Japan & western europe

[santosg]

Does someone who lives in Japan or western Europe as a legal resident only have to disclose offshore bank accounts like in the u.s. or Canada? Does Japan or western Europe force even its permanent residents to disclose such financial personal information? Does the japanese and western european governments for its legal permanent residents to disclose offshore bank accounts like fatca or something similar? How would japan and western europe differ from anglo countries such as, usa, canada, australia, nz, uk, or ireland as far as offshore bank accounts or for that matter foreign investsments such as five star hotels, shopping malls, ect... in some third world country??

 

[JustAnotherNomad]

Yes, most countries require you to disclose your offshore accounts. And there is CRS reporting.

 

[santosg]

Yes, most countries require you to disclose your offshore accounts. And there is CRS reporting.

But does japan and all of western europe have the opposite of lax tax laws and similar to the u.s. and canada? Tax laws are lax in many third world countries that being my point.....

 

[legrant]

It depends on the country, but 99% of them will require you to inform the taxman about all the assets you have. Some countries won't care as much, others will go after you if they see anything sketchy. Those that don't care eventually will care or will be forced to care about it due to pressure from other countries, so at the end of the day, you shouldn't hide assets, you should make those assets legal (going to a 0% tax country, territorial tax system, etc). Of course, you can try your luck and it may work just fine, but isn't it much better to have legal and declared assets and go to sleep like a baby instead of worrying about being caught?

 

[Cyprustr]

Hello, Does anyone know if Cyprus requires to disclose it?