Cyprus to publish ultimate beneficial owner list of its money offshore accounts

[JohnLocke]

i live in EU and there has been talk in the past week or two here, direct statements by politicians in power, about government having access to all bank accounts and knowing who has how much money at their disposal...just fyi.

This will soon be implemented in the entire EU, it starts with talk and a few years later it is how the world looks.

 

[glengoolie]

it's hiding under Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)

 

[espresso]

bad news bad news... not that it is unexpected, but it’s sad to see it actually happening in front of our eyes

 

[Fred]

Cyprus UBO Register For Trusts - Trusts - Cyprus

Cyprus incorporated in its domestic legislation the provisions of the 5th Anti-Money Laundering EU Directive 2018/843 on the 23rd of February 2021.

www.mondaq.com

 

[blizz]

It's going to be worse for Cyprus, damn I'm missing the good old days, I begin to understand why the UK got out of the EU!

 

[Martin Everson]

I begin to understand why the UK got out of the EU!

Yup. Can't have one of the worlds biggest money laundering centers like UK being part of a block trying to combat money laundering can we .

Btw Cyprus might witness an outflow of Ukrainian businesses that use the island to launder money, buy villas to get EU passport and then bugger of . Didn't Paul Manafort launder money through Cyprus shell companies from Ukrainians?..lol

An open register will reveal some interesting goings on in Cyprus .

What Business Do Ukrainians Hide in Cyprus?

In the Cyprus register, small companies in real estate, trade and finance are the most common among Ukrainian representatives

www.promoteukraine.org

 

[John M]

Asset register is not next, is the existing thing in some countries, since some countries has wealth tax.

You can still live in Europe and pay no or small tax:
1. You have money and have residence in Andorra, Gibraltar, Monaco, Switzerland (lump sum tax). These countries are not in EU, but open border with EU.
2. Have Dubai residence and live in Europe in multiple countries, not triggering residence. This is what the most people do, until EU realize that in most cases UAE reisdence is a domicilation fraud (99% cases) and put pressure to UAE to implement stricter rules.

No, I think that actually EU is going to introduce EU tax residence so it won’t matter if you move from one EU country to another.

 

[MiddleEuroAsia]

Yup its already started. Reporting of safety deposit boxes came into force last year with AMLD5. Only a matter of time before you have to declare if you got a gold tooth in your mouth etc. That information is important to them for when the time comes for the EU to enact its final solution to tackle spiraling debt .

Yes...they will start by putting in extensive transaction reporting in place for anyone buying, selling or transferring physical gold bullion or even legal tender coins over a certain volume. But right now I am sure their focus is on another popular speculative asset .

you are right, they are already working on it

358265-2021 - Competition

ted.europa.eu

to quote
"Belgium-Brussels: Feasibility Study for a European Asset Registry in the Context of the Fight Against AML and Tax Evasion

Short description:

Collection of data and interconnection of registers is a key instrument under EU law to speed up access for competent authorities to financial information and facilitate cross-border cooperation. This project shall look into various possibilities for collecting information to set up an asset registry which may afterwards feed into a future policy initiative. It shall aim at exploring how to collect and link information available from various sources on asset ownership (e.g. land registries, company registers, trusts and foundations registers, central depositories of securities ownership, etc.) and analyse the design, scope, and challenges for such a Union asset registry. The possibility to include in the registry data related to the ownership of other assets such as cryptocurrencies, works of art, real estate, and gold, shall also be considered."

it's really the time to get the f**k out of the EU indeed, to think that this is what the EU have become, an orwellian nightmare, what a f*****g tragedy.

 

[Martin Everson]

Yup thats scary.

Imagine a government knowing everything you own, and after cash is gone, everything you buy and sell..that's not freedom is it?

Another thing that will happen in EU is they will not allow people to post in public forums like this without having their identity verified. They will want to know your complete social media footprint. They will use the excuse of cyber bullying and prevention of malicious/offensive comments being posted online etc but the reality is to crush decent of the system.

Welcome to the future where not only do they want to know what you own but soon what you think and say in private encrypted messages via a backdoor open to the state aka law enforcement . So expect in future a social media law governing posting in public spaces where it requires the company facilitating this to collect personal identifying information so they can track you down.

P.S As always get out of the EU while you still can.

 

[uplana]

Another thing that will happen in EU is they will not allow people to post in public forums like this without having their identity verified. They will want to know your complete social media footprint. They will use the excuse of cyber bullying and prevention of malicious/offensive comments being posted online etc but the reality is to crush decent of the system.

let's hope it will take some years.. I don't believe it will be in the near future.

If it should be I will offer free identity to everyone

 

[Vor]

The sort of stuff coming to the EU isnt gonna stop at the EU though so unsure where many will run to. USA passed the corporate transparency act which is set to go into effect by next year and creates domestic reporting to FinCen for all corporate entitles with the same level of penalties as offshore FinCen reporting. Average American already has a tighter noose around their neck than EU citizens do thanks to FATCA and the aggression of the IRS. With how crazy Australia is about covid doubt there not gonna be as bad or worse then EU financial regulations in the future.

Reality is the statement to "get out of the EU" shouldn't be said. It should be said to "GET OUT OF THE WEST". Leaving Germany for the US will not solve the issue in fact it will make it worse lol. Canada is talking citizen based taxation just like the USA. USA, CA, EU, NZ, AU are all heading in the same direction in terms of financial privacy and property rights. Your best bet is to get the hell out of the west and renounce western citizenships for perhaps a passport from Asia, Caribbean, Middle East. Live in Dubai or a third world country that cannot properly enforce their own tax laws. It'll be a goal of the west though to ruin UAE in the coming time. Cant be having Americans, Germans, Canadians leaving their tax farm and renouncing and living tax free in Dubai.

 

[Vor]

Yup thats scary.

Imagine a government knowing everything you own, and after cash is gone, everything you buy and sell..that's not freedom is it?

Another thing that will happen in EU is they will not allow people to post in public forums like this without having their identity verified. They will want to know your complete social media footprint. They will use the excuse of cyber bullying and prevention of malicious/offensive comments being posted online etc but the reality is to crush decent of the system.

Welcome to the future where not only do they want to know what you own but soon what you think and say in private encrypted messages via a backdoor open to the state aka law enforcement . So expect in future a social media law governing posting in public spaces where it requires the company facilitating this to collect personal identifying information so they can track you down.

P.S As always get out of the EU while you still can.

Considering the rhetoric out of the USA related to "Domestic Terrorism" and that if your banned on one social media platform you should be banned on all of them from the white house. I'd argue the USA is headed in the same direction. America just will lag behind the curve. It'll come to EU first but it'll come to USA in no time either. Younger generation loves government in USA.

 

[uplana]

It'll be a goal of the west though to ruin UAE in the coming time. Cant be having Americans, Germans, Canadians leaving their tax farm and renouncing and living tax free in Dubai.

I do agree with you.

Reality is the statement to "get out of the EU" shouldn't be said. It should be said to "GET OUT OF THE WEST"

could be more true, sorry @Martin Everson

I believe you are right, for now there are a few countries left where you could hide and setup your tax free business, however, within the next 10 years I personally believe there is only Russia left that will have a free zone for people seeking tax freedom, they will face other difficulties then I believe, no one can get anything for free from Putin.

 

[Martin Everson]

could be more true, sorry @Martin Everson

Not gonna argue with "get out of the west" when I did exactly that years ago . Just the noose tigthens quicker in some parts of the world than in others.

 

[Risehigh]

Yup its already started. Reporting of safety deposit boxes came into force last year with AMLD5. Only a matter of time before you have to declare if you got a gold tooth in your mouth etc. That information is important to them for when the time comes for the EU to enact its final solution to tackle spiraling debt .

You were so right, they just published a "doable" study ...

 

[Suzy Emerald]

Indeed, go to a third world country where they have bigger fish to fry than enforcing tax laws on foreigners and dont have the capacity to enforce. But no too 3rd world that you risk being killed going for a beer around the corner.

 

[MiddleEuroAsia]

But no too 3rd world that you risk being killed going for a beer around the corner.

I think you need to go out more.

 

[MiddleEuroAsia]

Welcome to the future where not only do they want to know what you own but soon what you think and say in private encrypted messages via a backdoor open to the state aka law enforcement . So expect in future a social media law governing posting in public spaces where it requires the company facilitating this to collect personal identifying information so they can track you down.

Yeah, they already want to do this in the US via laws like anti-encryption bill (they are not even shying away from the name lol) and the EARN IT act. The EU is already headed the same dark road, In December 2020, The Council of the European Union released a five-page resolution that called for the EU to pass new rules to govern the use of end-to-end encryption in Europe. it's a direct attack on encryption (sources 1,2)
Australia already has a law like that, and the results are catastrophic, so yeah Australians are royally fucked.

So, I agree with @Vor on this one, you have to get out of the west altogether while you still can, otherwise don't blame anybody but yourself.

 

[Martin Everson]

Damn

I don't claim to be Nostradamus but damn a whole load of privacy about to be gone.

 

[countpinky]

Damn

I don't claim to be Nostradamus but damn a whole load of privacy about to be gone.

Unironically setup shop in Afghanistan. They will gladly welcome investment in properly rebuilding their country. Not to mention they’re sitting on some $1 trillion worth of resources.
The west will never dare go there for the filthy peasants that ran from their tax farm
Checkmate