Offshore account for andorran company

Martin Everson

Offshore Consultant
Business Angel
I was going down the same road as well, heavily involved in crypto and looking to have tax residency in portugal with a plan to eventually get eu citizenship. Portugal economic activity/business location is looked more favorably by the andoran, and madaira banks so I was led to believe, and Jersey is right there as well, so that general area. I am heavily involved in offshore crypto and fx, so it's an on going research issue. Finding a bank that will make an account for a trust foundation let alone being progressive for forex and bitcoin is a real pain.
Forget Portugals resident non-domicile program aka non-habitual tax exemption. I looked into a while ago in depth. Too many caveats to make it worth anything on paper tax wise.

Yes Andorra has very strict banking. I bank with VallBanc and Credit Andorra and they don't joke around at all.

Whatever you decide DO NOT use the trust services of fake ass .io domain type websites offering trust services but they are all bigger scams like Bitfinex, Tether (only 70% backed by cash at least better than Euro Pacific Bank) etc. Remember what a Trust is i.e you are making another party the legal owner of your assets, company etc. If you want a Foundation for a forex/crypto then its possible but you need to use a "Bank & Trust" provider i.e a trust provider with a banking license. There are many but cater to HNW persons only.
 

Martin Everson

Offshore Consultant
Business Angel
In case anyone wants an example of a serious "Bank & Trust" provider or one stop shop for HNWI's then you can look at AmiCorp Group. They have offices in 30 countries.

www.amicorp.com
 
Amicorp certainly does what im interested in, but ill have to find a smaller start up supporting law firm to help me do tax planning and offshore IRA stuff. I assume the amicorp is aimed at people with over 5 million. Granted I can't scale much without a good law firm, without paying 50% plus taxes. I am considering Withers but they may also only serve HNW individuals.
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
Amicorp certainly does what im interested in, but ill have to find a smaller start up supporting law firm to help me do tax planning and offshore IRA stuff
they have been around for a long time after all. Are they reliable and how are they in communication?
 

Admin

Forum Moderator
Staff member
In case anyone wants an example of a serious "Bank & Trust" provider or one stop shop for HNWI's then you can look at AmiCorp Group. They have offices in 30 countries.

www.amicorp.com
You have any personal experience with them?
 

Martin Everson

Offshore Consultant
Business Angel
You have any personal experience with them?
Yes. I have experience with them which was good.

In the interest of fairness I know some prefer their competitor UIBT. They offer similar service with in-house bank, one stop shop etc but they have much less offices. I got an offer from both and after hagling went with amicorp as they had better communication i.e offices, reachable on skype etc.

 

Evidence Alpha

Building Trust
Entrepreneur
I think maybe a smaller bank in Spain might work for you. Things have changed now between Spain and Andorra and it's possible they will acept you as a client.
It seems it changed the other way around

Try banco popular, Ibercaja,Banco Sabadell....
After in person visits,
Banco Popular : won’t
Banc Sabadell : will only if you got some spanish grounded bills to pay
BBVA : would but won’t due to being understaffed (having too many clients) + language communication difficulties with foreigners :) ...real claims, not invented
Caixa Bank : reluctant to, maybe
Ibercaja : won’t
Santander : eventually will
 

AND2

Active Member
Wow Amazing an Andorran cpy can't open an accout in Spain. Everybody is overreacting in the banking business to the offshore theme. I just had some offshore accounts closed out of the blue for no reason but that they don't want to bank with entities with no substance in the local place. What about ING? they 100% online and being NL maybe they're more open to international set-ups
 

Martin Everson

Offshore Consultant
Business Angel

I’m not giving up yet :)
That's for paxum.com and not paxumbank.com - although same ownership. Some of that feedback is damning....rof/%rof/%.

Look seriously beggars can't be chooser and im afraid with an Andorran company just the name "Andorra" alone will scare banks away smi(&%. Keep trying I am interested to know what you find eventually thu&¤#
 

Evidence Alpha

Building Trust
Entrepreneur
I visited another office of BBVA today and the lights were green this time. Under some payment conditions, you get a free account, free SEPA withdrawals, free card issuance. Not bad. Crossing fingers for a happy mariage
 

Martin Everson

Offshore Consultant
Business Angel
That's good news :p. Hopefully they will allow you to fund your trading accounts as you wanted and not suddenly put your account under compliance review following first payment.
 

Evidence Alpha

Building Trust
Entrepreneur
Santander also accepted me. All the other minor banks were out of question (including ING, Bankia, Self Bank when contacted)

Yes Martin, let’s pray :) There is nothing much I can do to improve the situation. I won’t hide cause my business is nothing criminal.
I’ve only decided to not transact anything crypto related to keep a low clean profile.
 

Ian

New Member
Hi,

In order to fund trading accounts, the sender’s name must be my own. Therefore, TransferWise is not compliant to meet this goal, I’m afraid (tried and tested, the wire transfers bounce back to TW because they fail to meet the regulatory framework)

I need a real dedicated IBAN, not one held by the name of the service I use
I have exact the same need as yours. Need an IBAN account under my name to receive USD wiring and I'm also a non-EEA citizen. Pretty difficult to find one
 

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