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TOP 5 Best Offshore Jurisdiction for Banking Licenses

Published:
August 9, 2023

When planning to set up offshore banking establishments dealing with crypto-currencies, managing capital of investors or functioning as a simple transactional institution, it is necessary to carefully study list of offshore countries being profitable for launching such a firm. Offshore licenses for banks are official certificates allowing these institutions to offer various services to customers who are located abroad. Thus, the banks will be able to serve non-resident firms and individuals with a certain amount of funds. Below we’ll get closer to TOP 5 best offshore jurisdictions for banking licenses.

Cayman Islands

Institutions established and officially approved in Caymans may serve customers from all over the world, except for the Cayman Islands. It provides great privacy, which is strictly controlled by normative acts on Confidential Relations (CPLR), Banking and Trusts. It’s a serious offense to disclose personal data protected by professional secrecy. Access to data is granted only if a serious crime is being investigated, and only to the police.

It is worth noting that the Caymans signed the Treaty of Mutual Assistance with America in 1986, which implies exchange of data in crimes. However, data related to taxes is not distributed.

Saint Lucia

Local establishments functioning in this field are given quite simple licensing norms.

  1. Permit of type A for global coverage. To obtain such a permission, starting capital of $1 mln is required. Additionally, firms can function at a global level and are not limited in attracting various counterparties.
  2. Permit of type B allows financial activities only with certain counterparties included into application when obtaining license. Starting capital is 250 thousand dollars. Plus, 100 thousand USD are needed to be paid in order to confirm the good level of financial condition of the enterprise.

To get such permits, it’s mandatory to follow all norms and rules set by regulators in terms of internal structural organization and financial stability. Applicants need to provide a business-plan for several years ahead and a forecast showing establishment’s liquidity. This is necessary for carrying out all planned deals and ability to fulfill all the obligations of such establishment.

Banks need to possess at least two directors, one of whom is a resident. It’s mandatory to hire a local agent and rent premises for commercial needs. Firms need to form financial statements every year.

Vanuatu

To get official permission for banking activities, next-mentioned norms are needed to be met:

  • confirmation of 500 thousand dollars capital and financial condition;
  • mandatory identification process for beneficiaries;
  • hiring local staff;
  • approval of the registration authority;
  • meeting all the local norms and law provisions.

In this country, Forex-licenses are also popular, there aren’t taxes on business-profits and capital gains.

Dominica

Dominica is economically stable state meeting world standards. Building a business in this country is very promising and reliable. Here you can own official permits and create companies, open accounts and get second citizenship.

Dominica’s laws allow getting a banking license if firm meets normative points and rules set by regulator. This document makes it possible to offer accounts opening, placing deposits and card issuance. Moreover, the organization can run any international deals if there are competent relations with foreign banking establishments.

Comoros

Banking permit in Comoros gives firms rights to hold deposits, issue loans and run other cash operations. Islands are controlled by regulatory body responsible for licensing: it’s Central Bank (Banque Centrale des Comores, BCC).

The Comoros license has many advantages over permits from other countries:

  • attracting international auditory;
  • beneficial taxation;
  • wide list of services being offered to customers;
  • strict data confidentiality.

Even bearing in mind difficulties, becoming an owner of banking permit in offshores is available to every compliant businessman from the financial industry. Nevertheless, you need to carefully check all the nuances before choosing correct jurisdiction. Our specialists will help to optimize the entire process as much as possible, solving all potential difficulties and nuances upon themselves.

Our company provides extensive professional help in getting offshore permits for banking institutions. We’ve been present in this field for a long period and operate all over the world. Our experts can also offer you a wide list of ready-made banking licenses for sale. Contact us right now.

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