Best Jurisdictions To Apply For An Offshore Banking License

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Offshore Banking License Cayman Islands

The Cayman Islands are the most prestigious jurisdiction to get a full offshore banking license. This is the very reason why so many people and businesses choose offshore banking exactly in the Cayman Islands. As statistics have it, there are more than 70,000 companies registered there of which 350 are banks. This is a pretty big figure for a not so large piece of land.

Cayman Islands: Offshore Banking License B Application

Establish an offshore bank in the Cayman Islands

    • Most prestigious offshore jurisdiction
    • Capital: $1.2M

Offshore Banking License in the EU

The solution to the challenge was found in Lithuania new specialized banking license. Lithuania has a favorable regulatory and tax environment, good infrastructure, affordable office space, and labor force. Fintech companies find it as an ideal jurisdiction to challenge traditional banking institutions and getting access to the EU banking market with the ability to open offices in many cities with the EU if desired.

Funding for Real Estate Projects

EU citizenship

The first hurdle for non-Europeans is how to invest in the EU because it is required the stockholders or applicants to be Europeans. For this requirement, it is key before the presentation of the application to have an associate in another EU country. The foreign applicants will also need to apply for a Foreign ID number to register with the EU their investment intentions. There is also the option of start-up visas from the Lithuanian government for innovative businessmen/women.

Bank Application Lithuania

The application takes over 6 months up to 1 year and requires at least two visits to Lithuania to meet the banking authorities and includes a business plan according to the services permitted under the specialized banking license applied for:

  • Taking deposits and other repayable funds
  • Lending (including credit agreements relating to immovable property)
  • Financial leasing
  • Payment services
  • Issuing and administering travelers’ checks, bankers’ drafts and other means of payment insofar as such activity is not covered by payment services (item (4) above)
  • Issuing guarantees and commitments
  • Financial intermediation (agency)
  • Administration of funds
  • Creditworthiness assessment services
  • Safe-deposit box rental
  • Currency exchange (in cash)
  • E-money issuance

 The specialized license does not allow to provide:

  • Investment or pension fund management
  • Securities brokerage
  • Investment advise and other similar services

But you can apply for separate licenses for those services. After 90 days of the approval, the specialized bank is able to open its office in Lithuania. Click for more Info

Financial Services Provider (FSP) License

The meaning of financial services is defined in section 5 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

Common examples of financial service are:

  • Building Societies
  • Credit Providers
  • Credit Unions
  • Financial Advisers
  • Finance Companies
  • Foreign Currency Exchange Dealers
  • Fund Managers
  • Insurers
  • Investment Portfolio Managers
  • Issuers
  • Money Changers
  • Registered Banks providing financial services elsewhere

Once registered, the FSP can offer:

  • Financial adviser service
  • A brokerage service
  • Acting as a deposit taker as defined in the Reserve Bank of New Zealand Act 1989
  • Keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons
  • Providing credit under a credit contract
  • Operating a money or value transfer service
  • Issuing and managing means of payment (for example, credit and debit cards, checks, travelers’ checks, money orders, bankers’ drafts, and electronic money)
  • Giving financial guarantees
  • Participating in an offer of securities to the public in either of the following capacities:
  • As an issuer of the securities
  • As a promoter
  • Changing foreign currency
  • Entering into derivative transactions, or trading in money market instruments, foreign exchange, interest rate and index instruments, transferable securities (including shares), and futures contracts on behalf of another person
  • Providing forward foreign exchange contracts
  • Acting as an insurer
  • Providing any other financial service that is prescribed for the purposes of New Zealand complying with the FATF Recommendations, other recommendations by FATF, or other similar international obligations that are consistent with the purpose of the 2008 Act.

Types of licenses and that during the process of application for FSP registration you will select a specific type of license. Click for more Info

Offshore Company

Click Here For Offshore Bank Account Application

Corresponding banking thru a Financial Boutique

This is the most accessible option to have access to a corresponding account system. Currently there is a FSP offering corresponding accounts for banks and financial institutions thru one of the largest banks in Europe with the following cost structure:

  • Annual fee 20,000 USD 
  • 0.50% p/payment 
  • Cost per wire: USD75 / EUR75 / GBP75
  • Price per swift: GBP50
  • Recall/Cancelation: GBP50


Readers should note that this article is only intended to convey general information on these issues and that FAS CPA & Consultants (FAS) in no way intends for the contents of this article to be construed as accounting, business, financial, investment, legal, tax, or other professional advice or services.  This article cannot serve as a substitute for such professional services or advice.  Any decision or action that may affect the reader’s business should not rely solely on the contents of this article, but should rather be consulted on with a qualified professional adviser. FAS shall not be responsible for any loss sustained by any person who relies on this presentation.  This article is subject to change at any time and for any reason.  Click here to email us and start your project.


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Fulton Abraham Sanchez, CPA

Fulton Abraham Sánchez, CPA I am Certified Public Accountant, specialized in Tax Planning & Offshore Strategies for Real Estate, Hedge/Equity Funds, Fintech, Crypto, Expats, IRS Debt Resolution. You can email me fa@fascpaconsultants.com and follow us on Facebook : FAS CPA & Consultants.

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