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Opening Account in British and European Banks for UK Investor Visa Holder

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As an experienced entrepreneur, I knew that you should not put all the eggs into one basket. That`s why, I invest in several projects. As for bank accounts, the same logic applies here. I have several bank accounts that I use for various purposes. Some financial operations should not be mixed to optimise taxation. Once I relocated to the UK, I needed to open new bank accounts. Imperial & Legal`s specialists helped me with that.

Don Sergio, 68 years old
Entrepreneur from Ecuador
Clients’ names and photos have been changed

Don Sergio is a respectable elderly entrepreneur. His family has a business that they have been running for several generations. Having inherited it, the man did not go bankrupt but on the contrary, multiplied its value.

Don Sergio actively invested his income in shares of oil companies, large plants, banks, and government bonds. At a certain point, growing coffee was no longer his main source of income, and he even considered selling his company but thought better of it out of respect for family history.

Despite rare sentiments, don Sergio preferred to think more about present and future. He understood economic processes well and felt the political conjuncture, so he tried to plan several steps ahead, find backups, and make decisive actions that often saved him from various crises.

One of such decisive actions was relocation to the United Kingdom. One of the reasons was that the situation in his home country was getting worse. Besides, he did not want to run business actively any more. He planned only to manage.

Don Sergio relocated to the UK without any problems. As a well-off person, he could use the easiest and most expensive immigration route – UK Investor visa. Working in business his whole life, he knew where to invest to get the maximum dividends.

Popular IT start-up did not attract his attention. He got more interested in production start-ups and planned to buy their shares. In that ways, he would safeguard an opportunity to get an Indefinite Leave to Remain and then UK citizenship as well as good income. “Once an entrepreneur, always an entrepreneur” – don Sergio used to joke.

It was necessary only to resolve some legal and accounting issues. For that, don Sergio contacted Imperial & Legal. We were asked to help with opening several bank accounts for investments and general life expenses.

Our Hero

Don Sergio — 68 years old, entrepreneur from Ecuador, UK Investor visa holder.

The Challenge

To provide banking support for the entrepreneur.

The Solution

First of all, Imperial & Legal`s advisors helped don Sergio to open an account in one of the investment companies located in the City of London. In that way, applicants do not have to confirm that they are UK residents.

An investment account is one of the mandatory requirements to get a UK Investment visa. The financial institution that grants an account is responsible for due diligence check and confirmation that the income was legally sourced. It carefully studies all the reports to ensure that the money has a legal source of income and is not connected with criminal activity, drugs, trading of weapons, and other offenses.

The due diligence check was passed, the account was opened, and the visa was granted. Don Sergio relocated to London and started getting used to his new life.

However, he faced one more challenge. Apart from a British account, don Sergio decided that he needed to open a European bank account to travel across the EU and not to transfer to the UK the income that he would earn in his home country.

Imperial & Legal`s specialists fulfilled that request as well. For daily financial operations in the UK, they helped our client to open an account in the premium branch of one of the UK retail banks.

Our client got full support with all the matters concerning British and European bank account operations and had all his needs met.

Don Sergio got his UK Investor visa and opened the required bank accounts in three and a half months

24 February
Contact is made with Imperial & Legal
+1 week
Documents are prepared and agreed upon
+2 weeks
Investment account for UK Investor visa is opened
+2 months
UK Investor visa is granted
+3 days
Bank account in a UK retail bank is opened
+3 weeks
Documents for a Swiss bank account are prepared and submitted, bank account is opened
11 June
Don Sergio gets the required banking support

The Conclusion

The UK banking system is indeed rather strict. Especially when it comes to corporate clients and foreign entrepreneurs. The country actively fights money laundering. Law-abiding applicants do not have to fear the checks but must be ready to provide a lot of papers proving the legality of the business.

For that reason, it is better to contact qualified consultants that will help you collect and prepare the package of necessary documents to avoid a refusal on the ground of wrongly prepared accounting and tax reports.

Imperial & Legal`s experts have a rich experience in these matters and will eagerly provide you with the needed support: tell you about the particularities of British and European banks, select the financial institution that will meet your request, and prepare all the required documents. You will be able to open an account in a reputable European bank without any losses of time or efforts.

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