Best option to repatriate offshore funds?

Arthas

New member
Hello All,

considering the actual situation with crs, etc.

What would be the best option to repatriate some offshore funds on the name of a 3rd party for an eu resident?

Example:

Resident on EU has some offshore funds in the name of a 3rd party resident of a non fully compliant crs like (lets say Peru), being the fact the peru will fully work on crs; what are the options to move those funds?

  • Withdrawing on atm, but, limit is 600 eur x day and it may look suspicious or draw the attention of the bank of the 3rd party
  • Open an llc or ibc on Seychelles or delaware + a bank account with a debit card, but what about the fees, setting costs, Anual fees, etc? It has to be remote nothing presential
  • Once the company is stablisehd can one just wire the funds from the 3rd party account to the llc/ibc account without giving any explanation or justification of the source of funds?
  • The llc/ibc can be set with funds of the resident, (like any eu citizen setting up an offshore), but objective is to avoid any question of the future funds coming to the company, is it possible?
In summary, targets
  • Close the 3rd party accounts in order to prevent any future issue for the 3rd parties on peru, once the crs becomes 100% operational on peru
  • Declare the existence of the company to the resident tax office, but avoid any question about the funds on the company, is it posible?
  • Avoid any question about the funding of the llc/ibc with 3rd party funds by the llc/ibc country authorities
Are there any other options/alternatives to repatriate offshore funds? With the tipical premisses, cheap and effective

Thanks for your repplies
 

xzars

Entrepreneur
How much: 5,6,7,8... figures? With your reference to "cheap and effective" I'm leaning towards 5 or 6, but please confirm.

Is or is not your country of residence Spain, France, or Germany?
 

Arthas

New member
it's just an example, but lets say qty to move is less than 45K, and country of residence lets say spain
a cheap set up was to use a 3rd party account + debit card, but as the 3rd party country will start to report to crs, it won't work in future...
 

xzars

Entrepreneur
Not a reason to be concerned about advanced techniques involving shell companies. You'd water down 15%+ of what you're trying to move for a shell structure that adds any relevant privacy value to what is already achievable when acting as an individual.

Get 2 personal bank or EMI accounts in non-CRS jurisdictions. Gradually drain the accounts via card payments and cash withdrawals over a year-2, then close the accounts.

For possible AML/SoF checks, you'll need a story. He borrowed money from you! As the payments arrive on your personal accounts, they are to "cover the debt owed". Write and sign a contract in which he owes you about 22,500 after interest (50% of 45K), and show it to 2 different banks as a justification to receive 22,5K on each account. Minor details like the loan term and interest rate are up to your imagination.

If he doesn't agree to this contract, or if you're in a rush, make it the other way around - you borrowed 22,500 EUR from him! Of course, you pay it back on time like a good boy should! Or not.
 
Last edited:

Arthas

New member
Hi, sorry for my late repply

About your suggestion, what would you recomend as bank or emi account in non crs country ?

with time, there are less and less options to play with...
 
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