What's the best way to transfer money from offshore account onshore?

[Jea]

What's the best way to transfer money from offshore account to my old onshore jurisdiction?

I have cancelled residency in my home EU country and would like to transfer some money there to start a business (this business will pay local corporate income tax of course). Nothing illegal going on here, but would like to transfer the money without getting any unnecessary attention from banks and tax authorities.

 

[Sols]

Assuming the funds have a legitimate origin (taxes paid, legal source), the easiest is going to be just wiring the money in and be prepared to answer any questions, including providing supporting documents. You might want to write or call the bank in advance and give them notice.

In most cases, that's going to be much cheaper and faster than funneling the money through different transition points. Every layer you introduce adds cost, time, and risk. Worst case, this is seen as layering which is a massive risk factor banks and other financial institutions look for to fight money laundering and risks raising flags.

Toggle signature
This is the probably the answer to your question.

 

[Jea]

What about this - Let's say my old home jurisdiction is Austria and my new offshore jurisdiction is Georgia.

Instead of sending money directly from Georgia to Austria, I open a bank account in another EU country, for example Slovenia.

I'll send 200k from Georgia to Slovenia, and then after a couple of months, send 100k to Austria. (I'm not in a hurry to get the funds to Austria)

The problem is, that the bank in Austria will see my Georgian residence address anyway on the transfer from the Slovenian bank.