Zen.com and CRS?
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Well, I admit I don't understand well what you wanted to say; yet (re-)read this https://www.offshorecorptalk.com/threads/zen-com-and-crs.45465/post-315907
If you are afraid about reporting you, then yes 😉
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
Yes they also write me that they reported to LT tax autorties and then the LT tax autorities get to another law autorities
So bye bye 🙁
Last edited: Nov 5, 2024
So bye bye 🙁
Last edited: Nov 5, 2024
and where is the problem? Nowadays you need to be tax compliant. So is nearly no place anymore to hide your money...
Zen is the last EMI I would use, because much of their business is based in Poland. Polish prosecutors sooner or later destroy any innovative business run from within the country. It happens so frequently you would almost suspect it's some kind of conspiracy to prevent the Polish economy from growing in any way. Mark my words - if they are doing anything wrong or not they will get destroyed sooner or later. The latest victim is https://cinkciarz.pl/ - online currency exchange that I guess was taking too much business from western european banks...
Yes, what occured with Conotoxia and Cinkciarz is really messed up. I am hopeful some of their lawsuits against the banks in PL and the KNF as a whole will be successful, but this is 'in the stars'.
ZEN is under pressure mainly in Lithuania too; the regulator is quite crazy in current times and they underwent LB's audit there a short while ago too.
They at least managed to relocate to Cyprus fairly quickly. This is all fairly normal for Poland.
Some tech company does well, some sheriff prosecutor wants to make a name for himself and issues arrest warrant. In Poland it is enough for prosecutor to sign a document and you get 6am raid in house. No judge needs to order it, no judge reviews it. He is free to do whatever he wants, evidence or not. He has to go to court to get 3 months temporary arrest but in most areas the judges have 90-100% in favor of the prosecutors request for temporary arrest. After arrest, they like to make giant media campaign of their great success in fighting organized crime. The arrest gets extended potentially for years and then finally guy gets released, *quietly* found not guilty and after 20 years of court battles get some bulls**t compensation after losing company, family and everything. Prosecutor that was wrong gets nothing. Previous government even removed "fruit of the poisoned tree" from criminal law so even illegal evidence or evidence obtained outside of correct procedures can be used. This has happened dozens of times. At this point every fucking "loud" arrest is suspicious to me.
I know some people have recommended Poland for IPBOX etc for taxes but honestly - everyone should stay the f**k away from this country. The justice system here makes you miss the mafia from the 90s. Running a successful business here will in the long term earn you nothing other then PTSD.
So you assumed that Zen did not report to the tax authorities about your banking relations, hopefully that's not true! Everyone in Europe does that, that's the beauty of this whole tax fest they've got going on.
EuroPacBank was also based in Poland? 😳rof/%
Joking aside, really stay away from Poland.
I have already had a bad experience myself.
If they block your money, you can deem it as a donation to the government.
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Post in thread 'ING BANK IN Poland'
Mar 8, 2020I'd stay far away from Poland.
A prosecutor blocked my money (less than 30 $) because it "seemed to be involved in terror financing and money laundering".
They could not find/prove anything and they stopped the impeachment two years ago, but they did not release the money.
The account got blocked in 2013. Honestly I do not care about that small amount of money, but I will never deal with Poland again.
Yes, this country is absolutely terrible to do business in. If not tax authority, then prosecutor, if not prosecutor then government regulations. Everyone is throwing s**t under your feet so you fail... not only do business people have s**t like this on their heads, I can also forget the sun exists until around April. I've been looking at houses in Cyprus lately.
A friend of a friend got a criminal sentence (I repeat a criminal sentence, not a civil penalty) because he happened to keep one 50-dollar printer that was on the balance sheet of the company at his home office.
It's almost the standard in the EU by now; many countries make it incredibly difficult to run innovative businesses that are, mind you, completely legal.
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cionide said:
Yes, this country is absolutely terrible to do business in. If not tax authority, then prosecutor, if not prosecutor then government regulations. Everyone is throwing s**t under your feet so you fail... not only do business people have s**t like this on their heads, I can also forget the sun exists until around April. I've been looking at houses in Cyprus lately.
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OK friends, all this is definitely an useful information for someone not familiar with the Polish business environment ”“ but do not hijack the thread so much, please. If you like to continue, feel encouraged to open a new thread in General Business Discussions; I will move these posts there afterwards 🙂 (and perhaps also add my 2 cents 😉 )
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
It wasn't local bank accounts, but accounts with services like Revolut and Mister Tango, just to name a few. And so, you believe, along with others, that the tax authorities out of 6 million residents found my name and then wrote specifically to those two to inquire if I had accounts there and, if so, to send all the details?
That's far-fetched, and I don't believe it. EMIs and neobanks now report everything to tax authorities and to the respective countries where the account holders reside. If any of you think otherwise, good luck when you end up in the same position I was in. Once you're caught in this situation, that's when the real trouble begins.
Don't think they act politely, the tax authorities now use the same dirty tricks as criminals; they lie, they conceal, and they try to trap you into confessions so they can charge you with even greater offenses. That's how it is in Denmark, at least.
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My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
Exchange of information on request (EOIR) happens when investigations start but before that accounts are reported when they qualify as reportable for CRS purposes.
EOIR is more generic, tax office asks for all the information they have about the taxpayer.
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