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Let’s say I earn 50.000$ from a non official business like something I do in my free time could be anything. And I would like to deposit that money into the bank with low tax how would you do that?
 

Sols

Staff member
Mentor Group Gold
Options depend on where you live, but also type and nature of the income, and where it currently sits (jurisdiction, own/business account, crypto/fiat).

If you live in a country which has lower tax for capital gains or dividends, structure the income as such instead of as a salary payment.

Otherwise, just declare it as income and pay tax. If you don't like the local tax law, move to a lower tax jurisdiction.

Best would be to speak with a local tax adviser to work out what's best under local law.
 
Options depend on where you live, but also type and nature of the income, and where it currently sits (jurisdiction, own/business account, crypto/fiat).

If you live in a country which has lower tax for capital gains or dividends, structure the income as such instead of as a salary payment.

Otherwise, just declare it as income and pay tax. If you don't like the local tax law, move to a lower tax jurisdiction.

Best would be to speak with a local tax adviser to work out what's best under local law.
If I would have a charity website that would accept Bitcoin, PayPal, Venmo etc. How would I go to the bank and deposit like 20.000$ in profit with low tax income? Do I need to have like a offshore bank account in Panama for example?
 

Sols

Staff member
Mentor Group Gold
A charity website would have to be run by a duly organized and registered charity, so that example should be relatively straight-forward. Book it as income for the charity and spend it on administration and charitable work.
 
A charity website would have to be run by a duly organized and registered charity, so that example should be relatively straight-forward. Book it as income for the charity and spend it on administration and charitable work.
And for example let’s say I have a website where you can donate to help for example children in Africa and it’s not really registered it’s like you help children in africa in your free time more like a hobby. and you would get 100.000$ from those donations and you would use 50% of the money for children in Africa and 50% as profit for yourself how would you go to the bank and ask if you can deposit 50.000$ without causing a red flag?
 

Sols

Staff member
Mentor Group Gold
Charities are required to be registered and organized as charities, in order to take public money. There are some legal grey areas when it comes to crowdfunding but even so, you're better off just donating that money to a proper charity.

Otherwise, you're committing fraud and you're back to money laundering. Across the world, courts don't take kindly to fraudulent charities and money laundering. Those aren't just crimes of passion or crimes of negligence. You're taking active steps to avoid laws. That's premeditation.
 
Charities are required to be registered and organized as charities, in order to take public money. There are some legal grey areas when it comes to crowdfunding but even so, you're better off just donating that money to a proper charity.

Otherwise, you're committing fraud and you're back to money laundering. Across the world, courts don't take kindly to fraudulent charities and money laundering. Those aren't just crimes of passion or crimes of negligence. You're taking active steps to avoid laws. That's premeditation.
When would a offshore bank account be useful and why do people who launder money use it?
 

Sols

Staff member
Mentor Group Gold
Most money laundering happens in US, UK, and EU with high street banks. The biggest money laundering cases in recent years have involved banks like HSBC, Deutsche Bank, and Standard Chartered.

With secrecy largely gone and offshore banks in particular having little to no risk appetite, offshore banking is mainly about wealth management, diversification of assets/risks, accessing different markets/currencies, or conducting regional business.

If you're looking for how to launder money, this isn't the place.
 
The administrators already deleted his first thread, which actually had the word "laundering" in the title. I am not sure why the administrators have not yet banned him. Why allow such people to draw attention to the forum from the tax authorities?
I didn’t know the word "laundering" was not allowed to be used here and I stopped using that word didn’t I?
 

Sols

Staff member
Mentor Group Gold
This hypothetical is eerily close to money laundering. The benefit of the doubt has run dry.

I see no value in keeping this thread going so I'll lock it, but I don't think I'll delete it. Maybe others with similar ideas will see it and realize it's not welcome here.

Seek compliant solutions. Don't rely on outdated concepts of what the offshore financial services industry once might've bee.
 
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