canada/third world

[donald bathe]

is canada an offshore tax friendly country or not? what i mean is if people living in canada can have offshore bank accounts and not have the government poke in their personal business? or are third world nations more friendly than the first world as far as not asking people living their if they have offshore bank accounts like mexico, brazil, the phillippines, vietnam, argentina, ect............? would it be fair to assume that third world nations have laws pertaining to their citizens having secret offshore bank accounts being more lax than the first world? can anyone please tell me. thank you.

 

[negon]

All countries worldwide seem to "poke" their citizens if they register offshore companies and open⁠ offshore accounts.

The days are over where governements and high positioned people just look the⁤ other way and let people do it.

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[redeye]

That's why you need better protection and care about your privacy when you are setting‌ up an offshore company and bank account!

 

[donald bathe]

how can this‍ be done then? rsvp. thanks.

 

[negon]

Use nominees and make use of fake documents where it is possible. So you can‌ avoid most of the troubles. As long as we don't speak hundred of thousands of‍ dollars every months you can keep cool and don't need to worry.

 

[redeye]

As Auric already mentioned. You may want to use fake docs for payment gateways or you‌ use a Trust and Trustee that will help you to hide your identity. Using a‍ Trust and Trustee is still something that works today if you have larger amounts of⁠ money somewhere!

 

[thegazelle]

In Canada, you are legally obligated to report $100,000 Cdn. of foreign property/income/investments at any‌ point in the year. And as similar in many countries, any single or combined transaction‍ that is $10,000 Cdn. or more within a 24 hour period will flag a report⁠ to the financial authorities.

All that being said, that is not to suggest if you⁤ have less than $100,000, that the Cdn. government is not watching you. But as mentioned,⁣ that is likely the case in most other countries.

 

[john jackson]

what do you mean larger amounts of⁤ money somewhere? like millions? rsvp.

 

[negon]

Larger amounts are more than the typical euro 10 - 20k that people want to‌ hide from the tax office.

 

[john jackson]

so if i were to‍ have millions what should be done in that case then? what about offshore banks that⁠ claim, no passport, no id, ect.......... rsvp.

 

[negon]

I would recommend you to consult a tax adviser or tax lawyer⁠ in your location to get proper advice!

 

[JohnLocke]

If you have millions I would recommend you to consult a tax⁠ lawyer 😉