Best non CRS country for cash deposit

[George P]

Hi all,

I earn money mostly in cash and am currently looking for a way to deposit this to an offshore bank account while still being able to spend it via online banking/card payments. I am currently looking into starting a Limited Company in Hong Kong as I've heard depositing cash can be done without any questions since it's income from abroad which is excepted from taxes. Am I on the right path or are there other ways to do this? I am an EU citizen and expect to deposit 30K/month and spend 15K/month from this account.

 

[wellington]

George P said:
Hi all,

I earn money mostly in cash and am currently looking for a way to deposit this to an offshore bank account while still being able to spend it via online banking/card payments. I am currently looking into starting a Limited Company in Hong Kong as I've heard depositing cash can be done without any questions since it's income from abroad which is excepted from taxes. Am I on the right path or are there other ways to do this? I am an EU citizen and expect to deposit 30K/month and spend 15K/month from this account.
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Hardly inconspicuous spending 15,000 a month

 

[Martin Everson]

George P said:
Hi all,

I earn money mostly in cash and am currently looking for a way to deposit this to an offshore bank account while still being able to spend it via online banking/card payments. I am currently looking into starting a Limited Company in Hong Kong as I've heard depositing cash can be done without any questions since it's income from abroad which is excepted from taxes. Am I on the right path or are there other ways to do this? I am an EU citizen and expect to deposit 30K/month and spend 15K/month from this account.
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You may want to think very carefully about your intentions here.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JohnLocke]

It sounds very mysterious. I don't think anyone would assume that the money you're talking about earning is legal, so I believe they would quickly come after you, I suppose.
On the other hand, you could explain how you earn your money, which could demystify the situation for the bank as well.

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[Alexmorgan]

Nowadays this activity considered as money laundering

No one is telling this clearly but the world is going towards blocking cash from people's hands and limits it through EMIs and banks only

You legal or not it doesn't matter but even if you are 100% legal you need to do a lot of games to put all this money into the regular banking system

 

[float]

Depending on what country you live in it can be quite easy to purchase cryptocurrencies with cash. Unfortunately the premium can be up to 10%. Once you have cryptocurrency, it can get a lot easier.

 

[jafo]

George P said:
Hi all,

I earn money mostly in cash and am currently looking for a way to deposit this to an offshore bank account while still being able to spend it via online banking/card payments. I am currently looking into starting a Limited Company in Hong Kong as I've heard depositing cash can be done without any questions since it's income from abroad which is excepted from taxes. Am I on the right path or are there other ways to do this? I am an EU citizen and expect to deposit 30K/month and spend 15K/month from this account.
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These are NOT big amounts, for example, if you are selling perishables in Piazza Mercato in Lugano. I know plenty of people selling Organic Foods in Bio Markets who have much more significant revenues.
Of course, they do deposit everything in their local banks. Usually, these banks are a hop and a skip from the market where they sell. As in, the bank employees are usually also one of their clients and can readily attest to the "traffic" of buyers at their customers' kiosks.

If you want to deposit the money in Hong Kong, by law, you aren't really allowed to travel with more than €10K unless you declare it first: Rules for taking cash in / out of the EU; travelling with cash in the EU - Your Europe. , so technically, you need to make 3 trips per month. The question is: Why? 🙄

Also, spending €15K per month is WAY above what "educated" public servants earn, so there will be all kinds of uncomfortable questions. hi%#

 

[Houdini]

OP what are you doing for living ?