Euro Pacific Bank

FAQs Related to Client Notice on Change of Jurisdiction

AS OF OCT 20TH 2017

  NOTICE OF CHANGE OF JURISDICTION

Please review the Notice published here before reviewing the FAQ below.

How will the move affect my account or use of the Bank?

The move will not affect your account, your online banking access, or any other aspect of the use of your account.

The only change will be that we have added a new office in Puerto Rico with additional staff.

Is this a new Bank? Will the old Bank be dissolved?

No, it is the same legal entity, licensed in Puerto Rico instead of St. Vincent and the Grenadines.

When will the move take effect?

The move will take effect on November 20th 2017.

Is there any change to my wiring instructions?

There will be no change to your wiring instructions. Our existing BIC, EPBLVCVC, will continue to function into the foreseeable future. We have also obtained a new BIC, EUPNPRSJ, which we will begin to use over the coming weeks and months.

Are there any new forms, laws or regulations I have to comply with?

There are no additional laws or paperwork that customers need to complete, or comply with as a result of the move.

What are my obligations under CRS and FATCA in Puerto Rico?

Customers of Euro Pacific Bank in Puerto Rico will no longer be subject to reporting requirements under the new international Common Reporting Standards (CRS) legislation, which is set to take effect in St. Vincent and the Grenadines next year, as Puerto Rico is a US territory, and the United States has not signed on to implement this Standard.

As in St. Vincent and the Grenadines, FATCA compliance is still mandatory in Puerto Rico. For more information on the Bank’s FATCA compliance program please read here.

As always, customers are strongly encouraged to consult their local tax advisor for any information about their tax obligations internationally. Euro Pacific Bank does not provide tax advice.

The Bank is “redomiciling”, what does this mean?

Euro Pacific Bank is redomiciling the legal entity to Puerto Rico. The process of redomiciling the Bank involved receiving approval from the Puerto Rican regulatory authorities for the Company to continue business into the jurisdiction and be recognized there as a Bank. As part of this process the legal name of the Bank is now changing to Euro Pacific Intl. Bank Inc., but will continue to use the trade name Euro Pacific Bank.

Additionally, the Bank will no longer be regulated in St. Vincent and the Grenadines by the Financial Services Authority. Instead, the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico will be the Bank’s primary regulator.

The option to redomicile the Bank was chosen due to the fact that the entity is not dissolved or discontinued, instead all of the Bank’s assets, customers and operating history will simply continue into the new jurisdiction.

How will Puerto Rico’s government debt and financial problems affect my funds?

Your funds are not exposed to the Puerto Rico debt situation, or at risk due to financial difficulties in the region.
As was the case in St. Vincent and the Grenadines, your deposits are not held with local domestic banks, and thus are not subject to any of the bail-in or seizure provisions within the country. Instead, funds are held in correspondent institutions around the world.

Furthermore, the Bank does not invest client funds. In fact, we will continue to maintain our full-reserve policy of non-lending and zero proprietary trading.

Additionally, the Bank will no longer be regulated in St. Vincent and the Grenadines by the Financial Services Authority. Instead, the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico will be the Bank’s primary regulator.

The option to redomicile the Bank was chosen due to the fact that the entity is not dissolved or discontinued, instead all of the Bank’s assets, customers and operating history will simply continue into the new jurisdiction.

Being legally domiciled in Puerto Rico will provide us with many benefits – clearing USD directly, reduced costs and paperwork – while continuing to offer a conservative and internationally-accessible online bank.

Since Puerto Rico is Spanish speaking, will this impact any banking products or services?

The Bank will continue to conduct all operations in English, with secondary support for other languages remaining in place. English and Spanish are both official languages in Puerto Rico.

Do new clients need to visit Euro Pacific Bank in Puerto Rico to open a bank account?

Euro Pacific Bank will maintain the same account opening procedures, which do not require onsite client visits. All accounts can be opened remotely through electronic transmission of the necessary documentation and information. For more information on our account opening process you can review it here.

Can Euro Pacific Bank now accept US companies and/or persons?

Euro Pacific Bank will continue its current policy of not accepting any US corporations or US persons as clients.

Will the bank change contact phone numbers and/or hours of operation?

Hours of operation will remain the same as Puerto Rico and St. Vincent and the Grenadines operate on the same time zone. The Bank has one new additional phone number, which is +1-787-280-9766. All other phone numbers and contact details will remain the same.

Will my bank account be protected by the FDIC?

As a non-domestic financial institution, we will not be participating in FDIC at this time. We continue to maintain the utmost conservative banking policies as possible, which includes zero lending and zero proprietary trading of bank funds.

How will natural disasters, like hurricanes, affect the bank if it’s based in Puerto Rico?

Although we are located in Puerto Rico, as an online bank we have built redundant offices and hired staff around the world to ensure bank operations will continue during natural disasters.

Note also that your assets are not physically located in Puerto Rico – instead held in correspondent institutions and custodians around the world, whether cash, shares, or precious metals.

In the most recent case of Hurricane’s Irma and Maria, which significantly impacted banking operations throughout the Caribbean, Euro Pacific Bank experienced no downtime despite some physical damage to various offices.

LAST UPDATED: MARCH 11, 2024

August 29, 2022: Euro Pacific Bank liquidation has commenced. Please read our formal instructions here as it is time-sensitive.

September 2, 2022: Update on pending transactions, brokerage, and account migration.

September 8, 2022: Qenta has emailed a welcome letter to all EPB clients. You can read a copy of it here.

September 16, 2022: Update on pending transactions for clients opting out of Qenta Inc. migration.

September 28, 2022: Update on pending transactions for clients opting out of Qenta Inc. migration.

September 30, 2022: Update on bank liquidation, pending transactions, and migration of assets to Qenta Inc.

October 8, 2022: Update on opt-out deadline for EPB clients who do not wish to migrate their account to Qenta Inc..

October 14, 2022: Customer Update & Townhall.

October 21, 2022: Update on Opt-out deadline - Extended.

November 01, 2022: Mutual funds & outgoing wire requests update.

December 05, 2022: Migration & liquidation update.

December 16, 2022: Comprehensive FAQ is published.

January 27, 2023: Correspondent bank update.

March 8, 2023: Migration & liquidation update.

March 31, 2023: Migration & liquidation update.

April 20, 2023: Liquidation update- Action required.

May 05, 2023: Migration & Liquidation update.

May 31, 2023: Migration & Liquidation update.

June 17, 2023: Receiver's report.

June 23, 2023: Migration & Liquidation update.

July 20, 2023: Migration & Liquidation update.

September 01, 2023: Migration & Liquidation update.

September 22, 2023: Report & Communication Portal.

September 22, 2023: Report & Communication Portal.

November 20, 2023: Progress Report (Opt-out Only).

November 21, 2023: Migration Update (Opt-in Only).

February 02, 2024: Migration & Liquidation update.

February 19, 2024: Migration & Liquidation update.

March 03, 2024: Migration & Liquidation update.

March 11, 2024: Receiver's Reports.