Can European tax authorities x-ray Caribean company?

[MarioMico]

Question is simple. Are European tax (Slovenia, Ukraine, Germany) authorities able to contact Caribbean authorities and ask for detailed documentation of the company? Especially, will they be able to check the UBO of Caribbean company?

 

[Martin Everson]

Yes off course, but not without going via their court system unless they have an information sharing agreement in place. Keep in mind that the Caribbean islands that are a British Overseas Territory (BOT's) are expected to soon have full records of all UBO's that the UK government will have access to this. So a backdoor request by those 3 countries to UK to obtain data is possible for a cross border offense as EU governments collaborate on tax matters.

Some Caribbean BOT's:

Anguilla
British Virgin Islands
Cayman Islands
Montserrat
Turks & Caicos

 

[MarioMico]

thank you @martin!
Even Nevis Company may be compromised? Are we talking about years as "soon" or rather months?

Thought tax authorities may not be really into going so far.

 

[Martin Everson]

Even Nevis Company may be compromised? Are we talking about years as "soon" or rather months?

UK gave a deadline of end of 2020 but latest report is they negotiated until 2023 before public ownership registries in all BOT's must be implemented.

https://www.caymancompass.com/2019/...ationship-with-territories-has-ups-and-downs/
The UK is playing the wicked colonial master and pressuring the territories hard to allow UK citizens to vote, accept same sex marriage, allow UK citizens there to take positions in office . These colonies need to seek independence immediately from this nonsense the UK is imposing on them.

Thought tax authorities may not be really into going so far.

They do but not always successfully as nominees can be used and sometimes no UBO can be found on record although that has changed.

 

[djaheim]

Nevis have stuck to their guns at the moment. Nevis looks good to me

 

[MarioMico]

thanks guys, really appreciate it.

@Martin Everson I though that the UBOs are not in the register? Hows that? I was told it's only for nominees.

 

[MarioMico]

@djaheim got any experience? What do you think about it ^^^^^^^^

 

[djaheim]

Beneficial Owner is a kick in the nuts literally!

 

[djaheim]

@Martin Everson You left out Jersey, although jersey has struck a deal that, they will collect UBO info and they have always but it will not be made public. it will only be shared with the lalw enforcement in case of money laundering, terrorist financing etc etc other than that if you are clean then i think Jersey is the place to register and run your business. Its very very good. So consider Jersey

 

[MarioMico]

Beneficial Owner is a kick in the nuts literally!

do you confirm that they collect UBOs in register?

 

[Martin Everson]

@Martin Everson You left out Jersey,

He wanted to know specifically about Caribbean. Jersey is Channel Isles.

@@Martin Everson I though that the UBOs are not in the register? Hows that? I was told it's only for nominees.

The local registered agent and hence government has to know the UBO. The issue is they don't want to put any of that info on a public registry. However the UK expects them to copy its lead by making the UBO data public information that is freely searchable like it is now in the UK.

 

[MarioMico]

Thank Martin! Would you risk 5 years in Nevis (disclosing UBO breaks whole idea and set up)?

 

[Martin Everson]

Thank Martin! Would you risk 5 years in Nevis (disclosing UBO breaks whole idea and set up)?

What you mean risk?

Live in Nevis for 5 years? Yes I would. In fact getting a Nevis passport for retirement purposes is on my bucket list of things to do at some point.

 

[MarioMico]

My bad, not specified. By 5 years I mean making a company set up that will help with tax optimisation. The deal is that to make it 100% safe, the UBOs can't be exposed for the whole process. Therefore, I'm asking if you would risk making such set up having in mind that if UBOs will be public or really easy accessible for your local tax authorities, you will be burnt?

 

[Martin Everson]

5 years is a long time. The idea being that rapid regulatory changes are being pushed by OECD and EU for global financial compliance that it is very difficult to stay one step ahead. I find it personally impossible to plan even 2 years ahead in current climate.

 

[djaheim]

do you confirm that they collect UBOs in register?

They do collect the information. They have a separate register for UBO and its not public register. Jersey managed to do this thats why they are still afloat as a very strong offshore centre. So Trust companys and service providers do collect the info but the UBO is on a separate non public register. They categorically wont make it public.

 

[MarioMico]

thank you guys for opinion! Much appreciated!

 

[Osleak]

Yes off course, but not without going via their court system unless they have an information sharing agreement in place. Keep in mind that the Caribbean islands that are a British Overseas Territory (BOT's) are expected to soon have full records of all UBO's that the UK government will have access to this. So a backdoor request by those 3 countries to UK to obtain data is possible for a cross border offense as EU governments collaborate on tax matters.

Some Caribbean BOT's:

Anguilla
British Virgin Islands
Cayman Islands
Montserrat
Turks & Caicos

Good informations and what are the offshore countries less collaborative with eu member state? With good and reliable banks aswell?

 

[Martin Everson]

Good informations and what are the offshore countries less collaborative with eu member state? With good and reliable banks aswell?

There are none. Offshore islands tend to be former colonies or territories of european countries i.e their either Dutch colonies, British colonies or French colonies etc.