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As I have posted today, almost all authorities under OECD agreement of tax exchange information will exchange tax information when requested to another country. This goes as far as obtaining profit loss, ubo, nominee shareholders, rental contracts, invoices, employee names etc. They just have...

This is a post to inform some of our experience with what information another countey can request to any country and what information they receive. The answer is quite short : the requesting country receives almost all information such as : - UBO - directors in the past 7 years with their...

I believe Wise already exchange information through CRS since they are a bank. I recently heard from a person in Belgium who created a new wise account this year, all ready the all wise bank information is displayed in his digital online profile by the National bank. Twice a year the ending...

If you are Thai resident it won't be reported to the other country. If you are on a tourist visa then they know your financial information. If you are not residing in your country of citizenship anymore and are not considered a tax resident there anymore, nothing wil happen. If they still...

In the Netherland they want to introduce a new law where every transaction above 100EUR will be reported, yes 100EUR! https://www.rtlnieuws.nl/nieuws/pol...sen-banken-nieuwe-witwas-wet-minister-kabinet Large database The new law should make it possible for every transfer of 100 euros to be...

There is no clear answer on this as multiple factors might trigger a check or put the account at risk. One can have an account and transfer 500k usd without questions asked and someone else for two payments of 3k eur questions can be asked. Frequent regular payments of 9k eur in the first six...

This is correct, therefor banks have the option to select there is no TIN available and one can add/select the reason why no TIN is available. Definitely banks have a list of jurisdictions that don't provide a TIN, so I believe one can assume that not providing a TIN will be accepted for some...

Why do you need to specifically mention the mining industry? Spare parts for machinery are spare parts for machinery. Giving examples should be sufficient, as infrastructure machinery etc also requires spare parts. Whats your connection to Hong Kong? Are the spare parts purchased from Mainland...

I cannot recommend any and believe all will be the same. Transferring amounts over 10k eur from a personal account will trigger on every EMI KYC, also even from regular banks. You are burning your options like this. The best approach is to use multiple EMI and transfer smaller amounts with...

They were allowed 10 ten years to review complex tax returns (which is the case when the taxpayer is involved in hybrid structures, CFCs or structures subject to the Cayman tax). From this year or next year standard also all Belgian entities need to keep accounting records for 10 years. Where...

Belgian tax authorities can now go back 10 years, so the chance you will get caught in the next 10 years are realistic. If you can't pay the tax bill when caught (which will be easily double of your revenue through the LLC with all taxes, fines, interest and legal costs) all your assets will be...

This depend on your country of residence, some countries no withholding tax is deducted

This topic was already covered. Ofcourse an agent will follow the correct way and charge. You can just not renew the license and let the company be struck off automatically. We have done it on recommendation of our local auditor and know several others who did it, even they had millions usd...

I'm not sure why previous posts just confirm this is no problem as banks might block the transfer and ask for more information. This would be the least of my concerns, triggering an investigation by the Spanish tax authorities would be of a much bigger concern, as it seems you did not declare...

These are options, but definitely depending on the situation and business scope, relationship etc do nothing without proper legal advice. If there are no clauses that protect the shareholders of opening another business then one has for my understanding always the right to start a new...

Buy him out or if you can't come to an agreement open a new HK company to run your business. You are the main shareholder and director so you still can make all decisions and he cannot/is not allowed to make any decisions or get involved in operations with the minority of his shares

It is always recommended to do things properly, in the end it's the choice you make depending on your personal risk appetite. We did it on advice of our HK auditor, and they know what they are doing. If you are not a Hong Kong resident there is little to nothing that can happen.

It seems a common thing here people believing they can obtain a TRC and suddenly all tax or bank challenges disappear . Banks request at most a residence permit, utility bill and local TIN number. I believe nobody has ever been asked for a TRC and the only situation I can imagine it's useful...

The cost would be 500 usd per company and the costs to transfer the shares and director. The annual costs are around 1000 - 1500 usd, which includes company address registration, secretary fee, annual filing, etc.. and upon till now also vat filings (which were nil filings). The annual...

This seems to be a never ending discussion and the questions asked can and will never have a one fit all answer. It is also a bit too simplified assuming that a bank needs to provide proof you don't reside in a country. Each bank has their own KYC and risk assement procedure, not because they...