aspentrust feedback

[tttttttt]

Aspen trust is a financial services company in Cyprus specialised in international financial structures. When you contact them about how a Cyprus company could help with a Belize company to make efficient investments, they give you feedback over the phone. However, they also immediately ask for the passport of UBO and the financial statements of the Belize company. They say it's for internal compliance reasons.

Is that normal to ask for such confidential information so early, or are they reporting you via DAC6 behind your back?

 

[Gediminas]

Hey,

Due to KYC reasons, they could be required to ask for a passport, etc.

Since they are European advisors, they are obliged to report any structures they made.

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[tttttttt]

Do European agents, such as Aspen or Uniwide, have to report the UBOs of their offshore managed companies in Belize or Seychelles to a central database and authorities?

 

[Spinat]

if they get a court order they will have to do so!

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[Gediminas]

<...>
Additionally, the directives apply to individuals, companies (especially multinational companies), and other legal arrangements, such as trusts or foundations.
<...>
Another item that DAC6 added was that European intermediaries are now responsible for reporting cross-border agreements that fall under certain "hallmarks."

According to DAC6, a European intermediary is "any person that designs, markets, organizes, or makes available for implementation or manages the implementation." As such, this can include European tax advisors, bankers, lawyers, or an individual taxpayer themself if they do not have an advisor.
<...>

https://offshorebankaccounts.com/blog/dac6-explained

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[TheoG]

tttttttt said:
Do European agents, such as Aspen or Uniwide, have to report the UBOs of their offshore managed companies in Belize or Seychelles to a central database and authorities?
Click to expand...

Not yet implemented in Cyprus expected within the following month but is required for their files since they are reporting to regulators

 

[TheoG]

tttttttt said:
Aspen trust is a financial services company in Cyprus specialised in international financial structures. When you contact them about how a Cyprus company could help with a Belize company to make efficient investments, they give you feedback over the phone. However, they also immediately ask for the passport of UBO and the financial statements of the Belize company. They say it's for internal compliance reasons.

Is that normal to ask for such confidential information so early, or are they reporting you via DAC6 behind your back?
Click to expand...

This is to confirm the ID with their records, however Belize companies have adopted the regulation as BVI and preparation of accounting records is mandatory but not FS (depends from the substance of the Company), check out amendments in Belize aml law, definitely not for internal purposes. Dac 6 applies to Cy companies and Ubos with Cy residency, if this applies here and is not related. Dac 6 is not yet reportable up to next month. This should be requested for their aml records and files.

 

[CyprusLawyer101]

tttttttt said:
Aspen trust is a financial services company in Cyprus specialised in international financial structures. When you contact them about how a Cyprus company could help with a Belize company to make efficient investments, they give you feedback over the phone. However, they also immediately ask for the passport of UBO and the financial statements of the Belize company. They say it's for internal compliance reasons.

Is that normal to ask for such confidential information so early, or are they reporting you via DAC6 behind your back?
Click to expand...

Yes most probably what they say is right. \they have no reporting obligation just for discussing matters with you. They are also likely obtaining your information to keep you in their databases for CRM , marketting purposes.

 

[CyprusLawyer101]

tttttttt said:
Do European agents, such as Aspen or Uniwide, have to report the UBOs of their offshore managed companies in Belize or Seychelles to a central database and authorities?
Click to expand...

Hi there,

Yes there is an obligation to report to recently introduced Beneficial Ownership register in Seychelles, but not yet in Belize. The reporting is done to their local agent in Seychelles. The register is cetralized but not accessible to the public or any third party authority unless a court order is produced to this effect.

Hope this helps.

 

[CyprusLawyer101]

tttttttt said:
Aspen trust is a financial services company in Cyprus specialised in international financial structures. When you contact them about how a Cyprus company could help with a Belize company to make efficient investments, they give you feedback over the phone. However, they also immediately ask for the passport of UBO and the financial statements of the Belize company. They say it's for internal compliance reasons.

Is that normal to ask for such confidential information so early, or are they reporting you via DAC6 behind your back?
Click to expand...

Hey, do not want to sound invasive but what type of investments were you inquiring about?
maybe i can shed some light on a best structure - thanks