Offshoring in philippines? [banking and business]

[aplusbangla]

hey,
I would like to know if philippines is a good place for offshoring, specially setup bank account with hard currencies EU/USD or just setup a small business there.
thanks for sharing your thoughts and experiences.

 

[Sols]

If you live in The Philippines, yes. If not, it tends to be pretty difficult. A lot of things need to be done in person, either by formal requirement or simply as a matter of trust.

They still have that old dictatorship era law which puts foreign currency out of reach of local courts and law enforcement. Foreign currency deposits are essentially considered foreign jurisdiction. The law was put in place to safeguard foreign currency deposits by the totalitarian military regime, and it's still in effect.

 

[aplusbangla]

I'm in ph now but I don't live here.
the country speaks english as well, which is more easy to find opportunities here compare to some other asian countries.

 

[Artemis Eleutheria]

Banking wise Phillippines is excellent, no CRS and even non-FATCA compliant banks.

Probably one of the best banking locations in the world today for confidentiality.

 

[aplusbangla]

Banking wise Phillippines is excellent, no CRS and even non-FATCA compliant banks.

Probably one of the best banking locations in the world today for confidentiality.

are u filipino?
can i have bank account with tourist visa?

 

[Artemis Eleutheria]

Nope I am not, I have only considered getting accounts in the Phillippines.

Yes, I believe you can get an account as a tourist based on contacts I have had ... try and report back to us.

IF US citizen ... exercise extreme care. Facta in effect with most banks, check at https://apps.irs.gov/app/fatcaFfiList/flu.jsf.

 

[aplusbangla]

well im not an american, but i will go to bank of philippine islands and ask them.

 

[Artemis Eleutheria]

Report back on the process and results from your interaction with the local banks