Offshoring the business - What's the best

[IlBDX]

Good Morning, Right now I am using transferwise to buy luxury items in shops and to receive money after I sell those items. How relax I can be before that tax autorithy will arrive to my TW account? I am trying to switch to Crypto but my customers doesn't want to pay by crypto, only by bank transfer (they have TW).
What is better between TW to Bankera in terms of going under the radar? I am an european citizien.

 

[Sols]

There is a chance the tax authority already knows about the account. If they don't,‌ they probably will soon enough.

EMIs are required to comply with AEOI (Automatic Exchange of‍ Information) in line with CRS (Common Reporting Standard), but enforcement has been a little lax⁠ so far. It's just a matter of time, though.

 

[IlBDX]

So every EMIs is tracked and in any time soon tax authority will be informed‌ about? Any story or experience about it?

 

[Sols]

Yes, if not already done, it will be soon. You can read more about it‌ by researching CRS and AEOI.

Plenty of threads about it here and some personal stories‍ of people having their accounts reported.

 

[uplana]

Yes, the only‍ exception you may see is using AdvCash they won't report as it sounds right now.⁠ But you never know. Electronic money is come to be monitored and to make it⁤ easier for auth. worldwide to trace it.