Offshore bank account for trading forex

[davidM]

Hi

I am looking for a bank account that allow me to move money (5 digits) in and out every month or so. Right now I am doing it on my standard uk bank and I know that at some point red light is going to show up. I did it before with Lloyds bank uk and they close all my accounts, even though I had them for 15 years. Before this happen again I need to find a safe way to do my trading without making too much noise.

Also I am considering to move my residence somewhere else, right now I am in UK.

I have Barclays international (isle of man), CIM banque , as possible options, the initial deposit is affordable but to be honest I have not idea if they are the type of bank that I'm looking for.

Any suggestion will be greatly appreciated.

Thanks

 

[diablo]

What requirements to you have except the 5 digits sum! ?

 

[davidM]

I only need to be able to move the money in and out without problem and a debit card, EUR-GBP account .. that's it

 

[Constant Capital SC]

Hi


I suggest the best way forward is to segregate your trading profits from your taxable income onshore in the UK.

Am assuming you wish to reduce your tax burden correct?


Due to recent changes in banking globally, CRS (common reporting standard) it has become more difficult but not impossible to continue keeping money offshore.

Each signatory country has their own rules in the way they support CRS, for example in Mauritius the bank records the UBO information and tax residency but does not exchange the information unless the account balance is more than $250 000 USD at the 31st of December each year. If you expect the balance each year to be over this amount then there are other structures which can be used to avoid the bank reporting the UBO.


So for now maybe setup an IBC (International Business Company) which then opens the bank account. You also need to check that your forex broker will allow settlement to other NON EU countries.

The banks we deal with in Mauritius for example have no issue with your level of transfers and volume.

You have the right idea to move residence but it really depends on the amounts being made to justify the move. The UK has certain conditions which you should be aware of and is one of the countries which has tighter controls in place. After you analyze all the options you might find moving is not necessary..


Just remember the most important part is understanding the reporting rules banks have in place and choosing the right bank and structure to accommodate your requirements and goals.

 

[buenosdias]

for example in Mauritius the bank records the UBO information and tax residency but does not exchange the information unless the account balance is more than $250 000 USD at the 31st of December each year.

Is there any way to get around this?