Question List of Banks Without US Correspondence/Intermediaries

[danneskjold]

Greetings!

In my ongoing quest to insulate my funds from the US Treasury, I have been bank shopping for some months now.
My last major concern is selecting a bank with absolutely no affiliation with the US.

As this is technically a retirement account where a portion will be invested in metals, I'm keen to avoid the 8% VAT that's imposed in much of the EU, and am looking more at the Caribbean/Central America, or anywhere that won't punish me.
Does anyone have any recommendations?

 

[Martin Everson]

That's an interesting question I will follow this thread .

So I take it you don't want to hold any funds in USD with a bank. Also is FATCA which most big banks have signed up to a concern to you?

 

[danneskjold]

That's an interesting question I will follow this thread .

So I take it you don't want to hold any funds in USD with a bank. Also is FATCA which most big banks have signed up to a concern to you?

I'm not ultimately looking to hold a substantial amount of fiat, so the currency isn't too important. FATCA is fine for these purposes, I think.

Kind of a 'you can see, but it will be very difficult to touch' scenario...provided my strategy holds.

 

[Martin Everson]

Unfortunately the US will touch everything. Kind of like a fat kid in a cake factory. There is no escaping the US reach and most banks will confirm this especially if you are a US person. No matter what far corner of the earth you go as long as you carry the mark of the beast....sorry I mean US passport your stuck. People who want certainty have just given up their US passport.

 

[wellington]

Interested to learn more on where you are buying into metals.

Want to go in for 6 figures x 2 in to copper and aluminium for decade holding, without any management, seems impossible short of going to the local DIY store.

 

[openlaw]

My last major concern is selecting a bank with absolutely no affiliation with the US

Try to look Germany, Swiss cantonal (regional) banks. Italy and France regions seems solid too for your suits.

They are even A or AA stable, they don't play credit and derivatives games.

 

[Martin Everson]

Try to look Germany, Swiss cantonal (regional) banks. Italy and France regions seems solid too for your suits.

OP is from US sadly. You think Kantonal banks in Schweiz, following delayed prosecution agreements some agreed too, have appetite for this? Same for other banks across Europe. Not many are interested in US Persons especially ones that are not even resident in that country.

Manhattan U.S. Attorney Announces Criminal Charges Against Zürcher Kantonalbank Of Switzerland, With Deferred Prosecution Agreement Requiring Payment Of $98.5 Million, As Well As Guilty Pleas Of Two Zürcher Kantonalbank Bankers

www.justice.gov

 

[EliasIT]

As usual @Martin Everson know his stuff... following most of your comments

 

[Fred]

Putting aside that the OP is from US and to answer the original question:

LHV PANK didn't had any USD correspondence and still offers USD payments only to Estonian Residents.

 

[openlaw]

You think Kantonal banks in Schweiz, following delayed prosecution agreements some agreed too,

First of all, in mentioned prosecution of ZKB it was real conspiracy:

ZKB entered into approximately 349 “code word agreements” with U.S. taxpayer-clients under which the bank agreed not to identify the U.S. taxpayers by name on bank documents, but rather to identify the U.S. taxpayers by code name, in order to reduce the risk that U.S. tax authorities would learn the identities of the U.S. taxpayers

Plus, it was 2002-2009. There were even

Second, there many cantonal/regional banks.

Third - yes, you're right, US citizenship is red flag for European banks, but I said try to look, not immediately go and open.

I'd also recommend to see Andorra and/or San Marino banks. They are not fully FATF compliant holding their sovereignety (as portion of anonimity) and I'm not sure but Andorra still has number accounts so may be they are flexible on metals. But they definitely has USD corrs but may be in Europe. Some may be not having any USD relation.

LHV is unfortunately fully based on EMI and if i'm not sure but it's Currency Cloud that executes their payments in USD.

 

[Martin Everson]

I'd also recommend to see Andorra and/or San Marino banks. They are not fully FATF compliant holding their sovereignety (as portion of anonimity) and I'm not sure but Andorra still has number accounts so may be they are flexible on metals. But they definitely has USD corrs but may be in Europe. Some may be not having any USD relation.

You what???????

Completely forget about Andorra the banks there are 100% not interested in hiding money today for anyone and will comply with US requests. I used to bank with BPA bank there and yes they had numbered accounts and a motto that made clear your account identity was between God, you and your private banker. Those days are long gone and so has numbered accounts. Andorra banking and privacy is not the same as it was 10 years ago. The US destroyed BPA bank and scared the other smaller banks into compliance after labeling BPA a primary money laundering concern at the time.

P.S San Marino banks I don't know much about.

 

[Marios]

Greetings!

In my ongoing quest to insulate my funds from the US Treasury, I have been bank shopping for some months now.
My last major concern is selecting a bank with absolutely no affiliation with the US.

As this is technically a retirement account where a portion will be invested in metals, I'm keen to avoid the 8% VAT that's imposed in much of the EU, and am looking more at the Caribbean/Central America, or anywhere that won't punish me.
Does anyone have any recommendations?

There's potentially one of the banks that we are closing working with, to be suitable for your needs and they are based in the Caribbean with no direct correspondent account with a US bank

 

[danneskjold]

Unfortunately the US will touch everything. Kind of like a fat kid in a cake factory. There is no escaping the US reach and most banks will confirm this especially if you are a US person. No matter what far corner of the earth you go as long as you carry the mark of the beast....sorry I mean US passport your stuck. People who want certainty have just given up their US passport.

Maybe not relevant, but I do carry residency in Panama. Perhaps this will put me at a different advantage?

 

[danneskjold]

Interested to learn more on where you are buying into metals.

Want to go in for 6 figures x 2 in to copper and aluminium for decade holding, without any management, seems impossible short of going to the local DIY store.

At this point I'm buying more of the essentials (gold, silver) just to retain value as the USD - which is, well you know the situation.
I've had a trusted supplier for some years now, but don't store anything in their vaults. Happy to share, just not sure if they deal in copper/aluminum.

 

[danneskjold]

Try to look Germany, Swiss cantonal (regional) banks. Italy and France regions seems solid too for your suits.

They are even A or AA stable, they don't play credit and derivatives games.

Will take a look, though I thought there was an 8% VAT imposed by EU countries, at a minimum. Did I get bad info?

 

[danneskjold]

There's potentially one of the banks that we are closing working with, to be suitable for your needs and they are based in the Caribbean with no direct correspondent account with a US bank

That's reassuring. I won't beg for a name, but I appreciate the confirmation!

 

[Martin Everson]

Maybe not relevant, but I do carry residency in Panama. Perhaps this will put me at a different advantage?

If you have US nationality it won't help sadly .

 

[jkl197]

You what???????

Completely forget about Andorra the banks there are 100% not interested in hiding money today for anyone and will comply with US requests. I used to bank with BPA bank there and yes they had numbered accounts and a motto that made clear your account identity was between God, you and your private banker. Those days are long gone and so has numbered accounts. Andorra banking and privacy is not the same as it was 10 years ago. The US destroyed BPA bank and scared the other smaller banks into compliance after labeling BPA a primary money laundering concern at the time.

P.S San Marino banks I don't know much about.

San Marino Banks are in big big troubles, stay away at all costs.