Kaleido (Richlelieu) wants my client out

[Toly]

Hello,

We are tax and investment from Kyiv, Ukraine.

We have an old client. He used to operate a Marshall island company He worked as a CEO in a number of post-USSR companies. Most of his earnings were collected as remuneration for services. Over the time he amassed substantial personal funds. He applied and opened a corporate account at Credit Swiss (advised by CS).

Later CS suggested to transfer the funds to a different Swill bank (Kaleido Private bank - ) . The amount is 700 000 USD. Now Kaleido has been acqquired by Group Banque Richelieu and the client got a notice to take away his money. The money is in a corporate account of a Panamanian company.

We have tried several banks and EMIs but they do not want to accept the money.

The problem is complicated by the fact that the funds were mostly earned decades ago and there are no documents supporting it. However, the client sill have personal tax declarations and conformations of taxes paid.

Has anybody have any ideas how to save these money and park them somewhere else?

 

[linusAG]

perhaps:
GONET
MBaer

 

[SCHLOSSFINANZ]

Zero chance. Nobody opens a corp. account for a Panama company with such a UBO.
Gonet takes no offshore and MBaer takes no new high-risk clients at the moment.

 

[linusAG]

Zero chance. Nobody opens a corp. account for a Panama company with such a UBO.
Gonet takes no offshore and MBaer takes no new high-risk clients at the moment.

Interesting, perhaps I can ask banks in apac

We have an old client. He used to operate a Marshall island company He worked as a CEO in a number of post-USSR companies. Most of his earnings were collected as remuneration for services. Over the time he amassed substantial personal funds. He applied and opened a corporate account at Credit Swiss (advised by CS).

What is your client's nationality and place of residence?

 

[OKboomer]

Convert to stablecoins?

 

[OKboomer]

BTW I am curious, in such situations, what happens with the money if there is nowhere to transfer it? The bank I assume will not let you transfer funds to a third party. Is there legal recourse in this case? How can they force one to send money somewhere if there is nowhere to receive?

 

[manukahoney]

BTW I am curious, in such situations, what happens with the money if there is nowhere to transfer it? The bank I assume will not let you transfer funds to a third party. Is there legal recourse in this case? How can they force one to send money somewhere if there is nowhere to receive?

Depending on the country and the bank, but some banks used to just write a check for you. Then you basically have no account with them and it's your problem when and where you deposit the check. And if it expires - well, bad for you.

 

[manukahoney]

OP, you could try to persuade the bank to open account in your client name and pay a dividend/make a loan. Alternatively if the account is still active and not limited - your client can transfer money to a third party (including himself) as a loan or payment for some goods and services/investment etc.

 

[BlackVault]

Customer citizenship / residency? Ukraine or?

 

[Clank]

Capital security bank in the cook islands. It’s a small bank but it has existed forever.

Most of Cook Islands trustees open accounts there for people with less than 5M in assets.