Bank Introduction & Account Opening

For over a decade, we've been recognized by global law groups as the only firm with facilities for establishing premiere banking relationships on all 6 continents. Our diversity of banking options ensures you will receive a solution uniquely tailored to your needs with no "one size fits all" solutions. As a remote office for several European and Asian banks, clients can visit and KYC in one of our offices (Vancouver, San Jose, Barcelona) when convenient.

 

(1) COMMERCIAL BANKING

 

Tier I: Newshore™

Bring the tax efficiency & security of elite tax havens such as Monaco, Switzerland, Liechtenstein to the first world from which you can proudly serve your clientele, while still maintaining the benefits of an elite tax haven. This is a unique approach developed by our legal R&D team, some examples include the United Kingdom, Canada, USA, Ireland & the Netherlands to name a few.

  • Jurisdiction: Industrialized nations with Gov't backed & insured central banking guarantees for depositors.
  • Min Balance: US$10,000+
  • Online Banking: Full service, Full Features & third party software integrations for accounting platforms etc.
  • Remote Opening: Not available
  • Bank Size: Top 50 Global Banks (Ranked by Assets)
  • Amenities & Services: Private Bankers, Visa/Mast/Amex secured & Unsecured Debit/Credit Cards.
  • Political Stability: Extremely High, OECD Top 5% ranking.
  • Account Opening Times: Fast

PROFESSIONAL FEES:

Bank Account: From US $17,250

Corporation: Avg. US $5,900 - $11,400

Professional Management Board: From US $3,100/mth

Tier II: Midshore

We create a healthy balance between the optics and benefits of the industrialized world (reputation, image, amenities) and those of tax haven's (privacy, low regulation, low filling requirements) using countries such as Dubai, Malta, Isle of Man, Hong Kong, Singapore among others in creating a midshore strategy.

  • Jurisdiction: Reputable Low/No Tax Jurisdictions with Strong Political Stability and established economies.
  • Min Balance: US$10,000+
  • Online Banking: Full Service, Full Features
  • Remote Opening: Limited
  • Bank Size: US $2 Billion+ in Assets
  • Amenities & Services:Private Bankers, Visa/Mast/Amex secured  Debit/Credit Cards.
  • Political Stability: High
  • Account Opening Times: Moderate

 

 

 

PROFESSIONAL FEES:

Bank Account: From US$16,500

Corporation: Avg. US$5,900 - $11,400

Professional Management Board: From US $3,100/mth

Tier III: Offshore Legacy™

Keeping with the traditions of the 80's and 90's, we maintain personal high touch relationships with reputable banks in countries such as Andorra, Latvia and Georgia, who's laws ensure the client's wealth and privacy are protected the good old fashioned way.

  • Jurisdiction: low or zero tax Jurisdictions with Strong Banking Regulations
  • Min Balance: US$5,000+
  • Online Banking: Moderate to Full service.
  • Remote Opening: Limited
  • Bank Size: US $2 Billion+ in Assets
  • Amenities & Services: Functional but Limited (Prepaid & Debit Cards etc)
  • Political Stability: High
  • Account Opening Times: Moderate

 

 

 

 

PROFESSIONAL FEES:

Bank Account: From US$14,500

Corporation: Avg US$5,900 - $11,400

Professional Management Board: From US $3,100/mth

Tier IV: Offshore Highrisk

Offshore high risk banks are extremely skilled at imitating Offshore Legacy™ Banks, BUYER BEWARE, these bank accounts are a dime a dozen, typically found online and your money will end up in an undercapitalized "internet bank" in country without a proper banking regulator to protect depositors interests.  We've reported 20+ bank failures in Tier IV jurisdictions over the past 10 years whereby depositors savings either evaporated completely or lost 60%+ of their money. Offshore High risk countries include the majority of the Caribbean Islands, Saint Vincent, Cayman (See Caledonian Bank Failure), Puerto Rico, Seychelles, Belize, Honduras, Guatemala, Uruguay, parts of eastern Europe, Cyprus, Northern Africa and Liberia among others.

These high risk accounts promise low cost and fast approvals without an in person visit to the bank required. Attorney's are drawn to such features and promote them heavily to their client base without understanding the true risks associated with Tier IV banking. When in doubt, please contact your Crowne advisor for our recommendation as a courtesy.

  • Min Balance: US$500+
  • Online Banking: Limited to Moderate .
  • Remote Opening: Commonly Available
  • Bank Size: US$10 - $100M in Assets
  • Amenities & Services: Typically limited, or involving Prepaid Debit Cards (Unlinked from main Checking account)
  • Political Stability: Low to Moderate
  • Account Opening Times: Fast

 

(2) FINANCIAL INSTITUTIONS

 

A :: Third Party Money Handler P2P Bank Account

For third party money handlers, we register licenses and establish banking facilities. Commercial clients who hold funds on behalf third parties such such as e-money wallets, stocks, trading and investment platforms, payment solution providers, crypto exchanges, payroll service providers all can benefit immensely from formalizing their status as a licensed and regulated entity with a sponsor bank.

 

 

 

 

 

 

 

 

 

PROFESSIONAL FEES:

Bank Account: From US$40,450

License Registration (if reqrd: US$25,900 - $85,000

Maintenance & Management: From US $6,100/mth

 

**Final pricing can be quoted upon performing our review and selecting a suitable Jurisdiction

B :: Correspondent Banking

One of the key operational components of any financial institution is its inter-banking relations—or, better said, their intermediary or correspondent bank accounts.

Intermediary and correspondent bank accounts (often called nostro or vostro accounts) allow banks or other financial intermediaries to connect to the international banking network by receiving and executing transactions not only in different currencies but with different settlement parties. Although setting up these accounts is a complex and time-consuming undertaking, it is an integral component of your bank’s treasury.

Most of our clients require consultation in how to set up treasury components such as a SWIFT or IBAN treasury conciliation, core banking systems, and correspondent or intermediary bank accounts. Depending on your type of license and your governing jurisdictions, we can assist you by conducting pre-qualifications and providing an introduction to some of those intermediary and correspondent parties.

PROFESSIONAL FEES :

Correspondent Bank Account: Starting at US$112,950

Banking License: Contact Us

BANK ACCOUNT OPENING PHASES

  1. Engagement: Request, ([email protected]) Review and sign the letter of engagement.
  2. Retainer: Remit payment using the instructions provided at the bottom of your quote, payment is due in advance of commencement.
  3. Boarding Upon receipt of your retainer, the international bank account application workflow will be boarded into your online Crowne Asana Portal so you can follow along in real time as our team implements your solution.
  4. Case Assignment & Scheduling A Crowne advisor will be assigned to your case to liaise between you and Crowne’s legal team throughout the entire process. The next available opening will be reserved for implementation (allow 1-2 weeks for availability).
  5. Client Documentation Submission Complete and upload your required documentation via your Crowne Asana Portal. This information must be submitted and approved prior to the commencement of any work by Crowne.
  6. Strategy Our legal team will perform a SWOT analysis on your situation and strategize the most viable solution and banking partner to meet your needs, while ensuring the highest probability of account approval.
  7. Application Preparation Our fulfillment & legal teams will:
    • Perform a pre-compliance audit of client corporate documentation and request any missing documents or update them as necessary.
    • Perform a pre-compliance audit of client KYC information and request any missing documents.
    • Draft a company business plan according to the bank's requirements
    • Complete the bank's "new account opening" application
    • Apostille & legalize all KYC package documents
    • Apostille & legalize all corporate documents
    • Translate documents as needed
    • Compile client KYC package according to bank requirements
  8. Application Submission Your application will be submitted to the selected banking partner for pre-approval followed by the couriering of all legalized documents including: account application, business plan, client KYC, and apostilled corporate documentation.
  9. Approval & Activation Upon approval of the account application, our team will notify you and begin the account activation.

TERMS

1. Payment schedules are available for Financial institutions in some circumstances please ask your Crowne advisor.

2. All fees require KYC FEE: To comply with international "Know Your Customer" (KYC) standards, and anti money laundering due-diligence we must process a verify KYC for first time clients, a one-time $2,900 fee is billed per account signatory.

3. $6,500 EXPEDITED: 4 week guaranteed account opening & delivery

4. $11,500 INSTANT: For one week account delivery,  subject to availability 48hr turn around time (Confirm if Crowne has Inventory first)

5. Supplementary accounts (USD and alternate currencies) with the same bank which are eligible for a $495 bank fee if requested in advance of account opening and $995 thereafter.

6. Banks are increasingly slow, demanding, and difficult to work with due to increased pressure from anti-terrorism & money laundering organizations such as OECD and the Tax Justice Network. Costs and fees are subject to increase.

7. We do our best to translate bank timelines for our clients; however, these are subject to change without notice from the bank.

8. New client applications are subject to Crowne’s internal approval and background checks.

9. Crowne acts independently of banks and is not responsible for the bank's business activities, clients are advised to ensure they are comfortable with the banks Crowne recommends.

10. A 50% discount on professional fees applies for additional relationships with an alternate bank (for the same company) if requested within 4 weeks of the initial account.

11. All quoted timelines commence upon receipt of the fully completed and approved KYC documentation list which will be supplied to you.

12. You are responsible for travel expenses if bank requests an in-person visit.

13. Crowne does not refer business to Tier IV banks due to the risks associated with dealing in jurisdictions that are potentially unstable or that we deem unsuitable.

14. Voluntary bank account closure is available. Closure costs average $3,500 per account, we are required to pay our banking partners for their closure efforts in order to maintain good standing with each bank.

15. Crowne is not responsible for banks final or ultimate decisions for account activity and client acceptance

 

Special note: The international banking arena has seen more change in the previous 5 years than it has in the previous 5 decades due to extreme external pressures. Organizations such as the OECD and TJN are pushing for this to become a reality and because of this constant pressure and scrutiny being placed on the banking sector, our firm has been required to increase our KYC procedures (Know Your Customer) and "Source of funds" pre-screening of clients.  Non-resident bank accounts are becoming extremely expensive for banks to maintain (compliance costs), this increases minimum balance requirements and opening/closing fees to ensure the accounts are profitable for the bank. Our fees are increasing regularly as well, and subject to continue to increase without notice. It is likely that banking will continue to evolve to the point whereby non-resident and/or remote account openings will be nonexistent by 2020.

Professional Fees Include

  • Needs assessment and selection of a suitable banking partner
  • Pre-compliance audit of client KYC & corporate documentation
  • Drafting company business plan
  • Bank account opening fees levied by bank
  • Crowne legal compliance and administration professional fees
  • Account application package preparation
  • Document couriering
  • Apostille & legalization of KYC package
  • Apostille & legalization of corporate documents
  • Translation of documents if necessary
  • Preparation and managing of client due diligence bank package
  • Bank introduction and account opening
  • Compliance summary statement including links to required reporting forms for your country of residence/citizenship
  • Throughout the terms of our engagement, you may require additional services such as:
*Services will be billed according to our Schedule of professional fees

Contact Us

To Request Our Client Application Questionnaire

Client Applications [email protected] CROWNE | International Tax & Banking Specialists | VMG Tower • Escazú, Costa Rica :: na +1.780.666.4500 :: europe +44.203.608.3553 :: latam +506.4000.1658  :: asia +852.5808.3346