VP Bank (BVI) Limited

Beginning of cooperation Last contact Last update
December, 1996 December, 2017 October, 2014

GSL reference about the bank

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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 (long before a representative office opened in Moscow).
The following years saw our joint conferences and seminars in Liechtenstein and Moscow, 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.
The bank currently rejects payments made to Latvian banks as its correspondent bank for USD transfers does not work with Latvian banks due to high risk

 

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated 3 978 A-
    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, and a representative office in Moscow). 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, no Russian-speaking ones. But the bank has a representative office in Moscow which, of course, does have Russian-speaking officers
    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

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    77 400 No restrictions 0 0 0
    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
    Minimum turnover, €/year The bank does not set any requirements for the minimum annual turnover
    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

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    77 0 186 N/A N/A
    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 Days to open for outcoming transfers References Business description Purpose of the account
    14 14 Not necessary Detailed Savings & current
    Visit to the bank No visit to the bank is required
    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 Personal; Corporate; Savings; Current
    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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