Jordan is not on the FATF List of countries that have been identified with strategic AML deficiencies.

Opening de cuenta
banking in Jordan

Country banking analysis

Everything you need to know to set up an operating company with a bank account.

1. Exchange of banking information

There are prison terms for disclosing customer bank details to third parties (and possibly fines).

Banks are partially subject to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).

Banks are largely required to maintain sufficient records of their customer and transaction data for law enforcement (old FATF recommendation 10 / new FATF recommendation 11).

Banks and / or other covered entities are NOT required to report large transactions in currency or other monetary instruments to designated authorities.

Is it legal to open an offshore bank account in Jordan?

D

We must emphasize that it is perfectly legal to open a offshore bank account in Jordanas well as any offshore jurisdiction or low tax. Illegality arises when the beneficiary of these offshore accounts

You have not informed the administrative and tax authorities of your country of origin of the opening of said bank account.

2. Measures to avoid tax evasion

Dividend payments: No unilateral relief for double taxation through a tax credit system.

Interest payments: No unilateral relief for double taxation through a tax credit system.

3. Cash flow

The jurisdiction accepts the circulation of large notes / cash notes of its own currency (with a value greater than 200 EUR / GBP / USD).

Bearer shares are not available / not circulating.

Series LLC / Shielded Cell Companies are not available.

Trusts with escape clauses are not prohibited.

MORE CONFIGURATION SERVICES SOLUTIONS

  • Shareholders and Agents
  • Office permits
  • Protection of trademarks and copyrights. - Market study.
  • Legal support
  • Proportion of details of temporary unions or associations
  • Fusions and acquisitions.
  • Internal control.
  • Group restructuring.
  • Financial management consulting.
  • Buy a business.
  • Valuation of companies.
  • Credit recovery
  • Job solutions
  • Due diligence search on existing companies and individuals

4. Anti-money laundering legislation

Jordan is not on the FATF List of countries that have been identified with strategic AML deficiencies. The last Mutual Evaluation Report related to the implementation of anti-money laundering and terrorist financing standards in Jordan was conducted in 2019. Based on that evaluation, Jordan was found to be in compliance with 4 and largely in compliance with 15 of the 40 FATF Recommendations.

It was considered Highly Effective for 0 and Substantially Effective for 2 of the Effectiveness and Technical Compliance ratings.

Overall Non-Compliance Score for FATF Standards in Percentage: 62,5%.
(100% = all indicators rated as not met / low level of effectiveness; 0% = all indicators rated as completed or highly effective).

5. Automatic exchange of information

The automatic exchange of information is extremely secret in Jordan.

Jordan is not a signatory to the Multilateral Competent Authority Agreement (MCAA), which provides the multilateral legal framework to engage in Automatic Exchange of Information (AEOI) in accordance with the OECD Common Information Standard (CRS)

What type of private banking exists in Jordan?

International Banking
Local banking

Central bank security ⭐⭐⭐

The international and digital banks They're available.

CRS: NOT.

Real bank operations: 90%.

Type of visa: JOD, US $, €.

Joint accounts: SI.

Remote management account: To consult.

Asset management Depending on the rating of the company.

Rates: It depends on the type of account.

Credit / debit cards in local currency

Crypto friendly banks: It depends on the correspondent bank.

Portfolio availability: It does not depend on the correspondent bank.

Ability to issue letters of credit: SI.

Why with Foster Swiss?

Foster Swiss is an international company registered in Switzerland aimed at providing financial and compliance advice on a variety of topics related to company formation
and commercial banking internationally. We are specialized in the implementation of businesses in different jurisdictions, which means that we offer value-added services helping our clients in their expansion abroad.

Some of these services include:
Advice and consultancy,
visas, offices, nominated director / shareholder / secretary,
accommodation if necessary… to name a few.
Check with your assigned consultant for more information.

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