The European FATCA is the real danger for European residents. Now the EU countries are implementing the Directive 2011/16 which has been followed by another directive 2014/something. In this directive it is said that the EU countries have to exchange all the information about withdrawal of dividends, interest, royalties to EU non residents individuals. This directive is in two parts. The second part (2014/xx) mentions that data exchange should be automated.
Starting September 2017, the countries will start exchanging information. So for instance, if you have a Latvian company and you live in Germany, Latvia will notify Germany about the amount of dividends you took from the company.
That's the tax authorities that report it. It has nothing to do with the banks this time. In fact, if you have declared dividends in the annual financial statement. that's how they know it.
Non EU jurisdictions are your friends. Seychelles, Panama, Belize, Bvi... still today.
Starting September 2017, the countries will start exchanging information. So for instance, if you have a Latvian company and you live in Germany, Latvia will notify Germany about the amount of dividends you took from the company.
That's the tax authorities that report it. It has nothing to do with the banks this time. In fact, if you have declared dividends in the annual financial statement. that's how they know it.
Non EU jurisdictions are your friends. Seychelles, Panama, Belize, Bvi... still today.
