A client asked us why we recommend Commonwealth of Dominica offshore bank licenses over other jurisdictions. Below I’m answering this question
Do not hesitate to contact me at connect@swissfintechpro.com for more information
Click Here to buy an Commonwealth of Dominica license with the same features as a European Bank
One thing I would like to point out the reason Iām not offering other solutions than Commonwealth of Dominica offshore bank licenses is not because I did not consider other options but because at this time this is in my professional opinion the best option to start an offshore bank when comparing with other options.
In Caymans the issue is that there is no ready-made license for sale there. Assuming that we found an operating bank there, there is an additional snag. We had a case where we were negotiating the purchase of an offshore bank there and where the regulator added a fortune condition. They wanted the buyer to prove that he has a 15,000,000 USD net worth before to allow the transaction because they only want bank owners that can assist the bank in case of trouble. If we were to apply for a new bank license there the process would takes between 9 to 12 months without guarantee we would obtain the bank license even if we exercised our best endeavor.
Puerto Rico could also be considered but then you would forfeit US clients as Puerto Rico offshore banks cannot offer them banking services. Here again the process would take between 9 to 12 months without guarantee we would obtain the bank license even if we exercised our best endeavor. Also while there are Puerto Rico Chinese/HK offshore bank license, there are now political considerations that may impede new applications from Chinese/HK applicant. While Puerto Rico offshore bank may in theory open a corresponding account with the US Federal Bank said feature is not guarantee and this process in itself is time consuming and it can take from 12 to 24 months to open one.
Then there are the jurisdictions we would not touch with a 10 foot pole such as Belize or Cook island and the fake jurisdiction where agent are selling offshore bank licenses when the Central Bank of the country itself warn that they do not have offshore bank license in this country
Overall our offer of Commonwealth of Dominica offshore bank licenses is based on what is the best option in the current context. Do not hesitate to contact me at connect@swissfintechpro.com for more information
