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Tax Engineering

Open bank account in US dollars


Question

Good evening, thank you for responding so accurately and in such a short time. Following the advice of the Syzmon Marshall I would like to receive the prices of opening a US dollar account in Saint Vincent and the Grenadines. 1. How much is the minimum deposit for the opening, and what is the cost for your services? 2. What is included in the package of services that this bank offers me? Will I be given a debit or credit card? What is the cost for issuing and sending these cards to Venezuela? 3. Once opened can I transfer the PayPal money to my account? In the same way, I would like you to tell me if after opening the account I will continue to have your legal advice regarding any other topic related to the account or some other way of investing. Thank you very much, Ary Lugo from Venezuela.

Answer

Opening an account in US dollars is easy. As you know in Venezuela, Argentina etc. there is an exchange rate imposed by your governments. Therefore a perfect way to obtain currencies such as Euro, US $, GBP, Yen etc. is by opening an offshore bank account in Saint Vincent and the Grenadines. In reference to your questions I make my following comments:  

  1. The minimum deposit for opening the account is $ 200 and the cost for opening the offshore account without physical presence in Saint Vincent and the Grenadines is 495 euros. 
  2. The bank will give you a MasterCard or Visa debit card. A credit card can be provided if you have a good credit history. The delivery of the cards to Venezuela can be done by certified mail that would be free of charge or by courier DHL, FedEx or UPS with additional cost of approximately $ 50. 
  3. PayPal does not accept accounts opened in San Vicente and the Grenadines. Therefore, in order to connect your account to PayPal you might be interested to open an account in Cyprus or Switzerland. Using the accounts of these jurisdictions you can have your PayPal account connected to a debit card in your name.

You can see more information about the opening of bank accounts in Saint Vincent and the Grenadines, Cyprus and Switzerland in the following links:  

In reference to our tax advice, hiring our services and through this channel you can have free tax advice.

Waiting for your comments. Regards



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