Bank reporting

[roci]

Thinking of setting up a structure for minimising tax (paying some is ok) and privacy is important. EMI limits for transactions mean they are not very useful for me. I need something that allows 50k/month or so.

I wasted my time thinking of structures but it seems that the real issue is not so much setting up the structure but the banks reporting you, right?

If you open an IBC where you can get privacy with nominees (Seychelles/Belize) either you cant open an account or the banks will report your a*s as UBO.

You cant open a real account with darks - whether real or fake. Right @auric ?

So am I correct to think that the only options are the Banana banks as @diablo called them? Somebody posted a list of non-AEIO and CRS countries:
Armenia, Benin, Botswana, Burkina Faso, Cambodia, Cameroon, Chad, Côte d'Ivoire, Djibouti,
Dominican Republic, Ecuador, Egypt, El Salvador, Former Yugoslav Republic of Macedonia, Gabon,
Georgia, Guatemala, Guyana, Haiti, Jamaica, Kazakhstan, Kenya, Lesotho,
Liberia, Madagascar, Mauritania, Moldova, Mongolia, Montenegro, Morocco, Niger, Papua New Guinea, Paraguay, Philippines, Rwanda, Senegal, Serbia, Tanzania, Thailand, Togo, Tunisia, Uganda, Ukraine

Is this the only option not to be reported?

If so does anyone have experience with a bank in these countries that will open corporate accounts without visiting?

 

[negon]

roci said:
You cant open a real account with darks - whether real or fake. Right @auric ?
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with real darks it's possible actually you just need to be sure the signature is correct set on all papers and if they ask for a phone call or skype call things match. if it is a Video call you are fucked if you have used real darks without changing the picture on the docs.

roci said:
Is this the only option not to be reported?
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so far it seems the answre is YES! You need some advanced and very expensive solution to avoid reporting it has been discussed here on the forum before, but we speak about 8000 - 10.000 in managing fees per year and the same in setup fees!!

 

[Vince]

I may be wrong, but even though getting reported sucks as privacy is gone, owning a business offshore and having money there is not illegal in most countries and doesn't necessarily mean you owe personal taxes in your home country, unless you're taking money in the form of profits, dividends etc, from the offshore business into a personal bank account offshore or onshore.

I think if you find a solid bank to keep a business account and that provides you with a debit card, you can just use the business card to make purchases and it will be okay.

As long there is no accounting or limited, in the jurisdiction you incorporate in, they won't care if it's personal or business expenses.

obviously if you go around driving a Ferrari owned by the offshore business in your home country, you paint a target on your back, but that doesn't mean you will be breaking the law.

 

[Suzy Emerald]

Shouldnt Puerto Rico be added to the list of non AEIO and CRS reporting countries?

 

[Dubsize]

Suzy Emerald said:
Shouldnt Puerto Rico be added to the list of non AEIO and CRS reporting countries?
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It definitely should. PR is not AEOI compliant

 

[grieff]

Having an offshore corporation is not illegal in most countries, however using them for evading tax typically is. If the tax authorities in your country determine that an offshore setup can be construed so as to only being setup to avoid tax, then the entity is likely to be deemed as tax resident in your country and/or as being a proxy for you as an individual, especially if its liquid assets have been used for personal expenses.

This is only an issue if they find out of course but herein lies the rub with AEOI/CRS; if you are registered as the UBO of the company, provided as part of the KYC docs held with the bank, you will be reported to your home country as being in control, which is likely to trigger further investigation.

If it hypothetically would be possible to open a bank account with darks for UBO, the risk is that once AEOI kicks in and your inter alias gets reported somewhere, and the system's cross checks burn a fuse, they may alert the bank hereof and your account may be frozen until you can prove that your funds are yours... which you can't at that point and you're pretty much screwed, I would assume.

 

[Spinat]

grieff said:
If it hypothetically would be possible to open a bank account with darks for UBO, the risk is that once AEOI kicks in and your inter alias gets reported somewhere, and the system's cross checks burn a fuse, they may alert the bank hereof and your account may be frozen until you can prove that your funds are yours... which you can't at that point and you're pretty much screwed, I would assume.
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I don't believe this will happen. If that is the case you have setup your business with darks and for that reasons no one will be able to come after you unless they will figure out who you are in real person.