Euro pacific bank - reliable, safe or no

[Martin Everson]

@Martin Everson please read my next posts and please kindly let me know.

Thank you

I did read it. But how does any of what your agent said help you with your local taxman? You can change tax residence to Seychelles and your paying minimum 25% tax plus will require tax registration over there. You can also change place of operation to anywhere else in the world but your local taxman will not accept this without paperwork/tax registration proof etc. Hopefully your agent is not Mossak Fonseca as that did not end well .

Still help me with the below question please?

btw where do you open an account for a Marshall Islands shell company with a Seychelles director these days?

 

[JackieTsan]

Hi @Martin Everson the second is still pending. Not even paypal opens. I have option in Singapore but if I don't understand if it's problem actually to have this company, I'm not moving forward.

@Martin Everson how all these people have all these companies? My local taxman says that all dividents derive have x% tax yes? So in my local tax application I will write "income from company in marshal 100.000 ie" and will pay the divident % in my local tax.

ISn't that ok ?

thank you

 

[Martin Everson]

Hi @Martin Everson the second is still pending. Not even paypal opens. I have option in Singapore but if I don't understand if it's problem actually to have this company, I'm not moving forward.

Ok, I was just curious where in 2019 a Marshall Island shell company with a Seychelles director can open a bank account.

@Martin Everson how all these people have all these companies?

Because they don't care, they are not aware, using darks or are using the offshore company properly so not worried. Its 2019 not 2010. CFC rules and substance tests are real now.

My local taxman says that all dividents derive have x% tax yes? So in my local tax application I will write "income from company in marshal 100.000 ie" and will pay the divident % in my local tax.

If you declare your Marshall Islands company earnings then no issue. Remember in some countries (i.e Gibraltar I think) they tax the company even if profits are not distributed and have not reached you yet. They can tax the company as if it was transparent and it was you earning the money personally and not the company . They do not have to wait for dividends to be paid to tax it.

 

[JackieTsan]

But do I have to distribute the dividends to a Marshall company? They told me clearly that I just take the earnings and moving them to my personal bank account any time I want. And I have to keep somewhere the invoices. That's it. I have a software to make the invoices and keep them arithmetically (do i have to line up them? I wouldn't like my first customer to see invoice 00001 etc )
of course, at the end of the year in my residence tax I will declare earnings from offshore company and pay a tax x%
are the above wrong?
Thank you very much for all your help; much appreciated @Martin Everson

 

[Martin Everson]

They told me clearly that I just take the earnings and moving them to my personal bank account any time I want.

That is true what they say and nothing wrong with that. Just put in reference of payment "Salary" or "Dividend" etc to identify the payment purpose.

of course, at the end of the year in my residence tax I will declare earnings from offshore company and pay a tax x%
are the above wrong?

Get a local accountant to help you out here as quickly as possible. Find out from them how offshore companies are treated especially ones from jurisdictions that maybe blacklisted in your country. Sometimes the rules can be totally unfair so check

 

[JackieTsan]

That is true what they say and nothing wrong with that. Just put in reference of payment "Salary" or "Dividend" etc to identify the payment purpose.




Get a local accountant to help you out here as quickly as possible. Find out from them how offshore companies are treated especially ones from jurisdictions that maybe blacklisted in your country. Sometimes the rules can be totally unfair so check

What you mean by that?
Local accountant of where? My residency or of Marshall?
What you mean by rules can be totally unfair ? Cam you give me an example?
Thank you very much

 

[Martin Everson]

Local accountant of where? My residency or of Marshall?

Your residency

What you mean by rules can be totally unfair ?

Like Gibraltar's CFC rules. Undistributed corporate income from a Controlled Foreign Corporation in a non-genuine arrangement are added to the taxpayers personal income. Meaning your are taxed on the offshore companies profits you have not yet received . However it only applies over a high threshold. You need to examine your own countries rules. You might not even have CFC rules in your home country with luck.

I think we can call it a night mate. We could be here all day.

 

[JackieTsan]

Thank you very much @Martin Everson hope will find a way.

Last question, same will be happening if I open a HK company? Or a Cyprus company?

Thank you

 

[JohnLocke]

You might not even have CFC rules in your home country with luck.

As usual always helpful. Do you have any link or idea to where to find a link to where we can find that information?

 

[Dorothy Atwater]

Is this bank safe? I read a lot negative reviews from people that their account frozen, etc etc. Can anyone say please?

Also what are the reliable alternatives to open for an ofshore company? Reliable 100% i mean that you will not see your money dissapear.

Thank you

I have posted about my horrible (and expensive) experience with Euro Pacific Bank elsewhere on this forum. Lots of other people posted negative reviews as well. EPB (and anything associated with Peter Schiff) is a scam.

 

[Niflore]

I have posted about my horrible (and expensive) experience with Euro Pacific Bank elsewhere on this forum. Lots of other people posted negative reviews as well. EPB (and anything associated with Peter Schiff) is a scam.

Can you provide a link to check what happened in your situation?

 

[Martin Everson]

EPB (and anything associated with Peter Schiff) is a scam.

In regards to Peter Schiff I came to conclusion he is a smooth talking charlatan. Whatever Peter tells you to do investment wise then do the opposite. He has a lot in common with Trump and Elon Musk in that they have cult following but none can deliver...lol.

 

[JackieTsan]

@Martin Everson after all this discussion can you please kindly let me know the following? Assuming I will ignore this setup and let it close (the Marshall), if I open a company in HK and a bank in Singapore, will - from the company aspect - have the same issues of tax etc whatever you mentioned?

Nothing with the EMIs, Banks etc. Looking only at the company aspect. Will be any difference ? (and except the european payments that will be easier).

Thank you

 

[Martin Everson]

Assuming I will ignore this setup and let it close (the Marshall), if I open a company in HK and a bank in Singapore, will - from the company aspect - have the same issues of tax etc whatever you mentioned?

Yes

 

[JackieTsan]

So is meaningless to do the HK one if I understand correct your yes.
thank you!

 

[Martin Everson]

Seem Euro Pacific bank has lost Natwest as a Correspondence bank from March 15, 2020 and has moved to Novo Banco.

Novo Banco won't last long trust me ppl....lol. EPB's business model of supporting CRS evaders is as dead as Jeffrey Epstein.

P.S Not long now for this bank. Peter Schiff predicted the last financial crisis but can he predict his own bank collapse I wonder.

 

[JackieTsan]

Yes

But isn't Hong Kong more " looking reliable and serious" than the Marshal ?

 

[JohnLocke]

Follow the advice of @Martin Everson and you will do the right.

 

[JackieTsan]

Follow the advice of @Martin Everson and you will do the right.

Thanks @Admin but what is the advice of @Martin Everson i'm confused

thank you once again

 

[Untangle]

Thanks @Admin but what is the advice of @Martin Everson i'm confused

thank you once again

You have bigger problems that opening a company and bank account abroad.
You are an IT consultant providing IT consultancy services based in Italy for EU companies.

How exactly are you planning to even pass suppliers assessment by the finance directors of those companies with your fancy set up?

And if you start working for EU company and at the end of the month you send your invoice with a bank in Singapore or Dubai or whatever?

They will never pay you.

Optimise your taxes in Europe and be done with it.

You are chasing a pink unicorn man.