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Reporting to country where I don’t live

Dubsize

Dubsize

Active Member
Nov 9, 2017
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#1
hi guys,

I have two citizenship : number 1 and number 2.

I live in country number 2.

What if I open a company and a corporate bank account in a third country where I don’t live and I don’t have citizenship using my ID papers from country number 1 where I don’t live?

The bank will report to country number 1 - country number 1 will just disregard as I’m not a fiscal resident or there is a risk they will send it to country number 2 where I live ?

At the same time I don’t know how would country number 1 know I live in country number 2....

What do you guys think ? Would that be an interesting setup ?
 
#4
Two weeks ago I have visited and talked to a compliance chief of a Bank in a very small country, I have used this to find out what's really going on.
I don't know if this is usual, this Bank report to any country where a connection exist, even if you meet the account manager in country x (where the customer is not resident or don't hold a citizenship) will be linked, they have a 3rd party software to manage such customer relations. The account manager are obligated to report any relevant information. Same is with the Contact Phone number.
It seems for me they try to avoid fines, but on the other side I found out if you're the "right" client they will help you with supporting services.
 
#6
superman said:
Two weeks ago I have visited and talked to a compliance chief of a Bank in a very small country, I have used this to find out what's really going on.
I don't know if this is usual, this Bank report to any country where a connection exist, even if you meet the account manager in country x (where the customer is not resident or don't hold a citizenship) will be linked, they have a 3rd party software to manage such customer relations. The account manager are obligated to report any relevant information. Same is with the Contact Phone number.
It seems for me they try to avoid fines, but on the other side I found out if you're the "right" client they will help you with supporting services.
Click to expand...
This sounds like banks operate worldwide.
 
#7
superman said:
Two weeks ago I have visited and talked to a compliance chief of a Bank in a very small country, I have used this to find out what's really going on.
I don't know if this is usual, this Bank report to any country where a connection exist, even if you meet the account manager in country x (where the customer is not resident or don't hold a citizenship) will be linked, they have a 3rd party software to manage such customer relations. The account manager are obligated to report any relevant information. Same is with the Contact Phone number.
It seems for me they try to avoid fines, but on the other side I found out if you're the "right" client they will help you with supporting services.
Click to expand...
thanks for your contribution ! What if I meet my account manager in the country where the bank is located and I still hold a phone number of country 1 where I don't live?
It could work?
 
#11
Well, that's exactly why people pay for Malta/Cyprus residence. This arrangement is in fact used my many, however it's better if "country 1" is either non-crs or the one with territorial taxation (i.e. does not care about your worldwide income) such Hong Kong, Malta etc.
 
#12
countryfree said:
How does country 1 knows you're not a fiscal resident anymore?
You should not expect any tax administration to disregard anything.
Click to expand...
Well, I actually wrote a letter to the taxman saying I was not longer living in the country, I am not paying tax, not paying healthcare insurance, have no business, not working, not getting any money there. That's pretty easy to show.
I am just wondering, if they receive information about me under AEOI - will they just disregard or would they investigate and try to find out where's my fiscal residency and try to report me there ? I doubt they have only this to do.
 
#13
Dubsize said:
Well, I actually wrote a letter to the taxman saying I was not longer living in the country, I am not paying tax, not paying healthcare insurance, have no business, not working, not getting any money there. That's pretty easy to show.
I am just wondering, if they receive information about me under AEOI - will they just disregard or would they investigate and try to find out where's my fiscal residency and try to report me there ? I doubt they have only this to do.
Click to expand...

your home tax office would not do so much work for some abstract tax office in other country
the only issue I see here - banks may reduce to serve nomads in the future
in 90% of bank forms you obligated to show your place of tax residence, so it will look suspicious to banks if have no any
and if you show your last residence it may be treated as providing of false information to banks

P.S. for now we have possibility to discuss it in theory only, because nobody has enough experience with AEOI/CRS right now
even tax officers and bankers do not have clear answers in the moment
 
#14
Samuel Newman said:
P.S. for now we have possibility to discuss it in theory only, because nobody has enough experience with AEOI/CRS right now
even tax officers and bankers do not have clear answers in the moment
Click to expand...
You're so right... I am sure this will not work the way it should. Communication between countries is extremely difficult, exchange of information in terms of security or in other fields does not work,
I doubt the AEOI will work like a Swiss watch. Also, do we have any idea what's reported? balance below or above a certain amount ? only balance ? If i have an account with EUR 500.00 will they report it ? all movements?
 
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