CRS: What will happen when the report says no such individual exists?

Discussion in 'Offshore Bank Accounts' started by LOTI800, Nov 8, 2017.

  1. LOTI800

    LOTI800 New Member

    This is the big question now days
    Will it trigger a homeland sec investigation? then it is dangerous business. if some efforts are put into it, it is easy to track id of the faker, by locating transactions etc. Avoiding tax is one thing (fines), fake id is prison
  2. Scanman

    Scanman Banned Users BANNED MEMBER

    I doubt anyone knows what exactly happens, or what triggers an investigation. I mean if a bank or EMI reports an individual who is not a registered tax payer in their reported country of residence, there could be many totally legitimate and legal reasons for this. It likely would depend on the amounts passing through the account and how shifty it looked as to whether it triggered an investigation from the tax authority, let alone a national security issue. It's common sense to me not to keep any money in an EMI created with an "alternate persona". Get it out as quickly as it comes in, and rinse and repeat with new accounts often to fly under the radar. Another user in another thread recently said anything over 10k in one transaction or 20k in received funds in reported - not sure if this is true, but it might be worth staying under those limits per account.

    Maybe not a helpful post - but food for thought.
  3. LOTI800

    LOTI800 New Member

    Very helpful actually. Thank you for sharing
    Conclusion is then, perhaps, to stay under the radar and hoping not to get caught... Because to be honest, i would rather pay some taxes and sleep well at night, then risk a national sec felony. Especially today with all the terror going in EU. Almost everything is justified now days.
    Mind you that AML policy requires to keep records for 5 years.
    I am curious: what do you mean by rinse or repeat? how is done? please do share
  4. Scanman

    Scanman Banned Users BANNED MEMBER

    By rinse and repeat I mean using an EMI for 10-20k then moving to a new one.

    If you’re willing to pay full tax that’s the much safer and easier route.
  5. Richie

    Richie Member

    If you use your personal data you are related to an offshore company and your country can take actions about this ?
  6. Richie

    Richie Member

    I mean when you open an EMI business acount with offshore company and your real data, you are linked to it
  7. LOTI800

    LOTI800 New Member

    Got you. Moving from one account directly to another other isnt creating a clear trail?
  8. Gipsy

    Gipsy New Member

    Guys, STFU and stop using d**ks... it's illegal and can lead you to the sh1t directly.

    Go to the UAE and get a tax residency for around 14000 USD if your are serious businessmen hating taxes.
    Scanman likes this.
  9. LOTI800

    LOTI800 New Member

    Hey Gipsy, i needed that , thanks ;)

    My tax lawyer claims that all money leaving to tax havens needs to be declared and are heavily taxed. Not sure what is the point then. If you can shed some lights on this i will be most grateful. If you can recommend on some provider or facilitator of such a residency it would be awesome
  10. Internationaloff

    Internationaloff Corporate Services Business Angel

    A residency in Panama, Malta and UAE can be a good solution. thu&¤#
  11. auric

    auric Offshore Agent Mentor Group Sponsor Business Angel

    Is it really that easy ?

    What requirements do they have there in order to get rid of local tax?

    True and why you need a professional or other to help you to steup something that reduce your tax!
  12. NickNack

    NickNack Active Member Entrepreneur

    you can also do Paraguay for 10k
  13. Richie

    Richie Member

    Do you have more info?
  14. Admin

    Admin Forum Moderator The Forum Cleaner

    Any provider or link to that same?
  15. NickNack

    NickNack Active Member Entrepreneur

    You can google it, lots of people offer the service, or contact law firms from Paraguay. I would offer a reference but I removed my subscription. It should not be hard to find a lawfirm to help. For me Paraguay is a great option for 2nd citizenship.