Why darks work on EMI but not on real bank? Localbitcoins Question

[Dev Nul]

1) So lets say you provide them darks claiming you are a resident of belize and you also have a belize ibc setup with darks. Then you attempt to create a bank account in Cyprus

The ibc and bank account locations may be different, I'm just supposing.

Why is it easy to make the account with EMI instead of real bank?

With EMI, I am aware that you can put in your own pic with wrong name/address so you can do a video call.

2) Also, as I have heard that due to CRS, it is best to obtain residence in a tax haven, then you are good for conducting your business online without any risk of getting reported? Because your bank would only know that you are a resident of [Nevis/Panama] and know nothing about your home country? Assuming non-US. Also, in this case why wouldn't you simply use darks claiming to be resident of Nevis/Panama

3) Next question. Also, if you get a bank account in a zero tax place, can you simply sell on localbitcoins of that country little by little in case no exchange is willing to wire you? I don't know how hard it would be to get funds wired to the place.

 

[ultrarekt]

1) EMI's are under less stress than actual banks. Some banks (very rare, but there is) work with darks. Most don't. Most EMI's darks will work with. The exact reason I cannot tell, I guess it's because one is more thorough than the other?

2) Yes, that is absolutely the best way to do it if you'd like to have all assets/corps/banks in your own real name, and yet be reported back (CRS) to panama for example, who, doesn't care. This is definitely the ideal scenario, you should look into "Panama Fast Track" residency program, it's some kind of special agreement with the top50 countries, you get your residency ridiculously fast, only have to go to paname once every two years for the residency to stay valid, and after 5 years you can apply for citizenship by naturalization, get your panama citizenship & passport.

3) Why sell on localbitcoins then? Just sell on an exchange and get it wired to that bank account in the offshore country.

 

[Dev Nul]

ultrarekt said:
1) EMI's are under less stress than actual banks. Some banks (very rare, but there is) work with darks. Most don't. Most EMI's darks will work with. The exact reason I cannot tell, I guess it's because one is more thorough than the other?

2) Yes, that is absolutely the best way to do it if you'd like to have all assets/corps/banks in your own real name, and yet be reported back (CRS) to panama for example, who, doesn't care. This is definitely the ideal scenario, you should look into "Panama Fast Track" residency program, it's some kind of special agreement with the top50 countries, you get your residency ridiculously fast, only have to go to paname once every two years for the residency to stay valid, and after 5 years you can apply for citizenship by naturalization, get your panama citizenship & passport.

3) Why sell on localbitcoins then? Just sell on an exchange and get it wired to that bank account in the offshore country.
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Excellent. Thank you

I am aware of their "friendly nations" program, but what if your country isn't in the list unfortunately

Is a temporary residence card also good enough for a bank to accept? I mean, lets assume I am a student in a country with a temporary residence card. Would the bank still ask for the home country documents? I am guessing that if they ask any sort of records from last 3 years (income tax statements or something else, then you would need to be a temporary resident for 3 years in the country before you can provide those things)

Also, in case of 2) why wouldn't you simply use darks claiming to be resident of Nevis/Panama?

 

[ultrarekt]

@Dev Nul I dont think temporary resident card would work, unfortunately. The name says it "temporary" they're going to want to know where your permanent residency is for KYC/AML/Reporting purposes.

As for your last question, Im not sure I understand. The whole purpose of darks is to not have your name anywhere and yet still be able to operate without all the headaches. You mean using darks to apply for the Panama Fast Track programme? I've never heard of darks being used this way so I can't help you with that unfortunately 🙂

If it's darks to open accounts / corps / etc. that's the usual yes 🙂

 

[Banker89]

I would stay away from darks (very risky, you go to jail if you get caught) and stick with the good advice to change your residency.

UAE is good for residence, so is Panama, and there are many other countries where it is easy to get residence. The important thing is to be registered in a tax system somewhere. A certificate of tax residence is more important than actual residency cards.

 

[Dev Nul]

ultrarekt said:
@Dev Nul I dont think temporary resident card would work, unfortunately. The name says it "temporary" they're going to want to know where your permanent residency is for KYC/AML/Reporting purposes.

As for your last question, Im not sure I understand. The whole purpose of darks is to not have your name anywhere and yet still be able to operate without all the headaches. You mean using darks to apply for the Panama Fast Track programme? I've never heard of darks being used this way so I can't help you with that unfortunately 🙂

If it's darks to open accounts / corps / etc. that's the usual yes 🙂
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I see, so temporary resident card is no good, hmm.. but Dubai etc. is so easy people seem to be doing it, how is that panning out? Dominica by the way offers permanent residence for $100k. That is pretty good

Regarding darks, I was wondering what happens if you open a bank account claiming you are a permanent resident of one of the tax havens, would it work that way? What are the risks with that, especially if the bank account country doesn't have TIEA with the tax haven whose resident card you claim to possess? Or is it simply not possible perhaps due to extensive due diligence done by bank

Banker89 said:
I would stay away from darks (very risky, you go to jail if you get caught) and stick with the good advice to change your residency.

UAE is good for residence, so is Panama, and there are many other countries where it is easy to get residence. The important thing is to be registered in a tax system somewhere. A certificate of tax residence is more important than actual residency cards.
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UAE temporary residence good enough? Do they ask for any information relating to your home country while opening the bank account? Or do they use it against you if they ask for the information?

I wonder how good Dominica is. It seems convenient, the ability to get permanent residence in a tax haven for $100k. Isn't it? Which other countries would you suggest for residence (for someone whose home country is not on Panama friendly nations list. non US/non EU/not a sanctioned country)

Also, now very curious about how good the temporary residence permit works versus permanent residence permit. Also, the tax residence card (I assume the local tax ID) is a useful document to have even if the country has a territorial tax system and all of your income is foreign generated. From what I understand, anyone holding a work visa in a country should be able to get the local tax ID, plus you would also have the temporary residence card in case of work visa. Would these documents be good enough for the bank to not report you to the home country?

If tax residence certificate is more important than actual residence cards, then what's a good way to get the tax residence certificate for the long run, let's say 5-10 years? Can the tax residence certificate be acquired simply by being a student with work visa in a territorial tax country? Does the bank ask for any information in that case that relates you to the home country, that could be used against you?