Dear Clients and Partners, we hereby inform you that on November 20, 2017, Euro Pacific Bank shall re-direct all its operations from Saint Vincent and the Grenadines to San Juan, Puerto Rico. These changes will not affect your account’s daily operations since the bank simply changes its jurisdiction. At certain time, the Board decided that this step would allow customers wider access to new possibilities and services that those currently available at St. Vincent.
The bank informs that the change of location will not affect operations of your account, access to online banking, or any other daily operations. The bank will continue its activity as a Class A licensed bank, but regulated in Puerto Rico.
The bank shares 4 new ways of its development with you
1. New USD Way – through Puerto Rico, the bank managed to get the direct correspondent account in US dollars with the English Crown Agents Bank. This will allow all clients to receive and send USD in the shortest terms.
2. The bank is currently in process of opening its main account with the Federal Reserve Bank of New York. This partnership will provide us with the highly reliable tool for payments in USD.
3. The bank is at the stage of applying for the basic membership with MasterCard. This will allow the bank to offer customers new cards at lower cost, as well as other products that will be competitive and will meet expectations of our customers.
4. Euro Pacific Bank clients in Puerto Rico will not be accountable to the CRS (Common Reporting Standard), since Puerto Rico is a U.S. territory that has not signed this standard. Clients will remain the FATCA subjects.
You have a choice
1. If you want to save your account, no actions are required.
2. Clients, who are not going to save their account, are allowed 30 calendar days from 20.10.2017 to 20.11.2017 to read and understand new terms and conditions and request to close the account.
We believe that the above changes give owners of both offshore and onshore companies access to the U.S. financial system while retaining the benefits of the international (offshore) entity.
If you have any questions, please feel free to contact our specialists for more information.