the world, impossible to evade taxes with an European company these days, and all brokerage accounts were reported under the CRS, all clients had to submit a CRS form, impossible to evade taxes having Interactive Brokers as their broker, anyway I could say a lot more but I know the kind of guy you are, criticize, criticize, criticize.
No point in reading anything you write, you are clueless and by the way, you are in the wrong forum, taking about tax evasion in this forum, what a joke!
And if there’s something I’ve learned through the years is that those that criticize tax evasion are the first to evade taxes.
 

intore

New member
You obviously have a problem with EPB and P.S.
The vast majority of EPB clients are law abiding citizens who pay their taxes.
As a former client of EPB, who has 5 other accounts in different jurisdictions, I can tell you that I opened my account with EPB because I wanted, and still want to bank with P.S. not because I had no other choice.
Many accounts were company accounts from all over the world, impossible to evade taxes with an European company these days, and all brokerage accounts were reported under the CRS, all clients had to submit a CRS form, impossible to evade taxes having Interactive Brokers as their broker, anyway I could say a lot more but I know the kind of guy you are, criticize, criticize, criticize.
No point in reading anything you write, you are clueless and by the way, you are in the wrong forum, taking about tax evasion in this forum, what a joke!
And if there’s something I’ve learned through the years is that those that criticize tax evasion are the first to evade taxes.
It's what I am repeating since forever: I never got what he is actually doing on here apart critics and a ton of smileys in every thread. Also he is completely useless because he is unable to give any concrete suggestion, he just joins every thread to dig up dirt on everything. But because he is somehow a staff member he will nuke my post (like he did 2 days ago) and probably your one as well. Would be in the interest of this forum to get rid of him... He is probably some retired UK guy and instead of spending his time playing bingo or watching TV he does waste it writing critics on here
 
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Radko

New member
It's what I am repeating since forever: I never got what he is actually doing on here apart critics and a ton of smileys in every thread. Also he is completely useless because he is unable to give any concrete suggestion, he just joins every thread to dig up dirt on everything. But because he is somehow a staff member he will nuke my post (like he did 2 days ago) and probably your one as well. Would be in the interest of this forum to get rid of him...
Yes it’s obvious this “Martin Everton” has some issues and shouldn’t be in this forum, what a waste of comments full of ignorance and innuendo.
There’s always a guy like him on every other forum, he’s just a troll...
 

tomboy

Active Member
You obviously have a problem with EPB and P.S.
The vast majority of EPB clients are law abiding citizens who pay their taxes.
As a former client of EPB, who has 5 other accounts in different jurisdictions, I can tell you that I opened my account with EPB because I wanted, and still want to bank with P.S. not because I had no other choice.
Many accounts were company accounts from all over the world, impossible to evade taxes with an European company these days, and all brokerage accounts were reported under the CRS, all clients had to submit a CRS form, impossible to evade taxes having Interactive Brokers as their broker, anyway I could say a lot more but I know the kind of guy you are, criticize, criticize, criticize.
No point in reading anything you write, you are clueless and by the way, you are in the wrong forum, taking about tax evasion in this forum, what a joke!
And if there’s something I’ve learned through the years is that those that criticize tax evasion are the first to evade taxes.
You very likely are a fake profile created to bring support to EPB/Puerto Rico.
"New member" since September 2022 : 5 posts, 2 are linked to PR/EPB. 1 other is asking to move money from bank account to EMI, to another local bank account (for someone claiming to have 5 bank account it's odd) and another post talking about residing in Portugal.
Very strangely linked to the news of EPB, isn't it ?
There is absolutely no logical reason to open bank account in P.R unless you have substance there, or if you are looking to avoid CRS. This is how P.R has been marketed and functioning.
The closure of EPB is not a surprise, we all knew it would end like this. Back in 2019, @Martin Everson and I had a bet on EPB closure date - btw we both lost as we said by the end of 2020 haha.

It's what I am repeating since forever: I never got what he is actually doing on here apart critics and a ton of smileys in every thread. Also he is completely useless because he is unable to give any concrete suggestion, he just joins every thread to dig up dirt on everything. But because he is somehow a staff member he will nuke my post (like he did 2 days ago) and probably your one as well. Would be in the interest of this forum to get rid of him... He is probably some retired UK guy and instead of spending his time playing bingo or watching TV he does waste it writing critics on here
I bank with them since 2015 as well. I admit it's crap, but after 1 year spent asking here and there NOBODY came up with a valid alternative. You all keep suggesting banks that exchange infos. What most people need are non CRS/AEOI banks. Good luck finding another one, in particular when you have a Nevis LLC, you live in European Union and you need to open the account remotely.
stupi#21stupi#21stupi#21
 

Radko

New member
You very likely are a fake profile created to bring support to EPB/Puerto Rico.
"New member" since September 2022 : 5 posts, 2 are linked to PR/EPB. 1 other is asking to move money from bank account to EMI, to another local bank account (for someone claiming to have 5 bank account it's odd) and another post talking about residing in Portugal.
Very strangely linked to the news of EPB, isn't it ?
There is absolutely no logical reason to open bank account in P.R unless you have substance there, or if you are looking to avoid CRS. This is how P.R has been marketed and functioning.
The closure of EPB is not a surprise, we all knew it would end like this. Back in 2019, @Martin Everson and I had a bet on EPB closure date - btw we both lost as we said by the end of 2020 haha.
I’m not for or against EPB or P.S.
There are over 100 countries that don’t belong to the CRS, including the U.S. as you know, and around 50 financial institutions in P.R. and basically according to you they are all there to open accounts for tax evasion purposes, many people from South America have accounts in P.R. as those banks offer services they can’t get back home, such as multiple currency accounts, etc...
I was asking about EMI’s as I’m not familiar with those, all I know is that some charge less for wire transfers and have better exchange rates than banks do, so as someone that does a lot of wire transfer in many currencies, I’m looking to cut my fees.
In any case, I do and will do everything I can to pay the least amount of taxes within the law, and yes Portugal, even though wasn’t for me, could be a great option under the NHR. I know a number of people that have moved there and love it...
The point is that Martin Everson has some type of personal problem with EPB and many others, not sure this forum benefits from members like him.
If the purpose of this forum is to give unbiased opinions and legit information, great, but if this forum is not serious, and people are here to criticize and talk whatever crap they want, then let me know so I don’t visit this forum again.
By the way, I don’t know if you can see the information I’ve checked on this forum, but this is the first time I’m reading about EPB on this forum, and as a former client, I had a great experience, bought precious metals, made good money investing in their funds, and the brokerage account was great, I honestly never had a problem with EPB and yes I did submit my CRS and FATCA forms, so the criticisms is unfounded imo...
 

intore

New member
@ Tomboy and ???
I am not defending euro pacific bank in any way and I repeat that there have been moments when their attitude toward clients was garbage and other moments when they did work well. Lately they were working well, and if this makes you happy when I wrote that post they were working very bad. This at least should make clear I am not being paid by them to write positive feedbacks. At the same time I repeat what I wrote above, that specific user is just professional dirt digger acting like he knows everything while in reality he just criticizes everything without giving concrete solutions. Depending on him every bank, emi, jurisdiction, etc. is junk...... The only thing he gives are smileys. If he has a problem with offshore banks and people trying to find a way to not pay or pay less taxes, he should join the salvation army and not offshorecorptalk.
 
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Radko

New member
@ Tomboy and ???
I am not defending euro pacific bank in any way and I repeat that there have been moments when their attitude toward clients was garbage and other moments when they did work well. Lately they were working well, if this makes you happy, when I wrote that post they were working very bad. This at least should make clear I am not being paid by them to write positive feedbacks. At the same time I repeat what I wrote above, that specific user is just professional dirt digger acting like he knows everything while in reality he just criticizes everything without giving concrete solutions. Depending on him every bank, emi, jurisdiction, etc. is junk...... The only thing he gives are smileys. If he has a problem with offshore banks and people trying to find a way to not pay or pay less taxes, he should join the salvation army and not offshorecorptalk.
That “Martin Everson” is extremely ignorant and therefore a troll.
I’ll just give this information, although he doesn’t care about the facts.
EPB wasn’t just one company, it was made up of at least three different companies, all brokerage accounts were held under “Europacific Securities” not under “Europacific Bank”, and EP Securities was not based in Puerto Rico, it was registered in the BVI, and BVI is a jurisdiction that belongs to the CRS, so all clients that wanted to have access to a brokerage account had to submit a CRS form, otherwise you couldn’t have a brokerage account, and the vast majority of clients did have a brokerage account, which was linked to Interactive Brokers.
Furthermore, EPB deducted money from clients accounts, including mine, in order to pay for whatever U.S. taxes you owed if you had invested in U.S. companies, they had to do that to comply with FATCA, so besides submitting a FATCA form, the bank automatically withdrew from your account whatever you owed in taxes, so the case for tax evasion is absurd.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Lol...folks be crying over spilled milk. The bank is consigned to history books now. No amount of personal insults or emotional out pouring will change that fact cig-:,. Best to live and learn and engage logic and not emotion when choosing a bank in future ;).
 

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