Need EURO bank account for US LLC in the defense and security industry and possible new offshore company for the same.

[RedGeorge]

Hi. First post here so thanks for having me. I’ll do my searching and reading but want to get my specific scenario and question posted.

I am an American. I have a US LLC (since 2015). I work in the defense and security industry. I consult and advise Presidents, PMs, MPs, royal families, Generals, etc and in that capacity and sometimes in a B2B capacity I am asked to assist in the procurement goods and services hence acting as a broker...buying from one manufacturer and selling to a government or another company. I almost never take phy possession of the products...they are directly shipped. Everything is done legally as these transactions are highly regulated. I need a EURO bank account to operate in. I actually have one in Russia but suddenly no one will agree to send money to my Russian account. I have 7 figure Euro based contracts pending with no place for the money to land and transact through. With COVID and the giant travel pain....I am looking for something I can open without an in person appearance for now. Sending documents is not a problem... video interview...whatever.... just need to solve this ASAP.

Any thoughts or suggestions?

 

[Sols]

Go speak with any of the major American banks and get them to open an account in EUR (usually domiciled in Germany or UK). Assuming you have five years of good history and can show the current and past transactions are all above board, that's probably your shortest path to success. Even better if it's a bank you already work with.

The type of bank that would take on something like this without an in-person meeting is a bank that will not last very long.

 

[RedGeorge]

Almost forgot... I am not in the US currently and my bank there requires an in-person visit for anything like this. I had to fly last year just to show my face to clear a transaction. Super stupid and a waste of time and money....

 

[CaptK]

Where are you based currently?

Almost forgot... I am not in the US currently and my bank there requires an in-person visit for anything like this. I had to fly last year just to show my face to clear a transaction. Super stupid and a waste of time and money....

 

[avalanche]

Where are you based currently?

Nigeria maybe

 

[avalanche]

Do you guys seriously think some dude owning defense and security company consulting presidents would go on some forum to ask random people for help open EUR bank account?

 

[RedGeorge]

Yes, I am asking... I have “guys” that have given me recommendations but I figure people here might have some insight. While I might have answers given to me by others they aren’t necessarily the “right” answer.
Slightly off-topic I saw in another thread people talking about Cyprus and where it was possible or not currently for non-residents to open accounts there etc.... )something like that)... I can say as a partner of mine have been in the process for a couple of months the due diligence they are performing is extensive and we are still waiting....

 

[RedGeorge]

And to answer CaptK’s question ... I am currently located in Russia

 

[rey skywalker]

you have not much option , mostly compliance will refuse you, i think north cyprus is the only option you have.
forget us banks trust me

 

[bizniz]

This is regarded as a high risk business and you being resident in Russia doesn't make things easier. I suspect Cyprus would reject it based on the type of business, although they are open to Russian residents.

You might be able to get it approved in Serbia if you develop a little local substance such as registering a branch of your company (quick and easy) and/or establishing residence (also quick and easy). Normally you would have to travel though. At least it is easier to travel from Russia to Serbia than Russia to USA.

Northern Cyprus is probably also an option, but would be very expensive.

 

[RedGeorge]

Thank you all!

Yes Cyprus is running extensive du diligence on my one business partner and I in that venture as they are concerned with the high risk business, me being American in Russia, they are concerned we might be PEPs etc so have hired an accountant there to complete the due diligence. We shall see what happens there.

On a different note...any good recommendations for me to put a standard consulting single shareholder entity and bank... somewhere easy for me to basically run some other business consulting contracts through just for myself and pay myself from the other entities for my portions in those to separate the accounting...?

 

[Silvio]

Maybe East-West United Bank? Shareholders - EAST-WEST UNITED BANK - Your private banking partner in Luxembourg

It's effectively a bank owned and run by Russians but in Luxembough

 

[rey skywalker]

quite interesting , i suppose they are quite flexible, i will write them tomorrow

 

[boomy]

Do you guys seriously think some dude owning defense and security company consulting presidents would go on some forum to ask random people for help open EUR bank account?

why not, you will be surprised what people are around here at offshorecorptalk - don't underestimate the power of this forum my friend.

That said, I would go and consult a local bank / near by bank and ask them to open a Euro account for your company.

 

[bizniz]

It s an interesting topic. Seems like a perfectly reasonable question to me. Defence contracting company, UBO lives in Russia and already has a EUR account in a local bank. So he already tried walking into a local bank and it worked, but I don' t think for one moment that would work in USA or EU, given the business type and the UBO residence. I fully understand why he asked here. I also stick by my recommendation of Serbia as here we have western and eastern oriented banks, they have no problems with Americans or Russians, and they might be a little less sensitive to the business type than in EU.

 

[Fulton Abraham Sanchez]

There are banks in Antigua that can help with an account in Eu.

 

[clemens]

There are banks in Antigua that can help with an account in Eu.

What bank will that be? Also if they are shelf companies in New Mexico and / or Delware?

 

[jafo]

Do you guys seriously think some dude owning defense and security company consulting presidents would go on some forum to ask random people for help open EUR bank account?

This is VERY typical of Americans. I have a former college buddy who is a criminal defense lawyer and has appeared in front of SCOTUS and he does this type of search to try to "map the field."

I also made it a habit when I integrated into the local communities of Boston in the early 80s. It's hard for others who aren't Americans or didn't cohabitate with Americans to entertain this type of behavior. It's a great method to see all kinds of angles. Ultimately, you need to choose wisely!