What does a TIEA actually do? And if money never passes the country I live in, safe?

[xiiskgp]

If I have a company in Panama (or another country) where I have a nominee director and nominee shareholder, but am the beneficial owner.


If the company then has an account in, say, Hong Kong, under the company's name, but of course the bank knows I'm the one behind it since that's required.


Would a tax agreement mean that the bank in Hong Kong would notify my country that I have an account there?


Or does it simply mean that if my country has a reason to believe I have an account in Hong Kong, they can then request information?


If so, if I'm someone who makes money online and have no physical product or shipping involved, if I get my money sent directly to Hong Kong and it never passes my country, would the government here ever figure anything out?

 

[JohnLocke]

Yes they can request information if your country have a reason to believe so. Actually there have already bean cases where tax havens which usually never would release any information have done so just with a simply request, so Hong Kong did for less than 3 months ago in a case in Scandinavian.

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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[xiiskgp]

If they have no reason to believe I have an offshore company or account since there is never a transaction between the country I live in and the company in the UK and Hong Kong, will that keep me safe?

 

[Zqq]

Admin said:
Actually there have already bean cases where tax havens which usually never would release any information have done so just with a simply request, so Hong Kong did for less than 3 months ago in a case in Scandinavian.
Click to expand...

Do you have a source for this?