OFFSHORE XXI – Why should you open a bank account in Hungary quickly?

Today, many clients try to achieve the impossible: to open a bank account for a classical offshore (BVI, Belize, Seychelle, Panama, etc.) company. However I try to explain it to the clients already the last 3 years: it has no sense because the banks do not want to open a bank account for such companies, even the existing accounts will be closed very soon, or the banks will require such things from the clients, that they will not maintain the existing ones too.

I advise it our clients already 3 years: come quickly to Hungary, to register a company and to open a bank account, until it is possible. The Hungarian company is not an offshore company, but to pay 9 % profit tax is not a heavy burden. The bank account can be opened even in USD. It takes not more than 2 weeks. But you should be in a hurry to do that. To be in a hurry with this, and with the opening of private bank account too. My advice is: parallelly with the corporate account, is better to open a personal one, until it is possible.

Why?

1. Definitely, until it is possible. In my opinion, in about 2 years there will be no possibility, because the suspicious transactions of the Russian/Ukrainian clients, will destroy this option in Hungary too. Unfortunately, I have seen in the practice, that, Russians/Ukrainians coming to a country like Latvia, Cyprus, Czech Republik, changed the system, and the banks there are not cooperative with foreign clients anymore. The reason is very simple: the majority of Russians/Ukrainians implement fake transactions through such bank accounts, transactions having no economic sense at all.
2. Who could open a company and the bank account, implementing real transactions, having a history in the bank, can maintain this corporate infrastructure for a long time in Hungary? The Hungarian banks are not interested to close the bank account for the clients who have real transactions and bring profit to the bank.

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