Personal Banking Options to get money out of Business Bank Account

[hdloader11]

Hi everyone,

I currenly have a Wyoming LLC in US doing business in e-commerce. I have a bunch of bank accounts, but they're all under my company name.

I have about $400k that I need to get out of these business accounts into my personal account. My personal bank accounts in my home country are obviously a no-go, as bringing the money inside the country would create a taxable event.

So I need a personal bank account in another country. My end goal is to use this personal bank account to transfer the funds to my Interactive Brokers(IBKR) account, and buy stocks and stuff there.

I considered transferring the money to my personal Wise account, but a $400k transfer would likely get the account blocked. I'm open to any advice you have on how to go about this. Thanks

 

[JohnnyDoe]

Buy crypto or pay taxes

 

[CyprusLawyer101]

Couldn't you define the transfer as a dividend distribution? Finding a bank for this shouldnt be difficult.

 

[ShillGates]

where are your accounts for your wyoming llc? which banks? and whats the country or area of residence personal

 

[JimBeam]

Just do things gradually and you could probably get away with Wise or similar EMIs.
Don't transfer 400k at once and you should be fine I guess.

Have the paperwork ready in case they ask questions (how you're going to justify these transfers, dividend distribution or whatever)

 

[webangel]

@hdloader11 Please share, Why didn't you want to open Interactive Brokers account for your offshore company? What solution did you use?

 

[daniels27]

Just use a main street US bank. They normally do not ask many questions on such small amounts. Just do $50k at a time and only $100k per month. If they ask, you send them an invoice to your company (client) and should be fine.

 

[jafo]

Hi everyone,

I currenly have a Wyoming LLC in US doing business in e-commerce. I have a bunch of bank accounts, but they're all under my company name.

I have about $400k that I need to get out of these business accounts into my personal account. My personal bank accounts in my home country are obviously a no-go, as bringing the money inside the country would create a taxable event.

So I need a personal bank account in another country. My end goal is to use this personal bank account to transfer the funds to my Interactive Brokers(IBKR) account, and buy stocks and stuff there.

I considered transferring the money to my personal Wise account, but a $400k transfer would likely get the account blocked. I'm open to any advice you have on how to go about this. Thanks

Buy crypto or pay taxes

Or borrow money from your company!

(1) In the UK: Can I borrow money from my limited company?

(2) In the US: Can I Borrow Money From My LLC? - The Essential Guide

 

[daniels27]

Couldn't you define the transfer as a dividend distribution? Finding a bank for this shouldnt be difficult.

I normally recommend using payslips or invoices. Dividends often creates issues in terms of company involvement documents and tax implications.

Just do things gradually and you could probably get away with Wise or similar EMIs.
Don't transfer 400k at once and you should be fine I guess.

From my experienced EMIs are more likely to ask questions than US high street banks. Also non US banks are very likely to ask questions for amounts not even exceeding 30k.

@hdloader11 Please share, Why didn't you want to open Interactive Brokers account for your offshore company? What solution did you use?

He will have the same issue, just bigger and later. Also, I would invest personally rather than as a company. Many jurisdiction have no personal capital gains taxes but will tax it when it is on a company level.

Or borrow money from your company!

(1) In the UK: Can I borrow money from my limited company?

(2) In the US: Can I Borrow Money From My LLC? - The Essential Guide

Yes, bute even a loan payment will try his bank account blocked if executed improperly.

 

[jafo]

Yes, bute even a loan payment will try his bank account blocked if executed improperly.

I just send myself money. I don't write agreements or contracts; if some bank monkey questions me, I go personally to their office to face them and impose a no-BS attitude.
The best they can do is close the account, and if they do, and I don't get my money right away, I'll file a police report of the theft/fraud!
There are more ways to counterattack, but it's more for the 8chan crew.

 

[Clank]

I just send myself money. I don't write agreements or contracts; if some bank monkey questions me, I go personally to their office to face them and impose a no-BS attitude.
The best they can do is close the account, and if they do, and I don't get my money right away, I'll file a police report of the theft/fraud!
There are more ways to counterattack, but it's more for the 8chan crew.

In which country do you bank? Because in EU they can block your funds legally.

 

[daniels27]

In which country do you bank? Because in EU they can block your funds legally.

He does not bank there. Trust me.

Even in non EU places, it is easier to wire only 100k and have a payslip ready rather than go to court. Trust me.

 

[jafo]

In which country do you bank?

As many as I can. I've been doing this since the last 80s.

Because in EU they can block your funds legally.

I can't answer this with the truth because it is NOT allowed on ANY platform (unless it is decentralized)! Also, it is obvious that my answer will shock the living bejesus out of you! It's better we don't discuss these things on public forums.

 

[EliasIT]

In which country do you bank? Because in EU they can block your funds legally.

don't they are able to do this in almost any country?

 

[Clank]

don't they are able to do this in almost any country?

In the Cook Islands you send first the documents and they approve the payment beforehand without possibility of blocking your funds.

This is how they work per law, all payments need to be notified in advance.

 

[saturnix]

My personal bank accounts in my home country are obviously a no-go, as bringing the money inside the country would create a taxable event.

to transfer the funds to my Interactive Brokers(IBKR) account

Bringing the money into an IBKR account would also create a taxable event. If your IBKR account is with an EU residency, then you are reportable to the country on file by CRS rules. It wouldn't be exactly the same as "bringing the money inside the country", but very similar.

You need a tax-free residency.

Alternatively, you need a personal US bank account. This requires a trip to the US, or a payment for a POA to a local lawyer, and/or both things to obtain an ITIN.

 

[Clank]

Bringing the money into an IBKR account would also create a taxable event. If your IBKR account is with an EU residency, then you are reportable to the country on file by CRS rules. It wouldn't be exactly the same as "bringing the money inside the country", but very similar.

You need a tax-free residency.

Alternatively, you need a personal US bank account. This requires a trip to the US, or a payment for a POA to a local lawyer, and/or both things to obtain an ITIN.

You can get an ITIN from Fiverr for 200€ legally.

Also Citibank USA and HSBC USA opens bank account remotely with no ITIN needed. Minimum deposit 250,000$