How to open a bank account in VP Bank (BVI) Limited

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

December, 1996

Last contact

November, 2024

Last update

June, 2024

the bank opens savings (investment) accounts;
to open an account, a personal meeting with a potential client is mandatory
the minimum balance is EUR 100 000;
the term for opening an account – case by case (check with the consultant);
currently the bank does not process payments to Latvian banks: the correspondent bank in dollars does not work with Latvian banks due to the increased risk.

Our cooperation began at the end of 1996, and not with the head (Liechtenstein) office, but with the then just newly-opened British Virgin Islands branch.

The following years saw our joint conferences and seminars in Liechtenstein, bank accounts opened in Zurich, Liechtenstein and Singapore, joint legal projects, publishing of books and many many more. The bank has always been ready to cooperate, demonstrating flexibility and professionalism, but at all times staying within the limits of strict European banking regulations and its own corporate policy

GSL rating

Beginning of cooperation

December, 1996

Last contact

November, 2024

Last update

June, 2024

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

Not rated

Global rating

Not rated

Countrywide rating

3

Countrywide rating of the head bank

978

Global rating of the head bank

Year of foundation

1995

History

The head bank was founded in April 1956 as Verwaltungs- und Privat-Bank Anstalt. It was later converted into a limited liability company in December 1962, and in 1974 it became Liechtenstein’s first public company, listed on the Swiss Stock Exchange since 1983. The bank has 10 offices all over the world (Switzerland, Liechtenstein, Luxembourg, Germany, Hong Kong, Singapore, British Virgin Islands).

VP Bank (BVI) Limited was founded on 29 September 1995

Personnel

The bank has over 750 staff in eight branches around the world. The British Virgin Islands branch has 7 employees

Bank’s shareholders

Verwaltungs- und Privat-Bank AG (Vaduz, Principality of Liechtenstein) – a public company with shares listed on the Swiss Stock Exchange (VPB SW Equity on Bloomberg) - 60%;

Allgemeines Treuunternehmen (Vaduz) – one of the oldest trust companies in Liechtenstein (founded in 1939) - 40%.

The major shareholders of the head bank are two charitable societies: Foundation named after Guido Feger, Commercial Councilor to the Princely House - Stiftung Fürstlicher Kommerzienrat Guido Feger (Vaduz, Liechtenstein), which owns 48,4% of shares, and Martin Hilti Company - U.M.M. Hilti Stiftung (Schaan, Liechtenstein), which owns 10,6% of shares. The rest of the shares are traded on the stock exchange

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Minimum requirements

100 000

Minimum balance, €

No restrictions

Transactions permitted per month

100 000

Initial deposit of funds, €

1

Deadline for the initial deposit, month

Minimum balance, €

For BVI companies that carry on business outside this jurisdiction, the minimum balance is USD 100 000, or an equivalent in another currency (EUR / GBP / CHF)

Transactions permitted per month

The bank has no restrictions as to the number of transactions per month. However, where transactions are numerous, it is preferable that clients use online banking and make payments themselves, which is cheaper and more convenient (because the bank has limited staff and in the case of 20-50 transactions per month and each time with new counteragents, the verifications and checks become difficult)

Initial deposit of funds, €

The bank does not set any requirements for the initial deposit

How fast payments are executed

Transfers are done within the same day. The cut-off time for EUR / GBP / CHF is 10.00 (summer time) and 10.00 - 11.00 (winter time). If payments are sent after that time, they can be executed next day at European time.

The cut-off time for USD is 15.30 (time difference with Moscow is minus 8 hours)

Tariffs and services

77

Outcoming transfer, €

0

Incoming transfer, €

186

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Fee for international transfers (telephone, email, fax) – USD 100.

Fee for international transfers via e-banking – USD 25.

Transfers within VP Bank Group: e-banking – free of charge, by telephone, e-mail, fax – USD 50

Incoming transfer, €

There is no fee on incoming transfers

Account maintenance, €/year

Account maintenance fee depends on the balance of account: over USD 100 000 – USD 20 per month; below USD 100 000 – USD 80 per month.

Cash withdrawal fee is 1% (min. USD 100)

Distant access to the account

By telephone, email, and fax. The bank also offers free-of-charge internet banking: account is operated online via a programme provided to the client on a CD or downloadable from the bank’s official website. For protection of payments the bank uses a three-level security system, including the Digipass

Financial products

The bank offers a full range of banking services, including: securities trading and foreign exchange trading; fiduciary deposits; asset management, investment advice, tailor-made asset engineering with capital guarantee; custodial bank services

Credit/debit cards

Not available

Hold mail

Monthly hard copy of account statements – USD 25 per account per month. Bank reference letter – USD 50

Account opening procedure

Days to open for incoming transfers

Case by case

Days to open for outcoming transfers

Case by case

References

Not necessary

Purpose of the account

Savings

Visit to the bank

To open an account, a personal meeting with a potential client is mandatory

Required

Passports. For corporate accounts also: notarized and apostilled corporate documents (extract from the trade register, articles, list of directors with their specimen signatures, and other documents depending on the jurisdiction where the company is incorporated)

Types of accounts

Savings

Opening procedure and Due Diligence

It is possible to open an account without visiting the country where the bank is located

Chances to open an account

Predictable

Business description

Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed

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