We're moving to the Island !

[slinkydevil]

@Crypto Dave

Just a heads up. If you're looking at incorporating the business here and want to have a local business bank account, expect 6-8 weeks minimum. Some were projecting upto 4 months to just open a business account.

Welcome though, you come across as a level headed sort of person. 

[Crypto Dave]

4 hours ago, slinkydevil said:

@Crypto Dave

Just a heads up. If you're looking at incorporating the business here and want to have a local business bank account, expect 6-8 weeks minimum. Some were projecting upto 4 months to just open a business account.

Welcome though, you come across as a level headed sort of person. 

ok thanks, thats worth bearing in mind

what about personal accounts, i assume they are a bit quicker to set up?

 

Edited August 9, 2019 by Crypto Dave

[ecobob]

Yes, they are, and you can apply before you get here to get the ball rolling. They will need the usual paperwork gubbins as proof of identity, address, inside leg measurement, possibly more than you are used to. We’re heavily regulated here due to our low tax status. If you have everything they need then you can usually open a new account within a week. 

[ballaughbiker]

I think setting up a personal account will be easy compared to Spain.

Just a heads up if you are keeping a Spanish account, it is not easy to get them to accept money from the IOM. I tried to open an account with Caixa and they were very wary as I supposedly live in a 'tax paradise'. Went to Sabadell and they very reluctantly opened an account and the only way to pay into it is from an account in my name. 

The reason for this is that we have signed the information exchange stuff but the Spanish government, 2+ years later haven't ratified it. Bottom line, Spanish banks will treat Manx residents like shit and they don't seem to be in any hurry to ratify anything.

Thankfully there is a way around all this by not banking in Spain and it is possible due to SEPA direct debits.

[Crypto Dave]

For me, setting up a Spanish bank account was the easiest account i have ever opened , all they wanted was my passport and my old uk address,  they even suggested i had my bank debit card sent to the same branch, where i collected 7 days later . they didn't ask me anything  - a bit of a surprise really 

and mine wasn't set up all that long ago, never really needed it here because we kinda just used  my partner's account.   She set her account up years ago again with no fuss or bother.  

Edited August 9, 2019 by Crypto Dave

[trench12]

Opening accounts is more difficult in any jurisdiction, I opened a Spanish account in a few minutes, but I think an NIE number is now needed, opened an account in Germany in an even shorter time, but opened both accounts a number of years ago

[John Wright]

On 8/6/2019 at 10:15 AM, The Phantom said:

If you're planning on setting up a business when here (if MF trolls haven't discouraged you) there is a different visa possible - the Tier 1 Entrepreneur Visa. 

https://www.gov.im/categories/travel-traffic-and-motoring/immigration/invest/tier-1-entrepreneur/

 

He’s British. None of this applies. Still needs a work permit.

[woolley]

7 hours ago, slinkydevil said:

@Crypto Dave

Just a heads up. If you're looking at incorporating the business here and want to have a local business bank account, expect 6-8 weeks minimum. Some were projecting upto 4 months to just open a business account.

Welcome though, you come across as a level headed sort of person. 

Yes. I can vouch for this, and worse. I was quite astounded when an associate was opening one for a new enterprise recently. Despite going to the top (locally) to chivvy it along, things seem to have deteriorated to the extent where processes you could get done in a couple of days a few years ago are taking several months. I understand that it's down to cuts in the relevant departments and antiquated systems that cannot cope with the demand. It certainly wasn't KYC issues in the instance I'm relating.

It's worse than waiting for the GPO to install a phone in 1974.

[woolley]

2 hours ago, Crypto Dave said:

For me, setting up a Spanish bank account was the easiest account i have ever opened , all they wanted was my passport and my old uk address,  they even suggested i had my bank debit card sent to the same branch, where i collected 7 days later . they didn't ask me anything  - a bit of a surprise really

That was my experience too, but it wasn't set up recently. They have asked for a bit more more info periodically over the years, but it's never been a problem. They see cash going through the accounts and are happy to just keep taking their charges, I suppose.

[Crypto Dave]

1 hour ago, woolley said:

Yes. I can vouch for this, and worse. I was quite astounded when an associate was opening one for a new enterprise recently. Despite going to the top (locally) to chivvy it along, things seem to have deteriorated to the extent where processes you could get done in a couple of days a few years ago are taking several months. I understand that it's down to cuts in the relevant departments and antiquated systems that cannot cope with the demand. It certainly wasn't KYC issues in the instance I'm relating.

It's worse than waiting for the GPO to install a phone in 1974.

worse than waiting for  the GPO in 1974 to install a phone???

oh nooooooooooooooo

  

[Crypto Dave]

2 hours ago, trench12 said:

Opening accounts is more difficult in any jurisdiction, I opened a Spanish account in a few minutes, but I think an NIE number is now needed, opened an account in Germany in an even shorter time, but opened both accounts a number of years ago

if you dont live here full time, you can get a bank account without an NIE , just with a passport  ( well Brits can anyway)

[John Wright]

3 hours ago, Crypto Dave said:

if you dont live here full time, you can get a bank account without an NIE , just with a passport  ( well Brits can anyway)

Even Spanish banks are tightening up. I have a current account with La Caixa that they have run for 15 years. Last year they wanted full kyc, aml, cdd, before they’d renew my debit and credit cards.

Until two years ago I had a current and mortgage account with another bank. I sold the apartment, paid off the mortgage, and the balance ended up in their current account.

Completion was at the offices of a notary and the bank sent along its representative to sign the cancellation of the mortgage on funds going through electronically. All dealt with by their legal department.

Then they froze the account, wanted to know the source of funds! They wanted more and more, each time they were sent stuff. In the end I told them to close the account and send elsewhere.

I’d originally bought with a 100% mortgage. I’d made 12 years worth of monthly repayments through the current account. They knew the source of every last euro and eurocent .

I sailed into Santander yesterday, from Cork. As well as immigration and customs the finance police were out in force, stopping every third car, Irish, Brit, Manx, Spanish, asking how much cash. I declared my €200 and £150 and they asked me to sign a form. It only listed the euros, apparently sterling really isn’t worth anything!

[pongo]

14 hours ago, slinkydevil said:

Just a heads up. If you're looking at incorporating the business here and want to have a local business bank account, expect 6-8 weeks minimum. Some were projecting upto 4 months to just open a business account.

Revolut does business / freelancer accounts which are much less hassle to set up than the old fashioned legacy banks.

https://www.revolut.com/business/help/getting-started/signing-up/creating-a-business-account

Quote

To open a business account, you’ll need to fill out a short online application form. This should only take around 10 minutes. 
Once you’ve submitted your application, you’ll join short queue. Our team will review your application and may reach out to you to confirm a few details. It usually takes between 1 - 7 days to open your business account, but it may take a bit longer if we’re experiencing high demand.

Not strictly local. But local enough for most things. And is available to IOM based businesses.

Edited August 9, 2019 by pongo

[Crypto Dave]

so we finally all got here,  and yes it has rained a lot since our arrival , but we were expecting that,

and so far we feel happy here , long many it continue

and now a question about work permits 

how easy are they to obtain?  if you want to be self-employed    

[craggy_steve]

On 11/6/2019 at 7:16 AM, Crypto Dave said:

so we finally all got here,  and yes it has rained a lot since our arrival , but we were expecting that,

and so far we feel happy here , long many it continue

and now a question about work permits 

how easy are they to obtain?  if you want to be self-employed    

Self-employed - dunno.

Running your own one man company, generally not a problem. The employer has to apply for it, so first you incorporate your company, then your company applies for a work permit for you as CEO.

Certain occupations are exempt, for instance Digital/IT workers earning over £25K.... crypto might fall into that space. Feel free to message me if you want to meet up and pick my brain over a coffee.