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Fund repatriation

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alnedru

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Jun 19, 2017
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#1
Hello everyone

I'm curious how would you repatriate your money from the offshore avoiding paying taxes if possbile ... You cannot just transfer them to your bank account, as it will raise suspission and when they check it out they will find out me having an offshore company and bank.

Using the money to just buy goods in my home country isn't that wise as well as they can one way or another find out im behind the company and bank ...

So what is the safest way to get the funds from your offshore formation in your home country safely without raising suspission and able to use the money.

Regards
 
#2
This is kind of a loaded question. So many possibilities and different approaches depending on your structure, your home country, your offshore jurisdiction etc. If you're taking the approach of hiding your offshore company & assets, I would keep it completely seperate. It is illegal (depending on your home country) and if caught you'll pay many multiples of what you saved in taxes. That being said, if you absolutely have to, you'll want your name left out of any public registry (nominees etc) and a well documented reason for receiving the funds. This can be something like a consultancy contract and invoicing the offshore company regularly for work performed. The last thing you want is someone digging too deep.

My own approach has been to gain tax residency in a zero tax jurisdiction. I still have a decent structure, privacy etc as protection & also for if I decide to live elsewhere one day, but should all that fail, my home country doesn't care and doesn't charge tax on offshore profits anyway.
 
#3
That is I understand, but I don't want to just invoice that offshore company because I'll have to pay taxes again, so I need to get the funds back without paying anything.

My structure is simple I have a company in home country and I have a company in Offshore, which I then fakely invoice to send money to offshore, now when I have there money, I need somehow move money back to me so I can use them, else what is the point the money sitting offshore and I can’t do anything with them.

My question is how could I safely bit by bit move them to my home country.

I was thinking of buying bitcoins with my offshore company and then in then cashing them in at ATM in my home country and them some money use as cash some put on bank account is small amounts.

But this would be to much hussle … and buying and selling bitcoins as the currency is not stable I might loose some …
 
#4
alnedru said:
That is I understand, but I don't want to just invoice that offshore company because I'll have to pay taxes again, so I need to get the funds back without paying anything.

My structure is simple I have a company in home country and I have a company in Offshore, which I then fakely invoice to send money to offshore, now when I have there money, I need somehow move money back to me so I can use them, else what is the point the money sitting offshore and I can’t do anything with them.

My question is how could I safely bit by bit move them to my home country.

I was thinking of buying bitcoins with my offshore company and then in then cashing them in at ATM in my home country and them some money use as cash some put on bank account is small amounts.

But this would be to much hussle … and buying and selling bitcoins as the currency is not stable I might loose some …
Click to expand...
Yes by invoicing etc you would pay tax but you would control when and how much. There isn't really a 'safe way' to illegally repatriate funds. If you're doing it long term I imagine it's only a matter of time before you get caught. At least if it is any considerable amount your sending. If you're determined to do it, I guess you would have to hold funds in cash. If it's hitting your bank account the tax authorities are sure to pick up on it. Holding cash has its own risks though & some countries/banks around the world have already stopped accepting cash to prevent these activities.

And the point of the money sitting offshore is that it can grow tax-free through investment or business activities. You can repatriate it all at once in future if you get yourself residency in a zero tax jurisdiction.
 
#5
I agree if the amount will be big the authorities will be interesting, but if it is kept low for example beneath 100k a year, I think it should be fine. And maybe then using cryptocurrency buying with dark wallet or something and then sell it with cash and again put the money on small amounts, or go through the e-wallets i think the e-wallets are hard to track as well ...

So yes, I'm curious what other ideas there would be ...

And i think that keeping it low beneath 100k no one would care ... but i might be wrong tho ...
 
#6
alnedru said:
I agree if the amount will be big the authorities will be interesting, but if it is kept low for example beneath 100k a year, I think it should be fine. And maybe then using cryptocurrency buying with dark wallet or something and then sell it with cash and again put the money on small amounts, or go through the e-wallets i think the e-wallets are hard to track as well ...

So yes, I'm curious what other ideas there would be ...

And i think that keeping it low beneath 100k no one would care ... but i might be wrong tho ...
Click to expand...
It will really depend what his home country is. Large amounts often get flagged but what constitutes a large amount differs by jurisdiction. Also small amounts can be flagged if they are regular or recurring in nature. It could also be the amount hitting his bank account is vastly different from what is reported as income on his tax return. Or his assets appear to be greater than what the authorities expect his income would allow. Or simply someone close to him reports him (this is where most people are caught I believe). Or it could simply be random bad luck which most authorities do each year also. There's a lot of ways to trigger an audit. If the money is hitting your bank account I dare say it is only a matter of time. And you'd best be prepared to answer their questions and provide evidence if you want to stop them proceeding with a full on investigation.
 
#7
That I understand, but again in this case the person could use multiple bank accounts, as well ask his relatives who he can trust, some amount he could keep in cash. Again if this amount is lets imagine 80k a year, i think it would be totally fine and doable. There are always bigger fish to fry ... i mean a lot, a lot of ppl get money by working in black, etc

Of course there is always a chance that is true ... that is why it has been asked, what would be a better way, a safer way to do that ...
 
#8
alnedru said:
That I understand, but again in this case the person could use multiple bank accounts, as well ask his relatives who he can trust, some amount he could keep in cash. Again if this amount is lets imagine 80k a year, i think it would be totally fine and doable. There are always bigger fish to fry ... i mean a lot, a lot of ppl get money by working in black, etc

Of course there is always a chance that is true ... that is why it has been asked, what would be a better way, a safer way to do that ...
Click to expand...
Yeah the tax authorities don't exactly publish their criteria. I know some countries I've dealt with have openly told me any more than $15-20k will get flagged but who really knows. Using other bank accounts wont change anything either if they are all in his name. And using relatives...yikes. Now you're putting your family at risk also.

At the end of the day, it's a gamble. And the risk and consequence is way too high for me. $80k/year saving 30% tax - $24k a year saved. Say you get away with it for 10 years. Once you're caught they'll go right back through everything. That $240k in tax savings wont seem so important once you're hit with a $500k fine + criminal charges + prison time. And often there is no limit to how far back the tax authorities can go in the case of fraud. You would be looking over your shoulder forever.

As I've said above, he can try but he's taking a massive risk. I would keep the company completely separate from his personal life. And if he doesn't, the only way I'd even think twice about doing it is using ATM's to withdraw cash. And only paying for things that are not tied to him personally.
 
#11
bronze said:
Why not use hawala and use the cash for living expenses
Click to expand...

Hmm I didn't know about this concept now I read about this ... of course as it states there has to be a trust ... will the other guy trust me and will I trust him ... what if one of the party will run with the money ...

Anyhow is there a website or how do you find those kind of people to execute it?
 
#12
most western union agencies run hawala too, very widespread in africa asia and mid east, lots in dubai, im transferring 450k usd literally as we speak, did 300k usd a month or so back and no problems

if one of these guys mucks around and steals then they will lose their whole business
 
#13
So if i live in US or Europe i have to go to a local western union and say, hey man can we do hawala business together ... and he will of course says yes sure lets do it ... i think rather he will report me or say what are you talking about man ...
 
#14
lol,
look for ones run by arabs or indians or better still ask around at taxi ranks amongst the indians, they all send money back to india via hawala
if you know anyone from africa the same applies, 80% of funds going back to africa go via hawala, most overseas workers or students send money back to africa or india via hawala

even here in australia where cash in virtually outlawed i have been able as a white guy to find a couple of hawalas to use, one african and one indian
 
#16
And one more thing I have money in the offshore bank and i want to receive them here, so will they give me a account number where i have to send money and then they will give me cash after they've received?
 
#17
some aqre happy for you to transfer to their account but most prefer cash, you would need to discuss, its possible they will accept cash or cheque but the main point of it is a cash economy scenario

its more prevalent than you realise and ive never heard of anyone copping it from using it and its highly anonymous too
 
#18
Yes, I understand that, but in my case it is nothing illegal and I'll send money to offshore normal way, but I would like to use the money as well here where I live. And the question is if i send the money to offshore bank, how can i get those money back here. Maybe somehow using e-money spitting in small amounts and transfereing back to me ... I don't know
 
#20
I was thinking maybe Perfect Money (e-wallet) and the using an exchange service to transfer to do a wire transfer ...

As well maybe going to ATM in neighbour countries and withdraw there directly from you offshore bank ...
 
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