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Open LLC owned by Panama company possible?
- Thread starter ciccino
- Start date
Why is that so?Yes you can but such an setup I would think would be un-bankable.
Fulton Abraham Sanchez
Fulton Abraham Sanchez, CPA
We have a client with that company structure and we got him a bank account opened remotely with a bank in Miami but the initial deposit was $100K and average balances $500K and a lot of explanation for the bank. It is doable but costly.
You can literally incorporate anything anywhere but getting it banked is for the most Offshore Jurisdictions including exotic structures impossible.
And even when it's possible are either the banks that consider to bank you questionable or the min. balance are so high that the whole venture again doesn't make any sense ift not used for wealth management.
Forget about such structures for getting retail banking and an active trading business.
And even when it's possible are either the banks that consider to bank you questionable or the min. balance are so high that the whole venture again doesn't make any sense ift not used for wealth management.
Forget about such structures for getting retail banking and an active trading business.
What do you mean by "getting it banked"?
I'm in the same situation, read that after you open a US LLC it's possible to open also US bank account, where no other tax applies.
What am I missing? (Panamanian company, bank & residency -> US LLC -> US Bank & receiving money in/from it)
My post was related to the structure having the Panama Company as Shareholder/Owner of the US LLC.
This is close to impossible to bank with non-resident status in US and Panama Company as shareholder with the classic disregarded US-LLC non-resident banking options Mercury and Wise - both will reject you.
Bank of America will reject you as well with such a structure.
So you are left alone with a Miami based subsidiary of a Venezuelian Bank that asks for 500k USD min. deposit.
If you are talking about US LLC with you as owner/shareholder - yes no issue with Mercury at least.
What about first opening the LLC with yourself as an individual as sole member, then opening banking for the LLC. After banking is established change ownership to Panama corp of which you are also owner. What I read these strict rules regarding offshore corps are imposed onto banks, they just want to protect their own liability and avoid penalties, so If they dont know and since u are also owner of panama corp it is the same person(you) managing the bank account. I dont know if this is legal and dont advocate but its just an idea maybe others can comment on this. I think maybe you need to file something with IRS regarding change of member of LLC.
Like I always say - you can draw the wildest structure on paper but what does it help in practice and in reality.
Once the banks figure it out they simply close down your account.
I was thinking of doing the same to process payments for our panama corp, as onlinetaxman / wyoming attorney recommended this structure as a possibility. However, I'm not sure what are the benefits and the extra cost related to this structure.
And as many of you mentionned, it might also get blocked on the bank opening step.
So why would someone would seek to do this?
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