Saturday, October 03, 2009

Capital Conservator Offshore Banking

For the last 2 1/2 years, I've been working in the 'salt-mines' of offshore entrepreneurism.

2 1/2 years ago, as a much more idealistic expat newb, I had the feeling that something very ugly was going to go down in the U.S.

I thought that I could kill two birds with one stone -- I could:

1.) improve what i thought was one of the big faults with Uruguay -- a lack of entrepreneurism & small growing young companies that could provide young people with financial opportunity, and
2.) give the 'little guy' a chance to protect himself & his family's wealth like the big guys do, by taking advantage of offshore asset protection schemes, which could legally diversify his assets out of what i viewed was a sinking ship -- the u.s.

Fortuitously, I met the founders of Capital Conservator, & was subsequently convinced to come on board & preach some offshore gospel to the eager flock.

As the CEO of capital conservator likes to say, we offer "an unique value proposition" (i suspect his grammar is proper but unique is always pronounced as if it starts with a vowel where this left coaster is from)...anyways, in a lot of ways, he is right...while the implementation of a new zealand finance company is by no means unique...nor is the use of a swiss trust company, offshore accounts with capital conservtor do offer something that i've been unable to find elsewhere:

A unified, simplified offshore account application procedure, that subsequently gives the client access to a bevy of offshore services & accounts, all the while protecting the privacy (i like to say anonymity) of the client.

The accounts really were engineered from the ground up to protect the privacy of the client first and foremost, but more on that in a later post.


Anonymous said...

What is your opinion on the detainment of an employee from Capital Conservator. Many people with accounts are concerned that charges will be laid and Capital Conservator will be implicted in money laundering charges and then all account holders will be identified. CC havent made any announcements about them or their detainee being cleared and the 30 days are now up for his detainment.....thanks for your blog

fuBarrio said...

yeah, unfortunately, our employee is still being 'detained' in

unfortunately, it turns out, they had the right to extend his 30 day detainment for an additional 30 days at their discretion.

a hearing is scheduled for wednesday for his release.

we feel he was detained as a defensive strategy by a bank we were preparing legal action against in macedonia.

all of our know your customer & anti-money laundering procedures comply with basel II intl compliance standards and have cleared muster with new zealand, uruguay & switzerland.

in addition, all our larger transfers were explicitly approved by the macedonian central bank.

to be implicated in money laundering charges capital conservator would have to be shown to be in full knowledge that they'd received funds from a criminal source. otherwise, the us govt could incarcerate *every* us bank executive right now (which actually would be a good idea for 'tarp' come to think of it).

the "charges" are a non-issue, imo.

if i'm wrong, client identities are protected by uruguayan bank secrecy. one of our clients would have to be convicted of a real, non tax crime in their home country & we would have to be petitioned through the govt of uruguay on a case by case basis.

further, all client records are held in a diff country under attorney client privilege that has strong bank secrecy as well that we have no exposure to.

that said, i think the only risk one runs of having their identity revealed is if they are *convicted* in their home country of a non tax crime & a successful petition is filed through uruguay.

Anonymous said...

thanks for your reply, that was an interesting read. Hope your employee is being well treated during his detainment. It looks like it is another 30 day wait and see.

Anonymous said...

What is the latest on your friend who is detained in Macedonia, ? Were you able to accomplish having him released and no charges laid ?

Anonymous said...

Any update on the detainment situation?

fuBarrio said...

yeah. sorry.

he was let go about a month ago. he is now back at work and healthy and happy back outside of Macedonia.

Anonymous said...

That's great to hear. I'm sure it was a relief for everyone.