OffshoreAlert
Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.
RSS Feed Print
looking for an offshore bank
Anonymous
Posted: Friday, August 12, 2011

Posted: 9/19/2003 6:05:00 AM

By: Martin

Rose,
Are you able to read? The person was asking for an offshore account, not your personal comments. If you can not find a legimitate use for an "offshore account" - that is your problem.
Please quite harassing people of which affairs you have no knowledgde about.


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/19/2003 4:30:25 AM

By: Rose - Ethics question

Since I can find no reason for anyone of a 1st world country to use an offshore bank except to evade taxes or engage in other illicit activity, can you please explain very slowly, in detail and using child-like language why you feel it is ethical to evade your country's taxes and and/or engage in illicit activity?

Rose


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/18/2003 7:04:01 PM

By: Danny

I can suggest Panamanian fully licensed brick and mortar banks with an existing local clientele.

Forget about getting any "real" bankaccount without bankreference. I know that some US banks don't give out bankreferences but there is a very simple way around that.

Danny


Internal Administrator
Posted: Friday, August 12, 2011
Joined: 10/12/2010
Posts: 5780


Posted: 9/18/2003 6:52:38 PM

By: Johnathan


I am looking for a trust-worthy offshore bank, to open an account for my corporation.

I am looking for an account with features like no minimum balance, and a low cost opening fee. Due Dilligence will not be a problem, I am willing to provide any needed documents, except bank references. (they are really hard to obtain from local banks)

You advise will be highly appreciated.

(Plese don't reffer me any Latvian banks, I am not interested)


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/20/2003 10:09:26 AM

By: Sooltauq

The "legitimate" offshore banks include Barclays, Bank of Bermuda, Coutts & Co., Bank of Nova Scotia, Lloyds Bank (no relation to the insurance marketplace), Royal Bank of Scotland, and then a bunch of stuffy Swiss banks with offices in the major offshore jurisdictions.

Avoid like the plague the smaller banks, and all the banks in the poorly regulated offshore jurisdictions, including not by way of limitiation Costa Rica, Grenada, any former Soviet-bloc nation, Panama, Nauru, Vanuatu, Samoa, Nevis, St. Lucia, Melchizidek, Sealand, New Utopia, Enen Kio, and purported Indian Tribes in the U.S.

Offshore accounts serve a variety of totally legitimate uses. ALL of the U.S. Fortune 500 companies or their subsidiaries have offshore accounts to facilitate a number of totally legitimate functions, including the facilitation of their international business, captive insurance arrangements, etc. However, because of accounting and reporting costs and hassles, offshore accounts often make little sense for individuals and small businesses, unless you regularly travel or stay in that jurisdiction or your business has much activity abroad. Beware "homecooked" tax planning -- for Americanos, foreign taxation is a very complex and dangerous subject for which many naive persons looking to avoid taxes on a few bucks have ended up in Club Fed. So, consult a competent and respected tax attorney before engaging in offshore transfers. And just say "No" to offshore debit or credit cards.


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/19/2003 8:30:23 PM

By: Int. anon acc. not possible!

Mr. Hoyt Barber book "Tax Havens" is too old. Anonymous accounts are no longer possible to set up in the world.

Regards,

Anna


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/19/2003 1:13:32 PM

By: No References

"Forget about getting any "real" bankaccount without bankreference. I know that some US banks don't give out bankreferences but there is a very simple way around that."

I quite simply haven't found this statement to be true.

You can walk into any bank in Costa Rica (which includes many of those brick-and-mortar Panamanian banks), and open a dollar account instantaneously with no references (just leave the bank reference section blank).

I've been told the only bank here that does do reference checks is Novia Scotia, and only then for loan applications. Other banks will require statements from a public accountant for credit.

Perhaps it is more difficult when you are not opening accounts in person, I wouldn't know.

Btw, regarding opening a "corporate" account, and/or especially before requesting any special services, it is always good to establish a basic personal account with the bank first.

Personally I'd recommend Banco Cuscatlan, or Banex. Both have online banking (in spanish) -- Banex has the nifty feature if allowing you to generate one-time fixed-dollar-amount visa numbers for online purchases.


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/19/2003 11:40:03 AM

By: johnathan - ethics

Ms. Rose I don?t know the level of your education but if you have taken Ethics in college you will probably be aware of that they are based on reason, logic and norms. Judging from your previous posts in here and your attitude, it seems the aforementioned attributes are missing from you character and your way of thinking.

I don?t really know why If I am wasting my by answering to you, but anyway you can only understand this if you have invested money in a company, or you own one. You will try to do you best to save money in order to use them efficiently, and for such a corporation as mine domiciling in my home country will be not be that tax-efficient.

As for the childish language of mine, I believe you are more acquainted with childish behavior, since you post the same messages all over this forum. When you get over your disorder /obsession, you will have a better chance at solving the mystery of ethical finance, and legitimate use of international companies.

I would like to thank everyone for the advice given. I am not really looking for numbered or secret accounts, just a plain corporate one.


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/19/2003 10:30:33 AM

By: Offshoreadvisor

Thank you Martin!

The statement you sent to Rose, is so right!
I have been working as an offshoreadvisor for many yers now,
And have costumors, that is so happy now when,there company
can work global and pay tax (Rose) where the money is whitdrawn!

Best regards Offshoreadvisor


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/19/2003 9:29:53 AM

By: dr-xxx88


Dear Jonathan: I would recommend the following:

1. You could contact Jyske Bank ( Gibraltar) and ask about anonymous accounts arranged through a local attorney. The whole cost is about 1000 British pounds sterling to establish and about 500 British pounds sterling a year for maintenance. It has about the same degree of privacy and secrecy as a "numbered" Swiss account. If it is for a corporation,this type of account for high net worth individuals should help.

2. You could also contact Merita Bank,Luxembourg ( formerly the Union Bank of Finland-Osaki-Pankii) WITH ABOUT 100 YEARS BANKING EXPERIENCE., RELIABLE. PRIVATE. They DEAL WITH CORPORATE accounts. MINIMUM ACCOUNT IS ABOUT USD 59,000

3. If it happens that you are Russian, then also consider going to Malta. You can establish a private, foreign owned corporation which is legal in Europe ,US,and in CIS ( Russia). Their accountants can establish this in 48 hours with you owning 51%. Reliable tourist/business developement
( government sponsored) bureau there. The latter can recommend reliable,local "chartered accountants", who can do this service for you . Locally, there are about just two banks that can handle the banking part of this. Completely legal. They can also do the invoicing for you and for your corporation. Cost is about USD 5,000.

4. You may also wish to go to Austria. Visit Salzburg. Contact the PRIVATINVEST,AG ( formerly the Bankhaus Daghofer). Reliable, private. Corporate accounts. Minimum account is about EURO 5,000. Recommended by Mr. Hoyt Barber, in his book "Tax Havens". Very private. ABOUT ALL THEY REQUIRE IS A "QUICK LOOK" at your passport,then establish the account on the spot. Numbered accounts are also available.

All of these are legal. Reliable institutions, depending upon your situation.
Best Wishes
dr-xxx88


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/22/2003 8:13:36 AM

By: David Marchant

Re. "MH wasn't a bank, and as such not regulated."

Marc Harris did indeed operate banks and as a bank, all without a license and all with the knowledge of anyone who cared to read OffshoreAlert or its free news summaries.

When I inquired about Marc Harris' unlicensed banks with the Panamanian banking regulators, I received a bizarre answer along the lines of "he is not operating a bank because he doesn't have a license".

The failure of the Panamanians to regulate Harris because he did not have any licenses is similar to the failure of the UK Financial Services Authority to regulate Imperial Consolidated. The FSA told me they could do nothing about IC because it did not have any licenses, even though it was operating its offshore-registered mutual funds from the UK.

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/22/2003 3:28:24 AM

By: Danny

If you should not do business in a jurisdiction where something in the past has happened, you'll be left without much choice. Just see all the scandals in the US...

Then:
1. MH wasn't a bank, and as such not regulated. It was when investment firms became regulated by the CNV, he didn't get a license (none of his companies) and had to run.
2. Banks in Panama are regulated and have been for some time. A bank having local clientele makes me for one, feel comfortable.

But then, opening a bankaccount in Panama has become sooooo difficult for a foreigner that maybe it is easier opening one in another jurisdiction...


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/22/2003 3:20:34 AM

By: Danny

Yep, the Austrian sparbuch is completely gone too now, and if you have one, better hurry to cash it in...

I actually got an offer from an Austrian lawyer sometime ago who offered Sparbuchen for sale. Said that they were only available to Austrian citizens, so he opened up a bunch and wanted to sell them. Since I don't deal in them, I didn't check his story. Now I realise it was just one more scamattempt...


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/21/2003 2:59:40 PM

By: renatus

austrian sparbuch is NO LONGER available (result of austria joining the european union!)

existing sparbuecher can be used/"liquidated"... but no further deposits can be credited on such accounts... only withdraws!

sorry for your

rene


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/21/2003 12:26:24 AM

By: Sooltauq

Perhaps I'm taking an overly jaundiced view of Panama, but:

1) I once had to sue two tax attorneys who embezzled my client's money while running a reinvoicing scheme in Panama (I was hired only long after the embezzlement had occurred, and cleaned out their E&O policies); and

2) Panama did allow Marc Harris to conduct business down there long, long, long, long after everybody-and-their-dog knew that Harris was involved in the brazen embezzlement of his clients' funds. That Harris was apparently able to pay off the locals to keep from being prosecuted doesn't give me the warm'n'fuzzies.

So, why even consider a jurisdiction that allowed Marc Harris to flourish when one can go to far more sensible jurisdictions.


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/20/2003 2:49:56 PM

By: Danny

I can't speak for all the jurisdictions Sooltauq was referring to BUT:

Nauru has cancelled all ofshore banking license, as has done Montenegro.
Melchizidek does not even exist as jutisdiction.

Panama does not have a weak regulation. HSBC, CitiBank, BBVA, Novia Scotia, Dresdner are all here.

The only anonymous "bankaccount" still existing is the Austrian "Sparbuch" (savings account in the form of a booklet), but as far as I know this is only available to Austrian nationals.


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/23/2003 8:24:51 PM

By: Danny

With "he never offered banking services in Panama" I mean "to Panamanian citizens". That would probably have led to his fall a lot quicker.

I know he "managed" those banks from Panama but in such a way that the "effect took place outside Panama". The law of Panama (not only the tax law and the offshore law) are/were very territorial.

If the banks would've been properly licensed in another jurisdiction, they could've been "represented" (managed) in Panama (and many other jurisdiction) with a simple representation license. This license does not allow you to take in money!

In favor of Panama, the local representation of Tempus Bank (Montenegro license) was put under investigation after operating only a short time.


all of the money went into Harris' trust account from which it never left.


This really does not mean that:


These unlicensed, illegal, fraudulently-operated 'banks' were run for his own benefit, not anyone else's.


Since he ripped off most of his clients, also the clients for who he ran the banks got creamed, so the result is the same, (money ending up with him). And also the clients of those banks got taken by him of course. Let me put it differently, there were clients that commandeered the banks, that asked him to run the banks for them (or were offered the service), there were clients that used the banks for their goals and those clients got their banks and money stolen.

MH did wrong, no doubt about it, but there are some small nuances in how he scammed people. Again, I'm not defending MH, completely the opposite. Alltough the final result is the same (MH taking the money), it is not so black and white as you wish it to be...

Best Regards

Danny





Anonymous
Posted: Friday, August 12, 2011

Posted: 9/23/2003 4:03:19 PM

By: David Marchant

Re. "He also never offered "banking services" in Panama."

Yes, he did. He was operating at least three unlicensed banks from Panama. These 'banks' were never licensed in St. Vincent and never operated from there. Their entire operations - which I don't believe amounted to much - were based in Panama. Therefore, he was operating banks in Panama without a license.

The main place of business of these 'banks' was the Internet and their web-sites were hosted in Panama.

Even if the banks had indeed been properly licensed in St. Vincent, you can't just operate them from another jurisdiction if you don't have a license there. This is illegal and is subject to regulatory activity in any well regulated jurisdiction.

Re. "those were "banks" he set up for some of his customers".

Harris provided the staff for these 'banks' and all of the money went into Harris' trust account from which it never left.

These unlicensed, illegal, fraudulently-operated 'banks' were run for his own benefit, not anyone else's.

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/23/2003 3:38:49 PM

By: Danny

Dear David,

Are you referring to the three St Vincent companies and 1 Nauru IBC he was using as "bank"? Although they were managed from Panama, they were not Panamanian as such.He also never offered "banking services" in Panama.

And BTW: those were "banks" he set up for some of his customers. He didn't need to own a bank, he got all the service he wanted from real banks located from the Channel Islands to Curacao...


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/23/2003 12:26:33 PM

By: David Marchant

Re. "MH did not operate a bank as such."

That's not true. He operated at least three banks that I know of that were unlicensed. Also, he did not exploit loopholes in doing so, he simply acted illegally. Panama's banking authority was aware of this but took no action. In fact, what was remarkable about Panama's tolerance of Harris was that it was universally known that he was a criminal and the authorities still let him do what he wanted. Such tolerance in the face of widespread publicity and evidence is highly unusual, in my experience.

After knowingly and obligingly allowing thousands of clients to be ripped off for tens of millions of dollars, Panama must now suffer the consequences, which is a loss of reputation. Also, the legal system in Panama offered nothing nut incompetence and inefficiency to victims seeking restitution.

And, before you say it, the United States must suffer the consequences of all the white-collar crime that takes place in the country.

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/23/2003 12:54:18 AM

By: Danny

MH did not operate a bank as such. That is, he had several different companies in different jurisdictions. Each of them seperately was not a bank, but the entire chain of these organisations was.

If you register for a license, you are accepting regulation and control. If you don't have a license, they first have to prove that for your activity, you need a license. Once that is established, the regulator or more likely the procurator can act.

An example is the license for brokers (the person selling financial instruments). Everyone selling a financial instrument in or from Panama should have a license if doing this after July 1999 (law regulating investment companies), but it was not until 2002 that a law was passed that people doing this activity without license can be persecuted.

Now don't think that I condone what MH did, or try to talk down his handouts to certain people. What I mean is that some crooks use all the loopholes, use greed and are basically so smart it's very difficult to catch them. Hey... Can you say Enron? Used all the loopholes, were very good in hiding what they did and "bought" their auditors...

The point of my post was that you cannot convict a country and/or the good banks/companies in that country just because there was one crook rich and smart enough to go uncaught for a certain time...


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/22/2003 4:35:01 PM

By: Stuffy

Dear Jay,

You state: The "legitimate" offshore banks include Barclays, Bank of Bermuda, Coutts & Co., Bank of Nova Scotia, Lloyds Bank (no relation to the insurance marketplace), Royal Bank of Scotland, and THEN (my emphasis added) a bunch of stuffy Swiss banks with offices in the major offshore jurisdictions.

We MAY be stuffy, when the occasion warrants it, but I can assure you that we are far better bankers than the gang of twits that you place at the top of your list.

Perhaps you should re-examine your banking relationships.

With considerable amusement and best regards,

Stuffy


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/25/2003 5:57:50 PM

By: Danny

Panamanian residents = Expats living in Panama.

Panamanian Citizens? Please answer me these 2 questions: "Why would they invest with MH?" and "Why would they not admit it?" They didn't dodge any taxes like MHs US clients...

Maybe it's worth looking up the MH clients list. It must be around (the internet) somewhere...


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/25/2003 3:45:25 AM

By: John Smith

by Danny

'However, the criminal genius was smart enough not take "Panamanian Citizens = Nationals". He had lots of expats living in Panama, not to mention the pile of Panamanian IBCs as customer/victims'

Not true, you are just believing his bullshit. He had Panamanian citizens and Panamanian residents as clients. Of course, getting any of them to admit it is a different matter....


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/24/2003 11:27:38 PM

By: stuffy

Dear Jay,

If you prefer your bankers inefficient and warmly entertaining, your pal Marchant can introduce you to some Swedes you might like. Don't let a litle larceny spoil your get-togethers.


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/24/2003 6:45:04 PM

By: Sooltauq

"We MAY be stuffy, when the occasion warrants it, but I can assure you that we are far better bankers than the gang of twits that you place at the top of your list."

The Swiss are without argument extremely efficient bankers; yet, ATM machines typically have much warmer personalities.

Cheers.


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/24/2003 10:47:03 AM

By: Danny

However, the criminal genius was smart enough not take "Panamanian Citizens = Nationals". He had lots of expats living in Panama, not to mention the pile of Panamanian IBCs as customer/victims


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/24/2003 3:41:22 AM

By: John Smith

Actually, there were quite a few clients of his living in Panama, using his 'Omnibus' banking facilities and securities trading.

Not hundreds, but enough to make it count.


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/26/2003 2:59:52 PM

By: Danny

I said on various occasion I do not condone what MH did, I said he stole his clients money and I am for sure not defending him in any way. It really doesn't make any difference why he stole the money to me, either.

I do know Panamanians are very risk averse and are not likely to invest in something exotic. There were several very solid local banks with long histories that at that time were offering investments with great returns. On top of that, Panamanians are very nationalistic.

Also, the Panamanians with money to invest, are all well connected. Add to that the "bochinche", the never ending rumour mill and and gossip here. Since it seems MH was paying off so many people, it is hard to believe they wouldn't know about it.

So why would they want to invest with MH?
To hide their money? They could do that in any bank at that time.
To get a higher return? Read above.
Because MH was such a nice guy? read above (nationalistic part)

And why wouldn't they have pressed charges?

What is this post about? About why the Panamanian authorities didn't react sooner.

Why?
1. MH was paying off people
2. Panama was just getting it's act together on regulation
2. There were no complaints from locals (Panamanian citizens).


Anonymous
Posted: Friday, August 12, 2011

Posted: 9/26/2003 11:38:27 AM

By: John Smith

Answer me these two questions?

You his defendant or something now?

Why would they invest, easy, he was offering guaranteed returns higher than anybody else (yes, I said guaranteed, you want to question that as well?)

Some people liked his approach and had money they didn't want to put into a Panamanian bank.

Crook, through and through, Panama authorities just didn't want the shit-pile to explode. Tired of hearing people defend him, stole millions, end of story. Doesn't matter if he spent in on running his empire or buying gold for himself, he stole clients money, lied to them for years about how much/where their money was. Loopholes have kept him going, people buying into his lies have kept him going, people hoping to get SOME of their money back have kept him going.

He had clients from all over, INCLUDING Panama, he stole their money. Period.


 

Jump to different Forum... 

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

View Recent Digests

BAHAMAS  
BERMUDA  
BRITISH VIRGIN ISLANDS  
CAYMAN ISLANDS  
Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.