Safe and secure Bank for an Offshore Holding Company

[Finance Phantom]

I'd like to find a Bank account for an Offshore IBC acting as a long term holding company.

i.e. the funds will be parked for periods of years.

Cyprus first comes to mind, however after the EU raided Cyprus my confidence in that jurisdiction is low and it could easily happen again.

I am wary of Caribbean banks.

Latvia is too close to Russia and I am concerned they could be invaded in the future.

Lastly I've been told some minor Swiss banks will do it, had a look at CIM bank, but these guys look seriously sleazy and dodgy as far as I am concerned and geared towards dodgy Russians (their intro video looks like a cross between a rented office and a brothel).

Does anyone have any other recommendations?

 

[Milky Moon]

The problem with offshore IBC' s and banking is that has become a niche, where a lot of russians are active as both supplier and customer.

So it has become a tacky, sleezy landscape, dominated by peroxide high-heeled blondes, who speak with Russian accents. As with all niches, fees are basically high as there is little competition and these services warrant a premium.

CIM Banque works, however is expensive (hidden fees; credit card is free, however activation is e100; same for e-banking and token;receiving SEPA is expensive, sending SEA even more.). If you are willing to pay CHF 120 per quater, a CHF 750 company fee per year, and a CHF 400 complaince fee per year, and you are desperate, CIM Banque is OK.

Fees and commissions for private banking - CIM Private bank

 

[Finance Phantom]

I won't bank with a bank like CIM, so are you telling me to all intents and purposes Banking for an IBC is a dead affair?

There are many funds operating from the Cayman Islands, I do scratch my head as to how and where they keep their funds, since I doubt they will be using Banks such as the one's aforementioned.

I know the Swiss will open you up an account if you have enough money and can show you are clean, but you'd need an IBC with at least £20 million on the company account.

 

[Milky Moon]

I won't bank with a bank like CIM, so are you telling me to all intents and purposes Banking for an IBC is a dead affair?

There are many funds operating from the Cayman Islands, I do scratch my head as to how and where they keep their funds, since I doubt they will be using Banks such as the one's aforementioned.

I know the Swiss will open you up an account if you have enough money and can show you are clean, but you'd need an IBC with at least £20 million on the company account.

That is exactly the problem. When you have £10 mio, banking options galore ... When you only have £100,000 choice is limited.

See it from a banks point of view. Offshore is a potential PR risk. Offshore is a potential compliance risk. Will the bank make enough on the 100K client to warrant the risk, I doubt it.

As we say this week with the 'collapse' of WaveCrest' VISA debit card business, EMI's who use a offhore card management issuer (Gibraltar) that has created a niche for itself (card management for crypto's) suddenly have their offerings clipped.

We live in interesting times, indeed. Plan carefully. Make your own choice between "maximising income (and this maximising risk)" and "long term stability (lower risk, more tax to pay).

 

[Finance Phantom]

I was wondering whether the following setup might alleviate the issue of the poor Banking options available for smaller Offshore companies and that would be that an Offshore company be the 100% shareholder of an EU company and loan it's money to the EU company.

This would mean the funds are able to be held on the accounts of an EU company in a proper bank in Europe.

The trouble I can foresee with this is that in the UK no bank will open an account for an LLP (not sure if it's the same for an Ltd.) if they see that the shareholder and beneficiary is an Offshore entity.

I was hoping that perhaps this setup could be done in Poland or Hungary, so an offshore company owning a Ltd. in either of these countries, with the offshore company loaning money anually to the company it owns?