Panama's Fiscal Reforms Take Effect

Forester said:It was a business account, not a personal one, correct? (I guess so but I'm not sure of course.) And would you mind sharing the country of incorporation, in such a case?

Fully understandable, unfortunately.

Yes, may be. Do you have a personal positive experience?Click to expand...Yes, it was a business account for a Cypriot Ltd. company.

I guess there is a positive in the fact that they support a lot of currencies, but as stated not all (and unfortunately sometimes not even the most major currencies like EUR and USD) get individual IBANs and you have to send funds to Interpolitan's account, not even at a bank, but at other EMIs.

 

ilke said:Yes, it was a business account for a Cypriot Ltd. company.

I guess there is a positive in the fact that they support a lot of currencies, but as stated not all (and unfortunately sometimes not even the most major currencies like EUR and USD) get individual IBANs and you have to send funds to Interpolitan's account, not even at a bank, but at other EMIs.Click to expand...From personal experience, all my clients, legal entities with European and even offshore jurisdiction status, all have been allocated with dedicated IBANs in all major currencies EUR/USD/GBP

 

Marios said:From personal experience, all my clients, legal entities with European and even offshore jurisdiction status, all have been allocated with dedicated IBANs in all major currencies EUR/USD/GBPClick to expand...Can you speak more on how they deal with corporate clients, ie financial institutions?

 

Bablo Wulfhram said:Can you speak more on how they deal with corporate clients, ie financial institutions?Click to expand...They can consider corporate clients registered in a jurisdiction other than their list of prohibited countries and equally the UBOs should not be citizens from those countries. Although they have high-risk appetite regarding line of business activities, they are very selective. From licensed entities, the ones they are ready to consider are forex brokers. Concerning other types of licenses, MSBs, crypto-exchanges, Curacao gaming etc. there are other solutions, not this one in particular.

 

Marios said:They can consider corporate clients registered in a jurisdiction other than their list of prohibited countries and equally the UBOs should not be citizens from those countries. Although they have high-risk appetite regarding line of business activities, they are very selective. From licensed entities, the ones they are ready to consider are forex brokers. Concerning other types of licenses, MSBs, crypto-exchanges, Curacao gaming etc. there are other solutions, not this one in particular.Click to expand...In the case of forex brokers, do they provide a service of giving IBANs to each of the broker's customers for easier withdrawals/deposits? Or is this provided only to the FX corporate body? What about International Corporate Services Providers, Fund administrators? Do they deal with such or does this work on a case-by-case basis?

 

When it comes to licensed forex brokers, they are given 2 dedicated accounts. One for their operational activities and second, for the deposits and payouts of the client funds. International corporate service providers shouldn't be an issue and regarding Funds, I have introduced one Fund in the past and they showed interest to onboard, however as said, it is a case-by-case