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Wise during KYC asks me about money sent from my company account to...my mother.

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Try to argue that‍ with the compliance team.... It probably won't end well.

Regarding the tax man, If its⁠ a tax aggressive country like from the EUSSR they would probably be very curious as⁤ to why you're getting money from a random offshore company legal or not..
 
Very basic. Its your company, you do what you⁠ want, just write a basic contract and say she’s an employee. The payments is salary.⁤

You shouldn’t have transfered money to her personal account in the first place, since it⁣ can get her into trouble with the tax-man. But thats another issue.

Case closed.
 
She needs to pay income tax in⁠ case it is deemed as income. And 15k/year in Italy is not such small money⁤ as one would think, given that most make around that per year under the table⁣ or even less.
 
Crazy thing⁠ in: its not about *how you earn* anymore. Its about *how you spend*. That is⁤ mind boggling that financial institution truly give a s**t about where you send company money.⁣ Like they are supposed to decide how you can spend your company's funds.
 
Indeed, this is becoming even more surreal.

Funds on banking⁤ balances are the banks funds in the first place, we as unsecured (in most cases)⁣ creditors just have claims on them.
That is what crypto is supposed to solve.
 
Sadly that's the new reality. They do in effect play⁤ God with your money by deciding where and to whom you can send money.
 
Well I see it more as that they are doing their job. This is one⁠ of the reason why I trust Wise and I would not trust other companies: Wise⁤ has done the KYC with me every year in a serious way, which means to⁣ me that they are a serious company. I mean, I think my setup is legit⁢ and that I'm not doing something wrong, even if maybe I do stupid mistakes like︀ the one that started this thread. If Wise closed my account, then it means that︁ what I'm doing is not legitimate, and maybe I should think more about it.
 
pesto said:
pesto said:
why banned?
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Because they are of obstacle to entrepreneurship, to the economy and to the development of the society. They cause financial and emotional distress to honest people, while allowing criminals to take advantage of the system. They are evil.

karishi said:
karishi said:
Well I see it more as that they are doing their job. This is one of the reason why I trust Wise and I would not trust other companies: Wise has done the KYC with me every year in a serious way, which means to me that they are a serious company. I mean, I think my setup is legit and that I'm not doing something wrong, even if maybe I do stupid mistakes like the one that started this thread. If Wise closed my account, then it means that what I'm doing is not legitimate, and maybe I should think more about it.
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Good luck with your candor and naivety.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 
well, if my setup depends on the fact that people⁤ don't asks questions, it's not a safe setup, I'm doing something illegal, and that's not⁣ what I want. I'm not naive, if I am not able to give answers to⁢ an EMI witrh no disclosure requirements, that means that my setup is not good.
 
Them doing KYC⁤ does not equal trust. Never trust an EMI or you will get your heart broken...lol.⁣ But I get what you mean when you say some are more serious then others⁢ and Wise is pretty serious.

A St Vincent shell company paying money to your mother does not sound︃ legit to me ca#"!. You could have just taken money into your own name as︄ dividend, salary etc and then gift to mother regularly "family support". I know Wise don't︅ know that its your mother who is being paid but it still does not pass︆ the sniff using a offshore shell company to do business in 2022.
 
That's a mistake I made. I didn't have any gain in paying my moter⁢ through the company and not through my account after distributing a dividend, given the fact︀ that I'm a UAE resident In any case I suppose that if I provide them︁ with a service agreement between me and the person which received the money, theys hould︂ be ok, I mean I paid also other freelancers with my account since they provided︃ services to me, in those cases I had contracts. And in general, I have been︄ super cautious about money going into my company account, every penny has a contract, now︅ I will put the same attention to money that goes out.
And I get your︆ point about EMIS, my heart will not be broken, but as you say some EMIs︇ are more serious than others and in my opinion, Wise is a good one. Then︈ at the end of the day, you can't trust anybody, and you have to divide︉ your money in various baskets, so that, if something goes wrong, all your eggs are︊ not in the wrong basket.
 
Well that is what⁠ I did to the extreme. Banks are not what they used to be due to⁤ compliance pressures they are put under. Unless you are doing lots of currency conversions etc⁣ then no single client is of any economic value to them and can be disposed⁢ of as and when they sniff any risk.

Let us know the end result in︀ any case.
 
Its an issue because he I sending it from his company. If he had⁠ just paid out dividends/salary to himself, before sending it to this mother then it would⁤ all be fine

Cause handing out money to your mother with company︀ money isn't a business related expense. Even if the company have 0% corporate tax and︁ it "doesn't matter" in theory. And if the company ever went bankrupt the curator would︂ sent mummy a demand letter as the first thing for her to pay all the︃ money back.

And also crazy your moms bank never questioned a thing. I sent 1000︄ EUR to my little brother from a personal bank account in Malta and his bank︅ called him asking about it.
 
What is important here to know have you sent︂ from a) Malta bank to Malta bank or lets say from b) Malta into e.g.︃ German bank?
If b) that is well expected due to the reputation of Malta.
 
Why would the mom pay the income tax if the taxes have already been paid⁤ by the OP? Even though they're zero in Dubai.

Or rather: how many times the⁣ taxes have to be paid in this case: 1 or 2? Is it OP who⁢ has to pay them off the amounts sent to his mom? Or his mom? Or︀ both?
 
JamesDonkey said:
JamesDonkey said:
Why would the mom pay the income tax if the taxes have already been paid by the OP? Even though they're zero in Dubai.

Or rather: how many times the taxes have to be paid in this case: 1 or 2? Is it OP who has to pay them off the amounts sent to his mom? Or his mom? Or both?
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You really need to hire a good Italian accountant and be prepared also to hire a tax lawyer. The mum's bank has submitted a suspicious transaction report, the GdF most probably is looking into it and is preparing some nice surprise.
Btw, those who participated in the “scudo fiscale” are in a special watchlist”¦

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Interest & dividend tax also exists. I bet OP/his mom has not paid any of those‍
 
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