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questions regarding personal offshore accounts

raspan1123

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raspan1123New MemberAuthor
Joined
Sep 2019
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3

#1

Hello,

I want to open a personal offshore bank account and already sent some requests to some banks.
My preferred countries would be

as they are fairly close and I could fly there to deposit actual cash.

Anyhow. Here is some info on my situation:

European Citizen and resident
United Sates permanent resident
Holding bank accounts in Europe and United States
owning properties in both Europe and US

Now I sent some emails to several banks already and found out that obviously in Cayman Islands and Panama you need actual ties to the country to open a personal bank account. (property, family, business, residence etc.)
I haven't heard back yet from the banks in Belize but I thought I would try to get some info here in the mentor group.

My questions are:

  1. Is it that hard to get a bank account in any of those jurisdictions? I know it's especially hard as US person but keep in mind that I could in theory provide all paperwork with only my ties to Europe.
  2. Which jurisdiction would be the best for me?
    I would mainly use it for investing and transferring/receiving money from broker companies.
  3. I found an article in this forum that said that wire transfers to and from Belize banks are a pain in the butt. unfortunately I can't find it anymore. Is this the case? Is Belize unsafe for what I plan on doing?
  4. Is there any way to still open a bank account in Cayman without those ties or are there ways to artificially create those ties without buying property etc.?
  5. Would it be easier to just form an IBC and apply for a corporate bank account rather than trying to open a personal one?

I hope somebody here can help me out

thank you

JohnLockeOffshoreCorpTalk owner
Joined
Dec 2008
Messages
15,888

#2

raspan1123 said:

Is it that hard to get a bank account in any of those jurisdictions? I know it's especially hard as US person but keep in mind that I could in theory provide all paperwork with only my ties to Europe.

How much money are you going to deposit there and where does the money come from?

raspan1123 said:

Which jurisdiction would be the best for me?
I would mainly use it for investing and transferring/receiving money from broker companies.

There are not many banks left that accept US citizens without to require a FATCA application to be completed, so I just say, forget about anonymity.

raspan1123 said:

I found an article in this forum that said that wire transfers to and from Belize banks are a pain in the butt. unfortunately I can't find it anymore. Is this the case? Is Belize unsafe for what I plan on doing?

There are a few threads, as you already say, and there is not much positive feedback in there. Caya Bank was the last hope but I would not trust them all my money any longer.

raspan1123 said:

Would it be easier to just form an IBC and apply for a corporate bank account rather than trying to open a personal one?

As a US citizen, for sure it will, but still most banks will request a lot of information from you becaus they don't want trouble.

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