Liechtenstein and Luxembourg are not part of EU how about reporting?

[suzy]

I has a fun discussion with a friend yesterday about Liechtenstein and Luxembourg companies and tax. Now these two countries are not par of the European Union how is it with the reporting I think about TIEAS, AEOI and all the other stuff they have implemented in the USA and Europe?

Does someone know how the banks are behaving after all of this? any links, public reports or something where we can read about it?

 

[negon]

I will be doing research on this and hopefully be able to post back.. it's an interesting topic actually since both countries are not a member of the EU it's interesting how they relate to it.

 

[bonox]

Here is some information that may be of interest for you guys https://www.vpwealth.hk/data/docs/en_HK/4365/CUG-50-AIA-en.pdf

3. Who is affected by AEOI? Financial institutions subject to AEOI requirements will report information on clients who are resident for tax purposes in other participating jurisdictions that implement AEOI. The disclosure requirement applies to accounts held by both individuals and entities, irrespective of legal form (including trusts and foundations that do not qualify as financial institutions under AEIO rules). The standard also includes the obligation to investigate “passive entities” and to report the individuals who actually control these entities. Ultimately, any persons who have a beneficial interest in the assets or who have control over a legal entity (“controlling persons”) must be reported. In general, the standard applies a “look-through approach”, which requires the ultimate beneficial owner of the assets to be identified to the extent permitted under existing rules, for example anti-money laundering rules (KYC documents). Legal entities that qualify as financial institutions are directly responsible for fulfilling the reporting obligations.
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[negon]

ane here is another one EU and Liechtenstein sign deal on automatic exchange of tax data - Consilium

 

[suzy]

It's going to be the same as Germany and any other European country has to do. Liechtenstein and Luxembourg both agreed to share information!

 

[predator]

It's simply to expensive for me. I whish there was something cheaper similar to this?!

 

[MoneyMiner]

Is liechtenstein company good offshore company or is better country for my business?

 

[uplana]

MoneyMiner said:
Is liechtenstein company good offshore company or is better country for my business?
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Sorry but with your budget it is a real no go for you. 😉 Just meant to be a friendly advise since I have read your other threads.

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[uplana]

suzy said:
It's going to be the same as Germany and any other European country has to do. Liechtenstein and Luxembourg both agreed to share information!
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Do you believe it to be the same as any other European country, why that? I believe they will have to report at a certain level but don't think they will report all of it.

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[Houdini]

uplana said:
Do you believe it to be the same as any other European country, why that? I believe they will have to report at a certain level but don't think they will report all of it.
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You need to do proper research when you claim that they exchange information!

 

[cosmo]

For large cooperation I can imagine that Liechtenstein is still attractive! However, do to all the changes around Europe I would not Invest that much money into any jurisdiction other than my local. But I understand that for large operations it's not the 50k that makes any difference!

 

[dirtyharry]

Say I have the 50k EURO that is required to setup a company in Luxembourg and say I have 10k to establish the company! Where would you go to setup your Luxembourg company? Do you know of any agent or firm that is trust worthy to do so?

 

[maxmoney]

Wow 50k = 50,000 euro ? really so much money for a simple company registration in Luxembourg?

 

[JohnLocke]

maxmoney said:
Wow 50k = 50,000 euro ? really so much money for a simple company registration in Luxembourg?
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It's called share capital that can be used later on for company expenses. The registration costs are not included in this amount!

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[bastard]

What do you think these two countries are safe to open a offshore company there!?? no tax total anonymity?

 

[Internationaloff]

suzy said:
I has a fun discussion with a friend yesterday about Liechtenstein and Luxembourg companies and tax. Now these two countries are not par of the European Union how is it with the reporting I think about TIEAS, AEOI and all the other stuff they have implemented in the USA and Europe?

Does someone know how the banks are behaving after all of this? any links, public reports or something where we can read about it?
Click to expand...

Liechtenstein and Luxembourg will report automatically clients and account information to the tax authorities by 2017.

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[bastard]

Internationaloff said:
Liechtenstein and Luxembourg will report automatically clients and account information to the tax authorities by 2017.
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You mean if we open a company there? what about banking still secret?

 

[Internationaloff]

******** said:
You mean if we open a company there? what about banking still secret?
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I remember that the Automatic Exchange of Information (AEOI) is between the bank and tax authority.

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[lostman]

auric said:
ane here is another one EU and Liechtenstein sign deal on automatic exchange of tax data - Consilium
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Seems this is not the right place to register a company or open bank account!! 🙁

 

[Internationaloff]

lostman said:
Seems this is not the right place to register a company or open bank account!! 🙁
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Liechtenstein, Luxembourg and Switzerland no longer have banking secrecy.

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