We can forget BlueOrange and Latvia

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by countryfree, May 11, 2018.

  1. countryfree

    countryfree Building Trust Entrepreneur

    I'm in Riga, and I've been at the BlueOrange bank earlier today, trying to open a bank account for my Wyoming LLC, they told me it's no longer possible.

    The Latvian government passed some new regulations against "shell companies" this week. It's no longer possible to open a bank account in Latvia for a company based in Panama, or Delaware and the like, which are blacklisted, and clients are now asked to provide business reports. This also applies to existing clients. If you had a Latvian bank account for Delaware LLC (it used to be possible), you will have to give the bank financial details about your business, or close your account.

    Well, I'll have to find another country... Suggestions welcome!
    W4rhol, lostman and Admin like this.
  2. Admin

    Admin Forum Moderator The Forum Cleaner

    Thank you very much for the feedback, it's great help for all of us.

    Unfortunately I have no alternative banks I can mention, but I hope someone else has any suggestions.
  3. lostman

    lostman Building Trust Entrepreneur

    Thanks for the update. Have you looked for other banks near by ?
  4. countryfree

    countryfree Building Trust Entrepreneur

    Yes, Swedbank to name one, but the new regulations are for all banks in Latvia.
    I like Latvia, it's a good country, with several banks opened on Sundays afternoon, but I won't make business there anymore.
  5. Grigorijs

    Grigorijs Member

    The country isn't too bad but there is so stupid government =) Lived there all my life except 2 last years.
  6. Flatworld

    Flatworld Member

    how about estonia and Lithuania...;)
  7. countryfree

    countryfree Building Trust Entrepreneur

    Estonia is much worse than Latvia regarding regulations and controls. Sadly, I don't know much about Lithuania, but it should not be better in any way. You've got to watch where Russian money is going, and there's not much of it in Lithuania.
  8. DirtyDexter

    DirtyDexter New Member

    so where in Europe we can open account for Wyoming or Dealware LLCs ?

    i heard that in Georgia, but no more information
  9. countryfree

    countryfree Building Trust Entrepreneur

    Yes, I've heard about Georgia, too, but it's a bit off limits. Not really offshore, but I've yet to see someone doing business in the European Union with Georgian money, or coming from a Georgian bank. Another concern is that when I look on the map, Georgia's between Russia with an unresolved border issue, and Iran. I'm not sure it's safe place to store money, but then, I've never been there.
  10. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Best advice is to get out of using offshore companies and rethink your strategy.

    Georgia is nice place I lived there for a year...very proud people. Don't let the fact that Russia could flatten it in 5 minutes and use it as a car park discourage you. It 100% is not safe place to keep money but a very business friendly and open country. They also have a comprehensive freetrade agreement with EU so they are not some obscure country. Business between EU and Georgia is encouraged by EU :)
  11. alegromat

    alegromat Member

    Go to Poland ... You will easy open account there :)
  12. countryfree

    countryfree Building Trust Entrepreneur

    Yes, there are many positive signs from Georgia, but I guess I'll need to visit the country to feel safe about it.

    Poland? This is a surprise. You can open a bank account for an American LLC, there? I had no idea. Do you any more info about it, or can you suggest a bank, maybe? Actually, it's very stupid, because I'm in Berlin right now, and I drove through Poland without looking at anything...
  13. alegromat

    alegromat Member

    Every bank in Poland will open account , just go there , thats all.
  14. countryfree

    countryfree Building Trust Entrepreneur

    Well, thanks for info. I'll look into it.
  15. PolishCourier

    PolishCourier New Member

    Sorry friends but opening bank account inPoland for american llc is possible only for Polish residents or for people with reliable business reputation. It means that in practice opening is pain in the ass .
  16. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Business Angel

    Latvian banks do not accept US companies for year or two already

    it is very difficult to find banking option for US company
    I can help you to set up account in Florida without visit if you interested in it
  17. AdviceCorp

    AdviceCorp New Member

    100% TRUE
  18. countryfree

    countryfree Building Trust Entrepreneur

    Thanks, I was a little doubtful about Poland. I had never heard about it as an offshore center... Latvia certainly was one, but well... Not anymore.
  19. ssldn

    ssldn New Member

    Why not Malta?
  20. countryfree

    countryfree Building Trust Entrepreneur

    I believe I'm not rich enough for Malta. You need millions to bank there.