What to do now, Cyprus bank shut down my bank accounts!!

[fanban]

What to do now! Cyprus bank shut down my accounts for all 3 offshore companies just like that!

I have no chance to receive money from my customers as for now which put me in a very bad situation!

What EMI would you say is fast and good for me if that is the only option I have?

 

[MrTony]

Tell the country of incorporation and nature of your business.

 

[Martin Everson]

If your offshore company is outside the EU then you need to get an account outside the EU. Sooner rather than later all EU banks and FI's will be rejecting them. You will just buy yourself probably another few months by switching to another EU account.

 

[MrTony]

I think, first of all, he needs such EMI for the fast withdrawing of his money from CY banks.

About account outside of EU, you are absolutely right, but which EMI (except Paxum) outside EU could you advise?

My thoughts, he needs to change the jurisdiction of his business in this case.

 

[David97255]

It would help us if you inform in Wich jurisdiction are your offshores

 

[negon]

So far you have plenty of EMI's around - Mister Tango is one of such which I'm using a lot.

Maybe @Martin Everson is right or he is not, no one knows what the future brings but as it is right now you can use an EU EMI which accept Belize corps as alternative banking, paysera is another one.

The only real alternative you have if you don't want to worry about the future is to incorporate your companu say in the UK, Cyprus, Malta or any other EU country so you open a simple EU EMI for such entity.

 

[fanban]

thanks for all your replies!

Im an EU citizen so I will have to be careful when open an EMI in the EU for an EU company. Is there any way to avoid my identity to be revealed, I mean if I have to pay for a new setup so I can pay more and get something setup anonymous if possible?

 

[Martin Everson]

thanks for all your replies!

Im an EU citizen so I will have to be careful when open an EMI in the EU for an EU company. Is there any way to avoid my identity to be revealed, I mean if I have to pay for a new setup so I can pay more and get something setup anonymous if possible?

You can get a UK company setup that prevents the public knowing who you are and that you are the beneficiary (see below). However totally anonymous setup that is a whole different game.

Trusts Vs Nominee Director, Trusts & Person of Significant Control

 

[David97255]

@Martin Everson you are like Wikipedia....
This company offers great options

 

[MrTony]

You can get a UK company setup that prevents the public knowing who you are and that you are the beneficiary (see below). However totally anonymous setup that is a whole different game.

Trusts Vs Nominee Director, Trusts & Person of Significant Control

But when Trusts UBO register will be available for public review? At the beginning of 2020?

 

[Samuel Newman]

You can get a UK company setup that prevents the public knowing who you are and that you are the beneficiary (see below). However totally anonymous setup that is a whole different game.

Trusts Vs Nominee Director, Trusts & Person of Significant Control

The problem is a lot of banks will reject your application shortly if you have no PSC listed in the register

 

[Martin Everson]

But when Trusts UBO register will be available for public review? At the beginning of 2020?

We will know when the rich start leaving the UK in droves.

There is a red line for the wealthy when it comes to privacy.

 

[MrTony]

But this is EU requirements. If UK will do Brexit - confidentiality will be in place.

 

[Martin Everson]

The problem is a lot of banks will reject your application shortly if you have no PSC listed in the register

Yes retail banks may but UK trusts are very common in UK for property ownership.

 

[MrTony]

The problem is a lot of banks will reject your application shortly if you have no PSC listed in the register

Any bad experience by this question?

I thought that this is better have trust as PSC, than status like there is no registrable person,

 

[Martin Everson]

But this is EU requirements. If UK will do Brexit - confidentiality will be in place.

UK pioneered the extreme version of open company register with absolutely every company document for free. I don't think other EU countries have gone this far yet and UK jumped the gun way to quickly. Brexit won't change that.

The problem is the UK is a MAJOR money laundering centre and always has been. The levels of money laundering is a threat to its credibility as a reputable financial centre as transparency is needed.

 

[Samuel Newman]

Any bad experience by this question?

I thought that this is better have trust as PSC, than status like there is no registrable person,

it would be a difficult challenge to give a reasonable explanation why do you have trust instead of person
and if banks do not see obvious, legal and understandable reason - they will just reject your application and that's all

most of bank applications do not even have form for Corporate UBO/PSC
also, it is a just a trick that may work sometime
PSC - person (PERSON) with significant control, bankers don't care about trusts or smth like that, they will leave you alone without any account and you will have only a bundle of papers with your complicated and smart structures to show it to your friends and family

 

[MrTony]

The reason is very simple. For example, I am afraid that robbers will see my name and address at Company house and will come to me and rob me and my family. That's why I'm using a trust for the purpose not to break UK law (in relation to show PSC) and of course it's no problem to show PSC or UBO to the bank.

 

[Martin Everson]

Only UK retail banks will have an issue with trusts. If you establish a UK private banking relationship they won't bet an eye lid. Use of trusts are fundamental to wealth management and estate planning.

 

[Samuel Newman]

The reason is very simple. For example, I am afraid that robbers will see my name and address at Company house and will come to me and rob me and my family. That's why I'm using a trust for the purpose not to break UK law (in relation to show PSC) and of course it's no problem to show PSC or UBO to the bank.

for banks it is not reason
you are still breaking the law and can get 2 years at jail (hypothetically)
you do not need to share home address in public, correspondence address would be enough

one more time PSC is a Person, Person is individual
corporate body can't be a person

BUT, some tricks are possible if you have a lot of owners and nobody has 25% or more

Companies controlled by a trust or firm
If a trust or firm influences or controls your company, you must decide if they meet any conditions of control described above. If they do, any person who controls the trust or firm is a PSC of your company.

Protection for people at risk
All PSC information is available to the public, apart from their home address. The day is also hidden from their date of birth.

In exceptional cases, some individuals can apply to protect their PSCinformation. If they’ve applied, or been granted protection, you should note this on your PSC register. You must hide their personal details.

Protection from disclosure applies from the date the application is made to us.

source: Persons with significant control