Confidentiality of companies in another EU countries?
- Thread starter gnud
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The bank can still use other indicators that you are resident elsewhere, such as looking at IP address you log in from, physical geo-location of your phone/device, frequency/concentration of senders/beneficiaries, and account details on transactions. But the risk of reporting goes down significantly if you take all the steps you mentioned.
Yes, they can. But will they? I've used my phone with my local plan, and my bank card for 2 years abroad, even left my apartment for that time, and no one said a word.
I'm more concerned about the exchange of information they have in place. Do they︀ actually exchange tax residency information based on e.g. passport?
I'm more concerned about the exchange of information they have in place. Do they︀ actually exchange tax residency information based on e.g. passport?
Yes, they will. I have seen it reported by members here and elsewhere. It's not every bank doing it all the time. But it does happen.
Had a case recently where a bank unilaterally decided to consider a customer non-resident because they had noticed a pattern of transactions and details in transactions that indicated the person was non-resident. They may have looked at IP address, device location, and card point of sale usage as well but did not disclose that much.
They can and do. But again, not always and not for everyone.︁ They look at more a collection of data points to make a decision.
If you︂ expect privacy within EU, you're playing a dangerous game.
Had a case recently where a bank unilaterally decided to consider a customer non-resident because they had noticed a pattern of transactions and details in transactions that indicated the person was non-resident. They may have looked at IP address, device location, and card point of sale usage as well but did not disclose that much.
They can and do. But again, not always and not for everyone.︁ They look at more a collection of data points to make a decision.
If you︂ expect privacy within EU, you're playing a dangerous game.
Well it's not illegal to live in 2 countries at once, with open︁ borders it's hard to prove how much time was spent where. If I keep the︂ 2 identities separated, use respective bank cards and phones with local SIMs in their respective︃ countries, do bank transfers only locally within the country, have 2 addresses in the respective︄ countries, cross borders in cars, use local proxies to access bank accounts, use cash as︅ much as possible, the only common link is a passport.
Once I gain a second︆ citizenship, with a name change / localization, it should be virtually impossible to link those︇ two persons.
Once I gain a second︆ citizenship, with a name change / localization, it should be virtually impossible to link those︇ two persons.
That's why if this blows up and goes to court, it's up to you to prove where you were. The burden of proof is often reversed for these types of crimes. Guilty until proven innocent, with some caveats and restrictions. Depends on applicable laws.
Not saying it's impossible to achieve what you plan here, especially if you're dealing in smaller amounts and not on anyone's radar. But it's not a risk I would recommend to anyone whose financial well-being and personal liberty is important to me.
Learning from the past is︀ in this particular instance a fallacy, because the future is headed towards a very different︁ path than history would show. There are people who have been getting away with this︂ for 10+ years. That doesn't mean it's going to work for 10+ more years, as︃ banks are under increased obligations to fight not only money laundering but also tax evasion.︄
Not saying it's impossible to achieve what you plan here, especially if you're dealing in smaller amounts and not on anyone's radar. But it's not a risk I would recommend to anyone whose financial well-being and personal liberty is important to me.
Learning from the past is︀ in this particular instance a fallacy, because the future is headed towards a very different︁ path than history would show. There are people who have been getting away with this︂ for 10+ years. That doesn't mean it's going to work for 10+ more years, as︃ banks are under increased obligations to fight not only money laundering but also tax evasion.︄
It's not so hard to fake all the necessary︄ documents that'd be sufficient proof in such cases. You can very well start living in︅ say Malta, get a local bank account, get resident ID, pay some fake rent to︆ a lawyer (that'd give you back the money or use it for other services you're︇ normally paying him) give him your capped debit card and allow him to spend on︈ daily stuff like coffee for 1€. Or same scenario, lease an apartment as you'd normally︉ and sublet it either on AirBnB (and get additional money from it) or normally for︊ a discounted price and get the residency, pay the utilities and of course figure out︋ the way to leave any other paper trail such as those bank statements. That way︌ you can live in any other country in EU (provided you rent other properties or︍ purchase them in your holding company name or somebody else's)
Honestly, although many things are digitalised many processes are still not and it's hard for governments to (just yet) exchange information quickly and automatically without any issues, hence for the time being living like that works. In the future it might not and you need to make a plan in case regulations change rapidly.
Honestly, although many things are digitalised many processes are still not and it's hard for governments to (just yet) exchange information quickly and automatically without any issues, hence for the time being living like that works. In the future it might not and you need to make a plan in case regulations change rapidly.
You can live in two countries but I would not declare residency in your home country, but you can still live there if you play it smart, especially if your new country and your home country have signed a tax treaty, just follow the rules given by the tax treaty and you are good to go.
If you want to play that game... Live in three︁ countries minimum. The 180 days principle applies in most countries (not the UK). It does︂ bring along a huge administrative burden which becomes very difficult to proof if you do︃ this with a family.
The country where I reside now is not the country of the passport / citizenship. The new country wouldn't be my country of citizenship either. So I'm not sure who would they report me to.
I provide them with a local address, they can ask for a tax residency, I say I live there, won't give them any foreign tax id, so there's automatically nothing reportable under the CRS.
I'm not sure if they can ask me for a registration certificate when I have 3 months to register but I need to pay rent (and 9-5ers receive salary) now.
I provide them with a local address, they can ask for a tax residency, I say I live there, won't give them any foreign tax id, so there's automatically nothing reportable under the CRS.
I'm not sure if they can ask me for a registration certificate when I have 3 months to register but I need to pay rent (and 9-5ers receive salary) now.
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