1. samdan777712

    samdan777712 New Member

    I just got into this subject amidst extremely punitive regulatory actions against cryptos, and now it seems ESMA actions against forex. As a retail trader I feel absolutely fleeced. IT isn't worth being retail.

    I need to find a way to become an LLC corporate account trader at exchanges absolutely asap.

    That being said the bank issue is the worst issue. Even estonian e residency is tantamount unsuitable for us citizen. The only work around I can think of is maybe if you had a physical store selling non trader related economic activity in estonia with cash flow, had residency visas, and absolutely convinced LHV bank or Swedbank of this to give you account for the euro registered corp..even then.

    I don't think these EMI will work, or I'm not seeing indication as such. I don't imagine Kraken or Bitstamp would accept mistertango. I could be wrong. But unlikely.

    I mean I can live without it being a european bank initially, if its a safe panamian bank or a safe singapore bank. I might be able to buy gold with bitcoin and have the gold money manager wire money into the bank, but I fear its best to have a bank that accepts crypto related transaction, and those are mighty rare. I heard seychells is no good, BVI and islands are no good now. Peurto rico isn't safe for SEC laws.

    I'm not neccesarily concerned with taxes, I'm concerned with access to forex and derivatives. with a legal paper trail of trading history of said exchanges.

    Maybe I don't need an offshore company, maybe it needs to be onshore, maybe Panama bank wants it that way, but it needs to be a non us legal entity.

    Are many of you American, have you found a good foreign bank account? What about citibank abroad? Surely some of these banks are willing to deal with FACTA. I'm stuck at the bank part.
  2. anticfc

    anticfc Active Member

    Can you shed some light on what you're after? You're ok with taxes but it has to be non-us taxes?
  3. samdan777712

    samdan777712 New Member

    Well I believe I pay myself with the corporation depending on certain details (s vs c) and it goes on subsection F. In some instances I could pay corporate tax in the residing country. I'll certainly have to declare on FBAR, and pay income tax on dividends or wages or proprietoriship of the foreign entity corp. It's a bonus, but my main concern is of course finding a foreign bank account at all that will accept a us citizen's company.
  4. Admin

    Admin Forum Moderator The Forum Cleaner

    Is it the US company you want to apply for a bank account with? or are you willing to incorporate your business somewhere like Malta or Cyprus?

    It may be possible to apply for a personal account in some Cyprus banks depending on what the source of income is.
  5. samdan777712

    samdan777712 New Member

    Well I wish I could get a malta bank account. It isn't going to be a us company, but I am a us citizen. Unfortunately it will be even harder because of cryptocurrencies. I might possible be able to circumnavicate that with a gold money manager who buys and sells gold/bitcoin, but that's a bit of a stretch.

    Kraken may not care if the malta/cyprus account is personal or corporate, but I would want the trading account on kraken to be the company. Likewise for any other exchange crypto or otherwise.
  6. John Spectre

    John Spectre Building Trust Entrepreneur

    No banks in Cyprus or Malta will allow him to banking, because of his crypto activity.
    No difference it will be corporate or personal account.
  7. Admin

    Admin Forum Moderator The Forum Cleaner

    True if you present the business as crypto business they won't! However there are many ways to hide the source of income lgeally so it will open the doors to the banks.
  8. John Spectre

    John Spectre Building Trust Entrepreneur

    You would need to carefully read questions from OP.
    He didn't asked for hiding activity.
    He want to do clear business related to the crypto, forex, etc.
    This mean clear money transfers from\to crypto exchanges and correct work.

    Also because of US residency it could be dangerous to play with such kind of hiding because of FATCA.

    you could try to work with banks from my suggestion here:
    Any safe bank account out-there to transfer 7-figure sum (Bit) ?

    But according to your US residency all of above banks could reject you, unfortunately.
  9. Admin

    Admin Forum Moderator The Forum Cleaner

    Well you are right. But you could simply transfer your crypto to say Mister Tango from MT to even a Cyprus bank account which would work just fine and is totally legal and you don't need to hide anything other than you avoid to tell them it's orginated from crypto which there is no reason to tell them.

    What you suggest with your Poland, Spain bank's is fine, but you want to specifiy what banks you mean accept crypto not just the countries?
  10. John Spectre

    John Spectre Building Trust Entrepreneur

    In the 2018 this will not work with Cyprus banks (or will work only once with small amount of money).

    I suggest, if OP asking for question, his trading it's a main or almost main source of income and amount is not small.
    In case of personal account, Cyprus banks will ask for full trace of money and source of money. So it will open info that money from the Crypto, because he need to show MisterTango account statement.
    If amount is big, lets say 100k$+, they will ask about audited financial statement, where will be informed that a lot of money from stocks/forex/etc. This will occur additional questions as well.
    Regarding to the MT location in the Lithuania, at least some banks(can't sure that all, but at least BoC or Hellenic) will denied this work because they don't want to work with Baltics banks from last year problem there.

    With corporate banking questions will be some different, but in any way I don't see any sense in Cyprus or Maltese banks for doing crypto activity, if you could legally do crypto work in banks from other countries.
  11. Admin

    Admin Forum Moderator The Forum Cleaner

    Well that's not true, I have first hand proof that this is not a problem, works perfectly fine for me every day ;)
  12. samdan777712

    samdan777712 New Member

    audit trails could be very complicated. even if it comes from a gold manager, then bank might want to know how I bought so much gold (with bitcoin). Plus they may want to see exchange statements, presumably.

    If I didnt use a trader corporation Id have to show the .cvs trading history file to the IRS and its both practically impossible, and would get me into a world of trouble, possibly even endanger the exchanges I use. There's a mile long list of reasons why being retail in crypto and forex is terrible. Much easier to at least show trading history of a 'corporation' to the bank.

    Trading high leverage crypto produces money rapidly enough to raise serious questions...despite it being legal.
  13. John Spectre

    John Spectre Building Trust Entrepreneur

    And not worked for me, because of described above from my manager :D
    Which is tell that working or not it's a case to case decision, not a rule.
  14. samdan777712

    samdan777712 New Member

    There's a possibility that I could get duel residency/citizenship in panama, make a panama shell company, with panama branch of andorra credit bank. Then I could show panama address/passport to any exchange. But still crypto sensitive banks.