simple setup - works?

[Hobbit]

Hi,
someone told me about a simple setup for e-commerce, which basically just includes a
1) offshore company in belize with a
2) bank account from puerto rico.
Since Customers mainly pay with PayPal, i would withdraw the money from PayPal to the Puerto bank account (which will not report to CRS) and then just pay out dividends and pay the capital gains tax in my country.

All legit and safe or am i missing something?

 

[Samuel Newman]

It will not work for Paypal and for most of card processors
they want company+bank account in the same country mostly

you may take a look at Cyprus, Gibraltar and Hong Kong formations
also, you need to think about hiring professional nominees or use fiduciary services if you want to stay anonymous

 

[Hobbit]

When you say "mostly" what exactly does that mean?
According to PayPal Worldwide - PayPal they clearly state withdrawals are (only) possible via credit card or US bank account.

I have an estonian PayPal and linked a german bank account (Payoneer) to it, with no problems at all for withdrawals, so how sure are you about PP not working in that scenario?

Professional nominees - noted anything else that comes to your mind?

 

[Samuel Newman]

When you say "mostly" what exactly does that mean?
According to PayPal Worldwide - PayPal they clearly state withdrawals are (only) possible via credit card or US bank account.

I have an estonian PayPal and linked a german bank account (Payoneer) to it, with no problems at all for withdrawals, so how sure are you about PP not working in that scenario?

Professional nominees - noted anything else that comes to your mind?

for Belize, for example, withdrawals availible only to US bank account
for Hong Kong - to Hong Kong or US account

in some EU countries (Estonia as example) withdrawals are made on bank card

 

[Hobbit]

Yes, so you are saying withdrawals to Puerto Rico account do not work because Puerto Rico is not technically US ? Or what is the point here?

What about just getting a Payoneer account and withdraw PP to Payoneer and then Payoneer to Puerto Rico bank?

 

[Samuel Newman]

Yes, so you are saying withdrawals to Puerto Rico account do not work because Puerto Rico is not technically US ? Or what is the point here?

What about just getting a Payoneer account and withdraw PP to Payoneer and then Payoneer to Puerto Rico bank?

Yes, Puerto is not US
also, Europacific has no direct SWIFTs

 

[Dubsize]

Yes, Puerto is not US
also, Europacific has no direct SWIFTs

What do you mean Europacific has no direct SWIFT ?

 

[Samuel Newman]

What do you mean Europacific has no direct SWIFT ?

They make SWIFTs using their account in agent bank
Most of island banks do so

On practise it looks like transfers made on Europacific name(not your company)

I am not even sure, that Payoneer could deal with it

 

[Dubsize]

They make SWIFTs using their account in agent bank
Most of island banks do so

On practise it looks like transfers made on Europacific name(not your company)

I am not even sure, that Payoneer could deal with it

Ok so they're more or less like an EMI.
They do have their own SWIFT but they probably don't have any correspondent account so they can't wire money using regular MT103 or MT202

 

[Samuel Newman]

Ok so they're more or less like an EMI.
They do have their own SWIFT but they probably don't have any correspondent account so they can't wire money using regular MT103 or MT202

It looks like you know more in banking technologies

Honestly, some EMIs are even better, leupay makes transfers in your name, mypos has a lot of additional payment tools

Most of EMIs have SEPA transfers and low fees

 

[Dubsize]

It looks like you know more in banking technologies

Honestly, some EMIs are even better, leupay makes transfers in your name, mypos has a lot of additional payment tools

Most of EMIs have SEPA transfers and low fees

Yeah, I read a lot of bad stuff about them - seems like it's better to avoid.

 

[Safa]

Why would you not just use Mister Tango and Belize company as suggested on this forum a hundred times?

 

[Hobbit]

Do i get a US Iban with MisterTango or how am i supposed to withdraw the PP funds to it?
And does Mister Tango not report to the CRS? (that's why the Puerto Rico bank account, which is supposed to not report)

 

[Samuel Newman]

Do i get a US Iban with MisterTango or how am i supposed to withdraw the PP funds to it?
And does Mister Tango not report to the CRS? (that's why the Puerto Rico bank account, which is supposed to not report)

MisterTango has only EU IBAN for EUR transfers in SEPA zone
MisterTango will report you as well as most EMIs

 

[Hobbit]

So what's the point of this then?

 

[negon]

There is no US EMI if you read the forum this has been asked a hundred times already, the only one that keeps popping up is NEAT which you may try. Some China crap which I doubt will last long term.

 

[David97255]

I have added an Emi in the list of Emi thread ( I m not yet registered ).
Check with them if they take Belize Corp. They provide ACH US account