Is there an issue of sending business transactions in small amounts to a personal accounts if ... ?

[rainy]

Theoretically.

If one is staying in a countries X, Y, Z and has a bank account in a country A. Perhaps one is even a tax resident in country X officially, or not.
And one is doing business online, worldwide, with relatively small revenue, which is barely distinguishible from the transactions an average individual would generate, which is at most and in sum, $5k/month. Maaaaybe, sometimes..... close to $10k/mo, but not exceeding it for sure. And one receives payments to a bank account in that country A.

None of the said countries is US, UK, EU....

Would here be anything deemed criminal activity, tax evesation or anything similar? If yes, what presicely?

 

[troubled soul]

Small amount no body cares.
It cost more money for authority to investigate you.

 

[rainy]

Understand not what on based you speak why that concreate specified numbers I.

 

[Silvio]

There's a name for that - smurfing

To answer your question: Some banks will ask you questions, some won't. Either way the banks will report you automatically via CRS\AEOI

 

[rainy]

First - "some will ask questions, others - not" is equal to giving no answer.
Second - smurfing would take place in a narco-cartel 🙂 A consultant or programer *laundering* $5k/mo or $10k/mo would be funny. Launder them from what? From doing actuall consulting or software business?

Last edited: Apr 5, 2021

 

[ShillGates]

@rainy its not what you think it is. It is about the bank you use to make sure what it is NOT. They need the proof otherwise they are liable.

 

[JohnLocke]

rainy said:
First - "some will ask questions, others - not" is equal to giving no answer.
Second - smurfing would take place in a narco-cartel 🙂 A consultant or programer *laundering* $5k/mo or $10k/mo would be funny. Launder them from what? From doing actuall consulting or software business?
Click to expand...

Even small amounts will sum up, as @martin eversen said for some time, the tax man will lie in hiding for maybe 3,4 or more years before he strikes. By that time you may have laundered maybe 100K or even 300K and now we speak money which is of interest for the authorities.

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[Sols]

rainy said:
First - "some will ask questions, others - not" is equal to giving no answer.
Click to expand...

If you want an answer that's certain for your situation, go ahead and see what happens. Try it and report back.

In the meantime, the best you can do are good answers such as @maxmmm's. It depends.

If you provide more details, we might be able to assess the risk but it's ultimately unknowable for anyone other than the people at your bank in that moment.

Toggle signature
This is the probably the answer to your question.

 

[rainy]

@Sols
My question is rather theoretical.

Admin said:
Even small amounts will sum up, as @martin eversen said for some time, the tax man will lie in hiding for maybe 3,4 or more years before he strikes. By that time you may have laundered maybe 100K or even 300K and now we speak money which is of interest for the authorities.
Click to expand...

Alrigh, but why would it be seen as a sum? Generally speaking, the taxman looks at at amount or shrehold on the yearly basis. And generally, the amounts under $10k or, perhaps, under even up to $100k per year - I don't know how much - are deemed ok or not worth digging in. Next year comes - counting from zero. No?

Last edited: Apr 5, 2021

 

[rainy]

Besides, the taxman of the said countries X, Y or Z would come into play and try to do something only if a person became a tax resident of any or multiple of these countries -- X, Y or Z. Correct?

 

[newNomad]

Admin said:
Even small amounts will sum up, as @martin eversen said for some time, the tax man will lie in hiding for maybe 3,4 or more years before he strikes. By that time you may have laundered maybe 100K or even 300K and now we speak money which is of interest for the authorities.
Click to expand...

Good questions.
Btw why "laundered"? It's just a case of evasion or avoidance, not laundering since as he said it's a legit money done by real productive activity

Also what if after 2 years he stops? :L The taxman would see year 3 and 4 all compliant and be in a dillemma...😀