AEOI, a problem for existing POA? Declaration of Trust?

Discussion in 'TAX Issues or Questions' started by Cabbage500, Sep 13, 2017.

  1. Cabbage500

    Cabbage500 New Member

    Hi, Need some advice please

    I have a Seychelles IBC in a nominee's name. There was a "POA" and "Declaration of trust" done from this company to me, with my personal name on it, when the company was formed.

    Please can you tell me if the agent that helped form the company or any bank that posses the POA or Declaration of trust, would share these documents with my home country, when complying with AEOI?

    Am I at risk?

    thanks in advance.
    diablo and auric like this.
  2. auric

    auric Offshore Agent Mentor Group Sponsor Business Angel

    Yes you are at risk and I would have created the company with darks and used an EMI provider for the same!
  3. Cabbage500

    Cabbage500 New Member

    ok thankyou.
    Is the risk the bank s sharing it? or the forming agent?, or the notary that notarized it?
  4. auric

    auric Offshore Agent Mentor Group Sponsor Business Angel

    It's the bank, I'm 99% sure they will share the information as they are required to do so!
  5. diablo

    diablo Trusted Member Mentor Group Sponsor Business Angel

    I agree with @auric the bank will share the information with your country! Also the agent may do so since he has almost same obligations if he is licensed!
  6. Cabbage500

    Cabbage500 New Member

    Ok .. If i close the bank account now. And write to the agent instructing them to terminate the POA. Then i should be ok.... would you agree?
  7. Macky

    Macky New Member

    I am afraid this will NOT help you. Seychelles starts reporting AEOI this year, showing your 2016 end of year bank account statement to your country tax office if I understood it correctly. But maybe you are lucky and your tax residence is in a country that did not sign AEOI ?