Hi guys and gals,
Sorry for a big post!
First post here, but been a longtime reader unregistered and have gained tremendous help from other posts, some similar to this one.
The FATCA and CRS questions has been answered in many different ways, and it usually just goes as "how do I avoid it?"
I would want to give my own experience and end on a few questions for anyone who maybe has an answer.
In my case, I want to pay tax. Granted, as little as possible to the country I reside in because nor me or family pulls benefit.
I have tried contacting several different lawyers and accountants to shape my company situation so that it would be beneficial for me
while I pay reasonable tax. The closest I came was looking into a Holding Company (EU) and reshape my situation a little, but all in all it ended in
failure.
If I would do it legally, I would need to pay 23% (which is good), but gain a very low withdrawal limit (salary), or pay 55% and do what
I want - no other benefits included unfortunately.
Neither of these suit me and my goals, so after 6 months searching I have given up.
I have no investment plans where I reside either and won't for the next 10 years.
I now look to hide my hard earned money in a foreign account (which I have) UNTIL I manage to set a new company structure up
with a foundation or similar to improve tax outcome.
During this time, I invest as much as I can and this goes via SEPA (IBAN) transfers to private accounts (buy/ sell).
I might start indulge in crypto and real-estate soon as well.
I earn enough to be considered high-earner, but I am in no means rich.... yet (hopes).
Lead to Question:
I have Payoneer and they have proven to be GREAT! However, I am not allowed to do any transfers to another name than my own,
found out the hard way.
However, they stated that they do not disclose ANY information to tax authorities if not directly requested and year end balance
in such a case, at least that is what they told me.
Me and my friends have used it for years and no issue, but it's a ticking time bomb.
Paysera, Bitsafe, Paxum, OFX, Paypal, MoneyNetInt and a few more is for a few reasons not what I seek.
However, I have been looking at Bankera and Wise (old TransferWise).
Actual Questions:
- Would Bankera or Wise be considered a good alternative to Payoneer and their very limited CRS sharing?
- I need to be able to do SEPA transfers until the end of the year without risking (or at least drastically minimize) the risk of tax authorities in EU finding out? In other words, they will just receive total end balance if any.
- Anything else I might miss coming to mind?
* My income is fully legit and white, no shady stuff, I just don't agree with the tax options I have received and want to secure my own future better. Seek time to set everything up and want to hopefully
avoid loosing half my income in a country I don't tend to live in from next year.
Thank you all for reading!
Sorry for a big post!
First post here, but been a longtime reader unregistered and have gained tremendous help from other posts, some similar to this one.
The FATCA and CRS questions has been answered in many different ways, and it usually just goes as "how do I avoid it?"
I would want to give my own experience and end on a few questions for anyone who maybe has an answer.
In my case, I want to pay tax. Granted, as little as possible to the country I reside in because nor me or family pulls benefit.
I have tried contacting several different lawyers and accountants to shape my company situation so that it would be beneficial for me
while I pay reasonable tax. The closest I came was looking into a Holding Company (EU) and reshape my situation a little, but all in all it ended in
failure.
If I would do it legally, I would need to pay 23% (which is good), but gain a very low withdrawal limit (salary), or pay 55% and do what
I want - no other benefits included unfortunately.
Neither of these suit me and my goals, so after 6 months searching I have given up.
I have no investment plans where I reside either and won't for the next 10 years.
I now look to hide my hard earned money in a foreign account (which I have) UNTIL I manage to set a new company structure up
with a foundation or similar to improve tax outcome.
During this time, I invest as much as I can and this goes via SEPA (IBAN) transfers to private accounts (buy/ sell).
I might start indulge in crypto and real-estate soon as well.
I earn enough to be considered high-earner, but I am in no means rich.... yet (hopes).
Lead to Question:
I have Payoneer and they have proven to be GREAT! However, I am not allowed to do any transfers to another name than my own,
found out the hard way.
However, they stated that they do not disclose ANY information to tax authorities if not directly requested and year end balance
in such a case, at least that is what they told me.
Me and my friends have used it for years and no issue, but it's a ticking time bomb.
Paysera, Bitsafe, Paxum, OFX, Paypal, MoneyNetInt and a few more is for a few reasons not what I seek.
However, I have been looking at Bankera and Wise (old TransferWise).
Actual Questions:
- Would Bankera or Wise be considered a good alternative to Payoneer and their very limited CRS sharing?
- I need to be able to do SEPA transfers until the end of the year without risking (or at least drastically minimize) the risk of tax authorities in EU finding out? In other words, they will just receive total end balance if any.
- Anything else I might miss coming to mind?
* My income is fully legit and white, no shady stuff, I just don't agree with the tax options I have received and want to secure my own future better. Seek time to set everything up and want to hopefully
avoid loosing half my income in a country I don't tend to live in from next year.
Thank you all for reading!
