Question Which banks accept which offshore locations?

[mrkyc]

Hi,

I am a long time lurker here and finally I need to open a personal account for my stash - whose origin would be dividends from offshore companies, of different jurisdictions - while I myself am an EU citizen.

I've seen many threads here discussing various banks - but I don't know, which of them are going to blow me off completely once they see in account opening KYC stages that my source of wealth is offshore.

Can you please let me know your experience/opinions about how likely it is for which bank (lets assume private banking) to accept or decline me solely on the basis of the source of funds in this case?

For now I gathered this seemingly nice list of banks:

- BGL BNP Paribas
- LLB LI
- CIM bank
- Saxo Bank
- SwissQuote
- Standard Chartered Singapore
- Spuerkeess
- MeDirect
- Julius Bar
- JPM
- HSBC Expat
- Citibank
- Barclays
- Goldman Sachs / Morgan stanley

Cheers!

 

[Sols]

It has more to do with you, the business activities, and value of relationship than about where the company is incorporated.

If we're talking about a wealth of at least a million EUR, you can pick and choose among most banks so long as you can explain the source of wealth, including the business activities that generated the wealth and how that business came to be.

 

[Silvio]

It has more to do with you, the business activities, and value of relationship than about where the company is incorporated.

If we're talking about a wealth of at least a million EUR, you can pick and choose among most banks so long as you can explain the source of wealth, including the business activities that generated the wealth and how that business came to be.

I will also add that if you're willing to put money under wealth management many more banks will accept you since they would make higher fees from you

 

[Martin Everson]

I will also add that if you're willing to put money under wealth management many more banks will accept you since they would make higher fees from you

Exactly.

To stand a good chance you have to tick all the right options on the opening docs and that means saying you are coming to them for wealth management or at least advisory. With new KYCC (Know your customers customer) as long as the offshore companies are legit and everything associated with them from activity to key persons check out you should be fine. However if there is any hint of dirty money, tax evasion etc on your side you will have problems in 2021 with big banks. When it comes to private banking telling them on a need to know basis is important so don't go spilling the beans on everything. Talk to them like you would the police...lol. If you list multiple offshore companies with multiple streams of income from multiple jurisdiction you may not even get an account opened and that has been my experience in past.

P.S I don't think Medirect would work unless you bring funds into your name before sending to them. They have also switched correspondence bank to Credit Suisse so expect a tougher stance on source of funds. It does not help that Malta is grey listed now either .

 

[mrkyc]

I will also add that if you're willing to put money under wealth management many more banks will accept you since they would make higher fees from you

Thanks for that!

 

[mrkyc]

Exactly.

To stand a good chance you have to tick all the right options on the opening docs and that means saying you are coming to them for wealth management or at least advisory. With new KYCC (Know your customers customer) as long as the offshore companies are legit and everything associated with them from activity to key persons check out you should be fine. However if there is any hint of dirty money, tax evasion etc on your side you will have problems in 2021 with big banks. When it comes to private banking telling them on a need to know basis is important so don't go spilling the beans on everything. Talk to them like you would the police...lol. If you list multiple offshore companies with multiple streams of income from multiple jurisdiction you may not even get an account opened and that has been my experience in past.

Interesting, never heard of KYCC - sounds horrible!

Anyway in my case the companies themselves are legit - I was wondering if banks will have a prejudice because of the offshore location, to disqualify solely based on that.

P.S I don't think Medirect would work unless you bring funds into your name before sending to them. They have also switched correspondence bank to Credit Suisse so expect a tougher stance on source of funds. It does not help that Malta is grey listed now either .

Where's malta grey listed?

 

[Tr0nad0r]

Where's malta grey listed?

https://www.reuters.com/world/europ...sted-by-financial-crimes-watchdog-2021-06-23/

 

[Martin Everson]

Anyway in my case the companies themselves are legit - I was wondering if banks will have a prejudice because of the offshore location, to disqualify solely based on that.

Not really if you use a big bank with an investment arm that is used to working with i.e offshore funds. I have private investments in funds in Cayman Islands and get paid from there. However like I said if company paying is not opaque and checks out you will be fine.

 

[no1d]

@mrkyc Which private bank did you went for?

I managed to open a (non-CRS) bank account with CIM Bank, all good so far. Thanks @Fred for assistance.

BGL BNP Paribas just said they can't open a relationship, no details offered.

I've also talked with LGT but they require 5M CHF invested in a portfolio.

Atm I'm discussing with VP Bank, they require 1M CHF but I don't know much about them.

 

[Marc Rich]

I would advise CIM bank for your situation. I can help with this if needed. Feel free to get in touch for some suggestions.