We invite you to consider the opportunity to set up an account with a St Lucian bank for your Singaporean-based trust. The account can be opened without paying a personal visit to the Caribbean island. This is a perfect solution for busy people especially in the times of closed borders.
A Singaporean trust is a popular financial instrument as it gives unparalleled flexibility. The trust founder hands his or her personal property over to the trust run by a trustee. The trust then passes the profit that it makes on to the beneficiary. The trust founder can be its beneficiary as well as any other person or organization.
Depending on your purposes, you can establish the following kinds of trust in Singapore:
- Private family trust;
- Charitable trust;
- Collective investment trust;
- Foreign trust.
A trust helps protect the assets by disconnecting them with the owner. The assets kept in the trust cannot be taken away even on a court decision (excluding cases of purposeful fund manipulation).
Trusts also help plan the taxes, optimize the inheritance costs, and provide for a certain level of personal financial information confidentiality.
Singapore is a secure and well-trusted jurisdiction where you can set up a trust (pun intended).
Regardless of your primary goal in establishing the trust, you will need a reliable partner bank where you can open an account for your trust.
Recently, it has become quite difficult for a foreigner to set up an account with a Singaporean bank. This is why we are offering an alternative solution: you can open a bank account in St Lucia without ever visiting this Caribbean country.
Yes, it is possible to set up a foreign bank account notwithstanding the virus, the pandemic, the closed borders, and the lack of time that you may experience.
A Caribbean partner bank for your trust in Singapore
The bank that we are bringing for your consideration is a conservative financial institution stationed in the Caribbean country of St Lucia. The island country is famous for its beaches, palm trees, coconuts as well as an advanced financial service industry.
The bank boasts a wide and stable network of correspondent relationships with financial institutions located in various parts of the world. You can make normal transactions with this bank or make use of the investment services that it offers. The bank is part of an international publicly traded holding.
The main language of service is English with the St Lucian bank. However, you can also obtain service in French, German, and Portuguese there.
The bank sees every client as a business partner. Its location and its long history of operations make the bank managers realize the value of flexible and reliable international banking services very well.
You can set up an account with this bank within only fourteen business days since the date when you submit all the required application documents.
Documents required for establishing an account with the St Lucian bank for your Singaporean trust
To successfully complete the process of setting up a bank account in St Lucia you will have to provide the following personal and corporate documents:
- Bank application forms (printed out and completed) where you have to indicate the following items:
- The name of the trust; the country of its registration; where the trust is managed from; trustee status (a private individual or a legal entity);
- Corporate trustee information if applicable;
- Private trustee information if applicable;
- Information about the bank that currently services the trust if available;
- Description of the trust activities such as account turnover, etc.;
- Desirable account currencies;
- Trust founder personal data;
- Trust protector data if applicable;
- Trust beneficiaries personal data;
- Mandate/ Resolution;
- Legalized passport copies for the trust founder(s), beneficiaries, trustees, and protectors;
- Proofs of residential addresses for all private individuals indicated in the application for account opening. These can be utility bills less than three months old;
- A mandatory US$ 5,000 (or the equivalent in another currency) first deposit;
- Legalized signatures of the account users;
- A letter of recommendation from a professional;
- Additional information that the bank may request.
The minimum security deposit must remain at US$ 5,000 at all times while the account is functional.
As we have noted above, the St Lucian bank is a conservative financial institution. It does not service trusts and other companies that deal in cryptocurrencies on the request of its correspondent banks.
The cost of setting up a bank account in St Lucia for your Singaporean trust
The cost of establishing an account with the St Lucian bank for your Singaporean trust starts at 3,999 EUR.
Please also remember that you will have to make a mandatory first deposit of US$ 5,000 or the equivalent in another currency.
All the application documents have to be translated into English and translations legalized. We recommend that you apply for our consultation before having the documents legalized. The bank has some special requirements to the application document legalization and we will help you meet these requirements.
The procedure of setting up a bank account in St Lucia for your Singaporean trust without leaving home:
- Please contact us via e-mail firstname.lastname@example.org and inform us about your desire to set up a foreign bank account remotely.
- Our specialist will ask you several questions in order to ascertain that we are able to provide this service to you.
- If we are, you will have to cover the cost of the service that starts at 3,999 EUR.
You can pay us by a bank transfer, with a credit card, or by use of such payment systems and methods as WebMoney, MoneyGram, Western Union, Bitcoin, etc.
- You will also have to supply the full package of application documents to us. The consultant will tell you what exactly is required to set up a bank account in St Lucia.
- Then we will launch the procedure of establishing a bank account for your Singaporean trust. Everything can be done remotely. Please bear in mind that you will have to make the first deposit of US$ 5,000 before the bank account is opened.
- After that, your account will become functional and thus you can use it at your discretion.
Please write to us to email@example.com and remember that there will always be possibilities to develop your business even though the borders are closed and millions of people have caught the coronavirus. When old instruments gj out of use, new ones always appear.