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http://www.swedishcreditunion.com/
Internal Administrator
Posted: Friday, August 12, 2011
Joined: 10/12/2010
Posts: 5780


Posted: 1/10/2005 1:37:07 PM

By: Duane TOugh

Any feedback on the history or practice of using such an entity?

Thank you.


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/16/2005 8:29:24 PM

By: www.swedishcreditunion.com

In response to the false claims and assumptions posted in this thread.

We have formed Swedish Credit Unions for many years, and they are excellent vehicles for taking deposits and making loans. Members can be of any nationality, and resident anywhere. A Swedish CU is not in any way limited to offering services to Swedish members only.

The up to 1000 members of a CU do no thave to named at formation. This claim is 100% false. The CU can be formed with 3 founding members and directors, and additional members accepted after registration at any time. Each CU is registered in Sweden, according to Swedish laws.

The CU package includes facilities for card issuing, online account management system and local account at the largest clearing bank in Scandinavia. We help providing a legally registered entity, and to make it operational. All entities can easily be verified with the Swedish registry. The process is very transparent, and our customers pay us as we produce verifiable results.

About our location. Our head office is in Panama, although we also have support staff on location in Sweden. We offer companies from several jurisdictions, including Panama. Other claims on this board, such as directors of Panamanian companies not being disclosed, are also 100% false. All information about directors in a Panamanian company is public.

Our office is at the World Trade Center in the heart of Panama City´s banking district. You are welcome to come and visit us here. We have never been and never will be affiliated with Marc Harris.

Anyone interested in real facts can contact the undersigned and I would be more than happy to answer your questions.

Best Regards

Michael Magnusson
michael@offshorereserve.com
Offshore Reserve Group SA
World Trade Center - 8th Floor
Panama City - Republic of Panama
Phone: +507 265 2000
Fax: +507 265 18 02



Anonymous
Posted: Friday, August 12, 2011

Posted: 1/13/2005 2:26:43 PM

By: Duane Tough

Hello,

Yes, that is what we have discovered as well. And no deposits can be taken until the 1000 are named. It is on the books there to assist with rural banking so that communities or employers can receive their pension chq's/payroll etc on a direct deposit basis and then pay thier bills etc. There are very successfull ones that operate locally within Sweden.

Not a good tool to facilitate the International Community. Unless it used to misrepresent.

Regards,

Duane


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/13/2005 8:46:17 AM

By: Cyrille

The catch in this scheme (for their promoters) is that it sounds just like a "bank" but it is not!

First of all, one is limited to 1000 people and they all have to be named before you can use the structure. Therefore you cannot market your company to outsiders (to reach the 1000 limit). More so you cannot market the structure as a bank because you do not have the required licensed and you'd be in breach of the covenant.

So dont buy in this type of scheme.

I think there has already been a warning from the Swedish government about these structures...


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/11/2005 12:32:20 PM

By: Duane Tough

Hello,

Thank you for the feedback. The Consulate for Sweden has agreed to supply us the information on them directly from the gov't there.

will post the results and other DD that may be applicable.

Thank you.


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/11/2005 10:12:32 AM

By: David Marchant

There are articles about people using so-called Swedish "credit unions" to commit illegal acts in our 'Story Library'.

It is important to realize that credit unions are not banks and typically do not market their products to the general public.

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/11/2005 9:32:59 AM

By: magician

Something DOES NOT LOOK RIGHT about this. If you go to the website it says Swedish credit union, but why is the contact address PANAMA?

It looks like a offshore banking scam. Designed to take the money ( USD 35,000 registration fee) and leave the victim "high and dry". Bank charter or credit union charter may or may not be valid. Why are no Swedish authorities involved with this?
If the parent company is located in PANAMA, then the original directors do not have to be disclosed under Panama law. The principals may or may not be reputable

See Morgan y Morgan, in Panama City for a clean law firm and see if they know anything about them ( cf. Diligizer board entitled "Clean law firm in Panama" entry about a month ago)

See also if any of the MARC HARRIS outfit is involved with this on a DD ( due diligence of the parent company). They are located not too far from where the Marc Harris outfit ran their operations. This may be difficult since the directors on a Panamanian company do not have to be disclosed. If they are clever, they may choose someone else to run it with a Power of Attorney. However, good hunting anyway.

Better pass on this one. Something is not right


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 9:58:22 AM

By: www.swedishcreditunion.com

Dear Mr. Marchant,

Thanks for those thoughts,

Nobody is claiming that the CU is a "get rich quick" vehicle. It is a entity legally able to take deposits and loans, and we register it in compliance with Swedish laws. I agree fully that a CU without capital could hardly survive. The legal capital requirement for formation and registration of an entity and what would practically be required for a business to start activities have very little to do with eachother however, regardless of which entity and which jurisdiction you would look at.

I have formed more than 100 of these entities over the years, and never once have I heard about any deposit scams among our clients. I know Mr. Marchant thinks and always thought that deposit scams can be the only thinkable goal for anyone to set up their own financial institution, at least when the capital and qualification requirements are moderate. Clients setting up CU´s or small banks offshore are not looking at competing with the World´s Top 100 banks about consumer savings. Pooling funds from a group with a common financial interest, to be used for a specific funding purpose, just as you mention, is quite common. The Swedish entity is a excellent vehicle for this. The claims in this forum that all members would have to be named upfront is 100% false. The CU can be registered first and start marketing its savings & loan products later, and accept new members at any time.

It will take a lot before I jump into discussions in these forums these days. I know once one responds here, it never stops. Frequent forum visitors seem to do nothing else than "discuss" online all day. I thought that I really had to intervene however when 100% false claims were made about the nature of the CU, assumptions were made about our possible association with Marc Harris (based on the fact that we have an office in the same capital city where Harris also operated), and that we are probably not a legitimate operation because we are registered in Panama. There does not seem to be any limit to the posters imaginations if they are allowed to speculate uninterrupted.

I consider this discussion closed now. Feel free to disagree with the CU requirements in Swedish law. The goal here is not to sell CU´s to you Mr. Marchant, only to correct false claims made in your forum. They were not made by you, but by your visitors. I am sure you agree that false information should not be spread like that, regardless of what you think about the actual legal requirements in Sweden for the establishment of a CU.

Thank you for allowing for my responses.

Best Regards

Michael Magnusson
Swedish Citizen in Panama

www.swedishcreditunion.com


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/16/2005 9:43:59 PM

By: David Marchant

On December 6, 2001, in response to an inquiry from OffshoreAlert about a specific Swedish credit union, Martina Jäderlund, of the Swedish Financial Supervisory Authority, wrote: "According to Swedish legislation, a Swedish savings & loan association (sparkassa) is a co-operative and not a bank. Formally, it shall be registered with the Swedish Patent- and Registration Authority. No capital requirements are stipulated for commencing business as a savings & loan association. No enquiries are made regarding the suitability of the members of the board, or that they shall be Swedish citizens or residents in Sweden. A Swedish savings & loan association is not covered by the Swedish deposit guarantee system."

Unless there is a special purpose, I can think of no valid reason why a foreigner would deposit money into a Swedish legal entity that may have no capital, particularly if the foreigner could deposit it into a well-capitalized, regulated, major bank in their own jurisdiction. The chance of a legally-operated credit union legitimately succeeding without any capital is, literally, zero.

Credit unions typically exist not to make a profit but to pool the money of members who share a common interest, e.g. belong to a trade union, and give them access to low-interest loans on favorable terms that are not available in the commercial marketplace. They are not vehicles to get-rich-quick, unless the owner intends to defraud members, and anyone who leads potential credit union buyers to believe this should be avoided like the plague.

If Michael Magnusson and his group are selling these 'credit unions' to anyone who can afford them regardless of their background on the basis that these owners can then go out and raise a pile of money and became wealthy, he is doing what Jerome Schneider did for many, many years. Depositors of shell banks formed by Schneider collectively lost tens of millions of dollars.

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/16/2005 9:27:57 PM

By: Duane TOugh

Thank you for the information. I believe we are in communication on the Q&A of our due dilligance. I and to my knowledge no one at ICS has posted on any other site regarding the SCU. The direct statement on the 1000 members came from "Cyrille". Although, many correspndant will not deal with them.

Although you have years of expeience in the process of a SCU please do not assume that we do. The questions asked and the statements made are to find out what you know and to verfiy that it is best to retain the services of an organization like yours.

This forum is a catch all for negative press in the offshore community. All too often in the after math of a fraud. To have it as a tool in planning the proper use of an offshore strategy is excellent.

I hope that you feel that you can supply answers to questions that are raised as a mentoring and means of assisting the planning of future offshore financial strategies. We do...

Regards,

Duane Tough


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/16/2005 9:01:58 PM

By: www.swedishcreditunion.com

Mr. Tough,

It might not be a good idea to post false information as way of screening public perception. Public perception can also be altered if too much false claims are published like this. You did not offend me, but it disturbs me when 100% false claims like this are made. I have registered entities in Sweden for many many years, and never seen anyone just making something up, out of the blue like this before. The same false claim was made in our own forum at www.offshorebankingindex.com, same text but the poster used a different name and e-mail address.

Every CU is 100% legally registered at the registry, and easy to verify for any bank. None of our clients have any problems opening accounts, and we include an account at Nordea, the largest clearing bank in Scandinavia.

You do not need local physical office, the tax rate is 30% on reported profit, and you do have to file a annual tax return.

Best Regards

Michael Magnusson
Offshore Reserve Group SA


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/16/2005 8:51:10 PM

By: Duane Tough

Hello,



I apologize for offending you. We have been updating the information as we acquire it. Our goal is to possibly work with a Swedish credit union for a real estate project that we will be starting at some point this year. As we receive the information we will update. The posting are meant to ensure and inquire that the public has/is not having a perception of a Swedish credit union in a negative light, that is the only reason for the postings. We do believe that the SCU is best used as a captive investment tool, not a public one. That the correspondent banks we spoke to have stated that until fully registered they would not open a “correspondent account”. We have confirmed that the SCU as an entity and with proper board approval of the SCU BOD it can open a business account to perform its’ operations.



We are still assessing the taxation, local office and reporting issues. If you have knowledge of these issues, please feel free to inform us.



Respectfully,



Duane Tough

ICS


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 2:46:27 PM

By: www.swedishcreditunion.com

There can be a max of 1000 members at any given time, yes. The limited sphere that these members should belong to can be for example:

"Individuals resident within the EU looking for savings & loan products outside their country of residence". It can be other definitions, and each time the formulations used must pass the attorneys at the company registry and qualify as limited sphere. The members do no thave to be named upon formation. No CU has ever accepted all their members before getting registered. Each member accepted, regardless of when he/she becomes a member, should indeed fit the member profile, the limited sphere as described in the statues of the CU.

A CU has the right to market benefits of membership, and accept new members at any time. This does not qualify as solicitation from the general public, since actual services are only offered to members, and there can never be more than 1000 members, all belonging to the same limited sphere.

Best Regards

Michael Magnusson


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 2:24:39 PM

By: Cyrille Emery

I took the pain to read the banking act on your website and specifically paragraph 7 alineas a and b...

The requirement of a banking licence is not necessary for an economic association which :

a) Has at most 1000 natural persons as members at any time;

and

b) only accepts persons as members who belong to a CLEARLY DEFINED LIMITED SPHERE AND THIS SPHERE IS SPECIFIED IN THE ARTICLE OF ASSOCIATION (emphasis added).

As the 2 alineas are cumulative, I cannot see how one could escape the requirement of having the 1000 members named at time of incorporation.

It flows from this that :
a) setting up a credit union with 3 members might be possible but not economically viable (unless future potential fraud is contemplated);
b) it is not possible to recruit 997 (assuming the first 3 members have been named) persons outside of a clearly defined limited sphere... One may try as hard as one could but there are always exceptions that would make the recruitment invalid.
c) that the 1000 members derive from the specified and clearly defined sphere mentioned in the articles of association, e.g employees of the firm xyz (assuming there could be up to 1000 employees)...


Second deposit taking from general public requires a banking license. Therefore recruiting members would fall under this category and the CU would be in breach of banking law....

DEMONSTRATION : 1000 members must potentially exist at time of incorporation either under a collective name (sphere) or as members....


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 12:30:25 PM

By: David Marchant

Re. "If you wish to research my claims about the legal requirements of a CU, feel free to download the banking act on our site."

I'm not disputing the legal requirements of a credit union. I'm simply pointing out that, in my opinion, your group is selling junk products that are attractive to criminals and which no credible businessman or depositor would want anything to do with, much like those sold by Jerome Schneider and The Bank Exchange, the latter of which also peddled credit unions and which was exposed by OffshoreAlert months before its three principals were criminally charged and convicted, two of them for defrauding a woman who is over 100-years-old out of her life savings of, from memory, $4m to $6 m.

Your group is, essentially, selling pretend-banks on the basis that there is no minimum capital requirement and that these entities can then go out and attract deposits from third-parties who, by the very fact that they are willing to send money to such an entity, are going to be extremely financially unsophisticated and/or vulnerable.

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 11:31:48 AM

By: www.swedishcreditunion.com

Mr. Marchant,

I can ask a few clients if they feel tempted to be investigated by you. It is up to them, not me. I could hardly see why anyone would have any interest in getting their names on your board, to get "approved" by KYC News. Again, I was only here to correct the false claims on your board, not to change your opinion about why people would start a Credit Union. If you wish to research my claims about the legal requirements of a CU, feel free to download the banking act on our site.

Best Regards

Michael Magnusson
www.swedishcreditunion.com


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 10:59:53 AM

By: David Marchant

Mr. Magnusson, regarding your comment that: "I have formed more than 100 of these entities over the years, and never once have I heard about any deposit scams among our clients."

Can you give me three names of three 'credit unions' that your group has sold so that I can carry out research to see what types of products and services they are offering?

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 10:27:27 AM

By: Duane Tough

Hello,

Good to see information moving. It gives the consumer the confidence of knowing more from many sources to make their decisions.

Mr. Magnusson; I agree, posters can get carried away. ICS will email you when we have further questions that your organazation may help in us making a decision.

Mr. Marchant, keep up the good work. Forums are meant to exchange ideas, opinions and facts. It is up to the reader to discern what they feel is which.

Regards,

Duane Tough
ICS


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/18/2005 9:22:46 AM

By: cyrille emery

and it certainly does not fit with the way you advertise CU on the website www.offshorebankingindex.com.

"Dear Forum visitors,
We can now form new Credit Unions again, authorized to take deposits make loans etc to clients worldwide.

Please visit www.swedishcreditunion.com for more information."

--------


I think for all those who are interested in starting an offshore bank that a few basic points must be outlined :
1) It requires a BUSINESS PLAN;
2) It requires EXPERIENCE in the bank industry (not at clerk level);
3) It requires CAPITAL (more than what might be expressed in a banking Act);
4) It requires EXPERIENCED STAFF;
4) It requires SUPERVISION (internally and externally)
5) It requires INTEGRITY;

For the potential clients, offshore banking SHALL PRESENT the following characteristics :

1) SUPERVISION BY AUTHORITIES;
2) COLLECTIVE DEPOSIT INSURANCE SCHEME;
3) RELIABILITY;
4) DISCLOSED PRINCIPALS AND OFFICERS
5) RESPECT OF THE BANKING LAW IN COUNTRY OF CLIENT'S RESIDENCE;
6) RESPECT OF INTERNATIONAL BANKING LAW
7) SOUND SOLVENCY RATIO (EXTERNALLY AUDITED/ASSESSED)

All these requirements are cumulative. If any fails, you put your money at risk... Dont be taken in by frivolous interpretation of regulations... The courts might have a different view and ultimately you will foot the bill....


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/18/2005 5:05:15 AM

By: cyrille emery

"Individuals resident within the EU looking for savings & loan products outside their country of residence".

I doubt that definition will pass the court test of a limited and precisely defined sphere thought it may escape the attention of a clerk at companies registry...


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 5:31:51 PM

By: David Marchant

Whether this board is moderated or not is irrelevant to your comment that: "You seem to be fine having false statements on your board, as long as they attack entities you personally consider being "junk"."

The first half of your sentence shows hypocrisy on your part, in the sense that you allow false statements and obviously fraudulent solicitations on your message board, and the second part shows your ignorance, in the sense that your statement is not accurate.

FYI, I only moderate this forum in the sense that, if someone posts a libelous or irrelevant message and it is brought to my attention, it is deleted and, if people persist in posting false, mailicious or irrelevant postings, I ban their IP address. I certainly do not read all - or even most - of the messages posted here. You are correct that I do not allow advertising on this message board. The fact that you allow obvious fraudsters to use your site to attract victims indicates a lack of integrity on your part.

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 4:15:48 PM

By: www.swedishcreditunion.com

The forum at www.offshorebankingindex.com is unmoderated, and advertising is allowed. That is a rather different policy than in this forum, yes.

Best Regards

Michael Magnusson


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 4:07:40 PM

By: David Marchant

Dear Mr. Magnusson,

I am not "fine" with having false information on my firm's message board. If someone wants to crrect information that they believe is erroneous, they can do so.

However, I feel compelled to state that your comment is somewhat fresh coming considering your message board at www.offshorebankingindex.com is largely a place where fraudsters can reach potential victims.

Below are some recent messages:

__________

Caribbean sub-Banking Licences
Posted by Mark on 18/11/2004, 17:45:20

Please note that sub-licences for our operation in the Caribbean are now
available for reservation at £1000 UK sterling deposit, total cost £8500 UK
sterling. and will be available in March 2005.

__________

SELL BG MTN
Posted by Raivo on 5/1/2005, 9:50:31

Dear Sir/Madam,
We have currently available following financial instruments
Fund First procedures.
Frech Cut ,Slightly Seasoned ,Seasoned BG & MTN
MTNS AND BGS ARE FROM TOP 25 WESTERN EUROPEAN BANKS.

If you have any interest, please feel free to contact us.
We are in sell side .

Best Regards
Raivo

Raivo20002000@yahoo.co.uk

__________

New Offshore Licences
Posted by Mark on 29/11/2004, 17:19:35

New offshore licences available.
for instant information email :

licensing.new@tdxfinancial.co.uk

__________

International Credit Unions
Posted by OffshoreBankingIndex.Com on 7/12/2004, 21:00:30

Dear Forum visitors,
We can now form new Credit Unions again, authorized to take deposits make loans etc to clients worldwide.

Please visit www.swedishcreditunion.com for more information.

__________

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2005 2:54:56 PM

By: www.swedishcreditunion.com

Mr. Marchant,

Thank you for your opinion. Again, I never tried to sell you a CU, just trying to correct false claims on your board. You seem to be fine having false statements on your board, as long as they attack entities you personally consider being "junk". Maybe I should not care either, and just let all of you conspire and speculate together here without interruption.

Best Regards

Michael Magnusson


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/20/2005 9:51:15 AM

By: Who is Europe Offshore, EFS Savings & Loans

http://web.archive.org/web/20000819090853/http://www.europeoffshore.com/efsbanking.htm
EFS SAVINGS & LOANS
We offer banking services directly to some of our clients through EFS Savings & Loan, a members savings bank registered in the EU.
Examples of services offered:
· Financial guarantees
· Letters of credit
· Bank references
· Term deposits
· Invoicing
Other services can be discussed on an individual basis. EFS Savings & Loan only offer banking services to its own members.


AND WHAT ABOUT A FULL BANK CHARTER FROM REPUBLIC OF MONTENEGRO?
http://web.archive.org/web/20000819090817/http://www.europeoffshore.com/bankformations.htm
OPTION 2
Full bank charter in the republic of Montenegro, former Yugoslavia.
Capital requirement: US$10.000,00
No qualification requirements.
The country:
The Republic of Montenegro forms part of The Yugoslav Federation FRY and is situated on Balkans, having the seashore on Adriatic right in the heart of Europe and Mediterranean. The capital of the Republic of Montenegro is Podgorica. The country has its own Constitution and President, as well as Government and Parliament structures. After several years of economic sanctions imposed by UN that were lifted recently, the economy needs foreign investment which was the reason of adopting special laws.


WHOIS CASH CARD REP 31718???
http://web.archive.org/web/20020103071806/www.cashcards.net/rep/31718/
Services Provided By:
EuroCapital Offshore SA


JUST WONDERING,
HUNTER


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/20/2005 8:57:58 AM

By: renatusonmagnusson

read yourself what "mr. cu" michael magnusson writes about "possibilites" to form and run banks... specifically his tipps and tricks to


http://www.offshoregoldcard.com/banksforsale.htm


absolute nonsense and not worth to comment further


magnusson has quite a remarkable reputation when it comes to sell clients obscure corporate structures and "financial services"... the style of his clients it fully compatible to the quality of the postings on his "board" - check yourself on http://www.members4.boardhost.com/offshorebanking/


stay away


ffbkdavid


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/20/2005 8:45:57 AM

By: renatusthenoncuowner

hi:

as always opionions are based on knowledge

1)
the use of swedish cu's as OFFSHORE BANKING VEHICLES or - even worse - entities formed to AVOID SUPERVISION BY NATIONAL BANKING AUTHORITIES is - better said: WAS - a classical loophole detected by some of these well-known "you may run your own bank"-clowns

2)
die swedish government filled-up the loophole and - at least as i'm informed - IT'S NO LONGER ALLOWED TO REGISTER CU'S on the basic they could have been used before the law change

3)
the problem is: cu's ALREADY REGISTERED were allowed to go on with their activities... which of course doesn't include CRIMINAL TRANSACTIONS

4)
innotative corporate service providers - another word for the "ymryob"-clowns mentioned above - still sell "existing" cu's at remarkable prices... some years ago they were available through montenegro-based "sources"

5)
the idea behind a cu is to offer ASSOCIATIONS and/or non-professional unions to offer "investments", "pensions schemes" and other non speculative products to THEIR MEMBERS... their is no MINIMAL MEMBER SPECIFICATION in the laws i checked... but a MAXIMUM

6)
with respect to "you cannot get 1,000 members as you are not allowed to market services of a cu"... well, you are of course allowed to offer MEMBERSHIP TO AN ASSOCIATION where one of the benefits would be "profiting from our inhouse innovative and reputable financial service klitsche"... understand?


i think all these discussions on swedish cu's are tales of yesterday... everyone we detected on the internet/through clients of us were simply scams and had nothing to do with the basically excellent idea swedish officials had in mind when implementing the relevant law


so, simply: hands off!


good luck


ffbkdavid


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/19/2005 3:32:18 AM

By: Cyrille Emery

Dear Hunter, as usual your files and information are always a pleasure to read although they always refer back to (potential) frauds.
As it is the CU seems to me to be marketed under terms that clearly could be an abuse of the law. I would not advise this type of entity to would be bankers...I wonder how people who think they are so financially astute as to break through into the (offshore)banking world can be taken in so easily...If the CU was the ultimate banking tool most of the international banks would be a CU.....

However I have been given some thoughts since the beginning of this thread and I think the CU could be used as a sort of "family office", i.e to manage a family wealth...Although the tax issue has to be considered carefully both at individual and CU levels(certainly the Panama outfit is not an answer)...


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/18/2005 11:08:42 PM

By: offshore-protection.com / First Swedish Savings

Maybe Sovereign Management Services S.A. at http://www.offshore-protection.com provided services for itself (as in one of those Swedish Credit Unions) since the site registration at one time was:

SITE REGISTRATION

WHOIS whois.opensrs.net offshore-protection.com:
IP address: 219.88.240.6
Host name: www.offshore-protection.com
Alias:
ip-219-88-240-6.orcon.net.nz

Registrant:
First Swedish Savings
Frosundaviks alle 15 4tr
SE
Solna, 169 70
SE

Domain name: OFFSHORE-PROTECTION.COM

Administrative Contact:
Eriksson, Lars mail@firstswedish.com
Frosundaviks alle 15 4tr
SE
Solna, 169 70
SE
+41.12742945
Technical Contact:
Schupbach, Nikolai hostmaster@registerdirect.co.nz
Unit 2, Level 1, Amuri Park
404 Barbadoes Street
Christchurch, Canterbury 8000
NZ
+64.39629510 Fax: +64.39629513



Registration Service Provider:
RegisterDIRECT, hostmaster@registerdirect.co.nz
+64-3-962-9516
+64-3-962-9513 (fax)
http://www.registerdirect.co.nz
This company may be contacted for domain login/passwords,
DNS/Nameserver changes, and general domain support questions.
Registrar of Record: TUCOWS, INC.
Record last updated on 23-Nov-2003.
Record expires on 26-Jul-2004.
Record created on 26-Jul-2001.

Domain servers in listed order:
NS1.REGISTERDIRECT.NET.NZ
NS2.REGISTERDIRECT.NET.NZ


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/18/2005 10:54:24 PM

By: eatc-turkey.com, offshore-protection.com, others

Marketing of the Swedish Credit Union with a Panama flavor seems to be making a come back.


http://www.swedishcreditunion.com/aboutcu.htm

About Credit Unions
A Credit Union can legally offer services typically offered by a fully licensed bank, such as taking deposits, making loans etc, as long as services are offered to members of the Credit Union only. Any potential customer can automatically become a member when opening and account, applying for a loan or engaging any other service of the Credit Union.The type of Credit Union we offer is registered in Sweden, a full member of the European Union. The entity can have up to 1000 members and be exempt from bank license requirement. Members can be of any nationality and resident anywhere in the world. The board of directors (minimum 3 directors) can be of any nationality, although 50% or more should have an address within the European Union.The Swedish Credit Union serves as a excellent tool for raising capital through international deposit taking (issuing of CD´s etc) and for engaging in savings & loan activities in general. The name of a Credit Union cannot include the name "bank" for obvious reasons, but names including words such as "Credit Union", "Savings & Loan", "Trust" etc are all allowed.We can offer a complete Credit Union formation package, including: CU certificates and bylaws in Swedish and English, both with ApostilleCertificate of deposit taking and lending status with ApostilleAssistance with account opening for the CU in SwedenAssistance with third party debit card issuing, including private label cardsAssistance with acquiring custom software for Internet bankingWe also include all relevant supporting documentation, such as the Swedish banking act complete with certified English translation and apostille.Time frame for the establishment of a new Credit Union is currently 4-6 weeks. Total cost including all legal fees and registration costs is USD 35,000.00. There are no further capital requirements as long as the CU comply with the membership limitation.

Offshore Reserve Group SA

http://www.swedishcreditunion.com/otherservicescu.htm
Other Services
We offer company formations in several offshore jurisdictions, aswell as consulting and other offshore related services. Example of our most popular offshore products:Tax exempted corporationsFoundations and trustsNew Zealand trust companiesOffshore bank account openingsDebit card issuingMany clients who set up a Swedish Credit Union choose to also form a separate payment processing company in Panama, in order to limit the tax liability in the Swedish entity. The Swedish entity would simply outsource certain services to the Panamanian entity, accumulating profits in tax free Panama rather than high tax Sweden.
Please do not hesitate to contact us with any questions you might have. You are also welcome to visit our homepage at www.offshorereserve.com for more details about our offshore services.



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http://www.eatc-turkey.com/cu.html

About International Credit Unions
Now the Credit Union is usable again, again, with the 1000 member limit, but 100% clear a deposit taking entity registered in a EU country, and without capital requirements. This entity is registered in the form of a "Economic Association" and financial services can be offered to members only. The Economic Association is exempted from bank license requirement if; "financial services are offered to a group of entrepreneurs with a common financial interest". The common financial interest is established by making the entrepreneur a member of the association. This entity can be used as deposit taking institution, to offer loans, issue guarantees and other financial instruments. Any potential customer can automatically become a member when opening and account, applying for a loan or engaging any other service of the Credit Union.
The name of a Credit Union cannot include the name "bank" for obvious reasons, but names including words such as "Credit Union", "Savings & Loan", "Trust" etc are all allowed.
Members can be of any nationality, and there is no requirement to report the identity of members to any a uthority. Directors (minimum 3) can also be of any nationality, although at least 50% of the board of directors must have a mailing address within the European Union. We can arrange for maildrop addresses for this purpose if required.
The Swedish Credit Union serves as a excellent tool for raising capital through international deposit taking (issuing of CD´s etc) and for engaging in savings & loan activities in general.
Main Advantages:
This entity is registered in Sweden, a full European Union member and a highly respected jurisdiction. There are no annual license fee to pay, since the entity is exempted from license requirement. There are no qualification or paid up capital requirements.
Main Disadvantages:
High tax levels. Sweden is not a tax haven, and the association would have to pay 30% tax on any reported profit.It is highly recommended to use this entity together with a Panamanian licensed payment processing company, in order to accumulate profits in Panama rather than in Sweden.

Costa Rica:
Avia Business Services Ltd.
700 Central Avenue
Apdo. 409-2400
Desamparados
San José, Costa Rica
Fax: +1-775-295-1802

USA:
Avia Business Services Ltd.
1534 Plaza Lane #121
Burlingame, CA 94010
USA
Phone: +1-360-227-5429
Fax: +1-650-240-0278

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http://offshore-protection.com/swedishCreditUnion.html

Sweden has a long history of innovative and alternative financial institutions. One of these is a unique type of credit union. Such a Swedish credit union with a 1000 member limit is fully capable of taking in deposits and is registered in a country that is part of the EU, and to cap it all, comes without any type of capital requirements. This entity is registered in the form of an ekonomisk forening as it is known in Swedish which means economic association. Financial services can only be offered to members and such financial services are normally restricted to the accepting of deposits and the making of loans to its members. In other words it would typically be expected to operate as a traditional savings and loan institution. However, it is feasible that such an entity could also issue guarantees (c.d’s for example) as well as other financial instruments.
The Economic Association is exempted from the bank licence requirement if these "financial services are offered to a group of entrepreneurs with a common financial interest". The common financial interest is established by making the entrepreneur a member of the association. The name of the entity cannot include the word "bank", but names including "Credit Union", “Savings” or "Savings & Loan", "Sparkassa" etc. are all allowed. Members can be of any nationality, but if requested the names of all members may be reportable to the finansinspektionen (Swedish finance and banking authority). In practice this would only be required if the activities of the credit union had been brought to their attention as potentially violating Swedish banking laws. However, even in that situation, only names with no other identifying information (such as passport id) are required. Directors (minimum 3) can also be of any nationality, although at least 50% of the board of directors must be technically residents of the European Union (although in practice an EU mailing address would suffice since there are no residency checks or tests made by the Swedish registration authority).
Main Advantages
1. This entity is registered in Sweden, a full European Union member and a highly respected jurisdiction.
2. There is no annual license fee to pay, since the entity is exempted from licence requirement.
3. There are no qualification or paid up capital requirements.

Main Disadvantages
1. High tax levels. Sweden is obviously not a tax haven, and the association would have to pay 30% tax on any reported profit. One way around this is to use this entity together with a Panamanian licensed payment processing company, in order to accumulate profits in Panama rather than in Sweden. (This company could also offer payment services like e-currency and credit/debit card services to the credit union members).
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http://slogold.net/sweden.html

Now the Credit Union is usable again, again, with the 1000 member limit, but 100% clear a deposit taking entity registered in a EU country, and without capital requirements. This entity is registered in the form of a "Economic Association" and financial services can be offered to members only. The Economic Association is exempted from bank license requirement if; "financial services are offered to a group of entrepreneurs with a common financial interest". The common financial interest is established by making the entrepreneur a member of the association. This entity can be used as deposit taking institution, to offer loans, issue guarantees and other financial instruments. The name of the entity cannot include the word "bank", but names including "Credit Union", "Savings & Loan", "Trust" etc are all allowed. Members can be of any nationality, and there is no requirement to report the identity of members to any authority. Directors (minimum 3) can also be of any nationality, although at least 50% of the board of directors must have a mailing address within the European Union. We can arrange for maildrop addresses for this purpose if required.

Main Advantages:
This entity is registered in Sweden, a full European Union member and a highly respected jurisdiction. There are no annual license fee to pay, since the entity is exempted from license requirement. There are no qualification or paid up capital requirements.

Main Disadvantages:
High tax levels. Sweden is not a tax haven, and the association would have to pay 30% tax on any reported profit.It is highly recommended to use this entity together with a Panamanian licensed payment processing company, in ord


 

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