Safest way to withdraw company profits from ATM under the radar?

[banafinfodafuggiano]

I have profited from my online business, in an offshore jurisdiction.

I can move these funds into crypto and then into cash on ADVCASH or a similar provider and then withdraw cash in my current residency country.

How can I do so by going under the radar?

I know some countries like nordic countries cross-check the names of the people withdrawing from ATMs that use foreign cards with the residents of the country
and then you are in trouble, how to avoid this?

Would opening a business account with ADVCASH be enough? (e.g: not your personal name on the Visa card so the taxman cannot cross match it with you)

But moreover, if ADVCASH or similar providers see you withdrawing all this cash from ATMs in this specific country, they will report your balance according to CRS
to this specific country, am I correct?

 

[juvejuve2020]

banafinfodafuggiano said:
I have profited from my online business, in an offshore jurisdiction.

I can move these funds into crypto and then into cash on ADVCASH or a similar provider and then withdraw cash in my current residency country.

How can I do so by going under the radar?

I know some countries like nordic countries cross-check the names of the people withdrawing from ATMs that use foreign cards with the residents of the country
and then you are in trouble, how to avoid this?

Would opening a business account with ADVCASH be enough? (e.g: not your personal name on the Visa card so the taxman cannot cross match it with you)

But moreover, if ADVCASH or similar providers see you withdrawing all this cash from ATMs in this specific country, they will report your balance according to CRS
to this specific country, am I correct?
Click to expand...

CRS only reports your account balance on 31th December!
If you have zero balance, they will report zero balance!
But yes, i think you must be careful with withdrawing.. I am on the same situation.. 2 in 2 days, i withdraw 400€ from ATM!

 

[CaptK]

If you have someone abroad in another country like the UK get a Viabuy account.
You can withdraw upto 2K per day from the ATM and unlimited spending on the card.

 

[banafinfodafuggiano]

juvejuve2020 said:
CRS only reports your account balance on 31th December!
If you have zero balance, they will report zero balance!
But yes, i think you must be careful with withdrawing.. I am on the same situation.. 2 in 2 days, i withdraw 400€ from ATM!
Click to expand...

Who said so? I am sure CRS can report different things, not only the ending balance on the 31st,
they can report also the entire year in & outbalance payments, which is critical.

Otherwise, everyone would withdraw on the 30th of December and avoid CRS and tax regulations?

 

[banafinfodafuggiano]

CaptK said:
If you have someone abroad in another country like the UK get a Viabuy account.
You can withdraw upto 2K per day from the ATM and unlimited spending on the card.
Click to expand...

That still allows some countries to match the name of the cardholder to your name as a specific country citizen or resident when you witdhraw,
doesn't resolve the problem unfortnately 🙁

 

[juvejuve2020]

banafinfodafuggiano said:
Who said so? I am sure CRS can report different things, not only the ending balance on the 31st,
they can report also the entire year in & outbalance payments, which is critical.

Otherwise, everyone would withdraw on the 30th of December and avoid CRS and tax regulations?
Click to expand...

What CRS says:

"Name ï‚· Address ï‚· Jurisdiction of residence ï‚· Tax Identification Number (TIN) ï‚· Date of Birth ï‚· Place of Birth ï‚· Account number or functional equivalent. ï‚· Name and identifying number (if any) of reporting financial institution. ï‚· Account balance or value."

And..

" Depository Accounts - The total amount of gross interest paid or credited to the account in the calendar year. "

CRS has a specific template. There are no countries that send some things and others send others. It's fixed. Then, if asked, they can send this type of information.

What Portuguese law says:

"1.5. The Tax and Customs Authority will not have access to the bank accounts of Portuguese emigrants and, even more, will not have any access to the movements
accounts through this route. Under this regime, banks operating in Portugal, national or foreign, only transmit to AT the information strictly necessary, limited to the account balances calculated on the last day of each year, which will later be transmitted to the tax authorities of this country. of the holder's residence."

 

[juvejuve2020]

banafinfodafuggiano said:
Who said so? I am sure CRS can report different things, not only the ending balance on the 31st,
they can report also the entire year in & outbalance payments, which is critical.

Otherwise, everyone would withdraw on the 30th of December and avoid CRS and tax regulations?
Click to expand...

Can you imagine someone withdrawing large amounts of money from the bank by 31 December? 10k is one thing, 100k or more is another. If you withdraw it to another account it will probably be on CRS, and withdraw to save it would be a lot of work !!

 

[CaptK]

banafinfodafuggiano said:
That still allows some countries to match the name of the cardholder to your name as a specific country citizen or resident when you witdhraw,
doesn't resolve the problem unfortnately 🙁
Click to expand...

If you apply for one you will see that you can name additional cards in different names or even company names.

I wouldnt say it if it didn't fit your needs?
Very good for crypto exchanges as well.

There is a little surprise once you hit IDV3 but I will let you find that out for yourself.

 

[banafinfodafuggiano]

juvejuve2020 said:
What CRS says:

"Name ï‚· Address ï‚· Jurisdiction of residence ï‚· Tax Identification Number (TIN) ï‚· Date of Birth ï‚· Place of Birth ï‚· Account number or functional equivalent. ï‚· Name and identifying number (if any) of reporting financial institution. ï‚· Account balance or value."

And..

" Depository Accounts - The total amount of gross interest paid or credited to the account in the calendar year. "

CRS has a specific template. There are no countries that send some things and others send others. It's fixed. Then, if asked, they can send this type of information.

What Portuguese law says:

"1.5. The Tax and Customs Authority will not have access to the bank accounts of Portuguese emigrants and, even more, will not have any access to the movements
accounts through this route. Under this regime, banks operating in Portugal, national or foreign, only transmit to AT the information strictly necessary, limited to the account balances calculated on the last day of each year, which will later be transmitted to the tax authorities of this country. of the holder's residence."
Click to expand...

So that's Portugal law, how about the rest of the countries like UK or Ireland or Germany?


For amount of interests credited into the account, you mean any incoming bank transfer, am I correct?

 

[juvejuve2020]

banafinfodafuggiano said:
So that's Portugal law, how about the rest of the countries like UK or Ireland or Germany?


For amount of interests credited into the account, you mean any incoming bank transfer, am I correct?
Click to expand...

No.. Wrong!!

Not all accounts generate interest. For example, in the accounts I have, none generate interest. Interest is a way of checking more or less how much money you would have in the account. Because if you earn a lot of interest, it means that you had a lot of money .. So if your account does not generate interest, no interest will be reported .. But, if someone knows more than this (but with absolute certainty) say it.

 

[banafinfodafuggiano]

So does CRS report the TOTAL of payments received in the account over the year (income) ? or does not?


(would be skeptical if they do not)

 

[juvejuve2020]

banafinfodafuggiano said:
So does CRS report the TOTAL of payments received in the account over the year (income) ? or does not?


(would be skeptical if they do not)
Click to expand...

Read what CRS says on OCDE:

"Name ï‚· Address ï‚· Jurisdiction of residence ï‚· Tax Identification Number (TIN) ï‚· Date of Birth ï‚· Place of Birth ï‚· Account number or functional equivalent. ï‚· Name and identifying number (if any) of reporting financial institution. ï‚· Account balance or value."

And..

" Depository Accounts - The total amount of gross interest paid or credited to the account in the calendar year. "

If you have an account different of Depositary Accounts, then, they will report all. But if it is a simple account, they wont.

 

[Dasboot]

I've done this some smaller amount of assets the past year here in Thailand, perhaps around 35-40k euro.

Even when this matches no more than normal consumption for a mindless tourist I feel like I've had to wrangle every penny out against some invisible, all seeing entity!

Transferwise has been great in this process, both for getting cash out of banks in Norway. No transfers abroad is now the default, they demand that I contact them every month to keep even transfers to Europe open online!!!

Revolut eventually closed down on me during this. If I'd have to do this again with a company & anything other than tiny sums I'd have gotten as many EMI accounts and cards as humanly possible before migrating...

Just so fed up with this whole digital communism, I'm getting everything into physical gold & Bitcoin and will then watch 2021 unfold from here ;-)

 

[MiddleEuroAsia]

CaptK said:
If you have someone abroad in another country like the UK get a Viabuy account.
You can withdraw upto 2K per day from the ATM and unlimited spending on the card.
Click to expand...

What is your review of viabuy? Did you use it before? what they offer? it seems that their fees is enormous! So, does that mean that they charge these fees because of their "no questions" asked or do they charge fees and "lots of questions" asked!.

 

[CaptK]

MiddleEuroAsia said:
What is your review of viabuy? Did you use it before? what they offer? it seems that their fees is enormous! So, does that mean that they charge these fees because of their "no questions" asked or do they charge fees and "lots of questions" asked!.
Click to expand...

Yes, they are high fee's but they serve a purpose. Apart from high fees very very good.

 

[Silvio]

If all you need is to cash out via ATM, just find EMIs that don't ask for video call and open accounts using some homeless\friend\poor people. Then you get a card on their name.

Also many EMIs don't ask for address proof so you can open them on any address. For example BUNQ, N26 - you can open them using AirBnb address, you will get the card in the mail and it will have your AIRBNB address (and probably will report to that country where the AirBnb is located at).

 

[ralfkuefer]

1. Buy Crypto OTC from localbitcoins / paxful and declare it costs - marketing / paying suppliers
2. Hop on Shitcoins.club - sell cryptocurrency, buy cryptocurrency, ATM - Shitcoins Club ”“ bitcoin ATM operator - they have ATMs all over Europe and only take 5% spread
3. ???
4. Profit

 

[orangeye]

AdvCash could be a well possible solution. If one account isn't sufficient just creat 5 or 10 dark accounts and get 10 debit cards, make the total sum you can withdraw per day in ATM's 25000 EURO and 500,000 EURO a month, not bad.

Otherwise, spend some money on the homeless guy and even for pleasure with the hooker solution, that may work well for short periods (less than 1 year) but larger sums.