Tax authorities ask Germany for data of Maltese with offshore Dubai accounts

[mc9]

I have said for some years that people also with fake Dubai residencies will be in for a shock.....thats all I can say hint hint.

P.S There has been endless leaks across the Caribbean into Russia, UK and and beyond. All the data is actually fully available online to view . I am in Bahamas and the entire company registry was leaked a while back .

Anyone want to take a stab at what sort of time frame are we talking about before there is a crackdown on the fake Dubai residencies?

 

[Martin Everson]

Anyone want to take a stab at what sort of time frame are we talking about before there is a crackdown on the fake Dubai residencies?

Difficult to give time frame could be months, could be a year or two. Last prediction I gave was Euro Pacific Bank and I as out by 1 year .

 

[JackAlabama]

Anyone want to take a stab at what sort of time frame are we talking about before there is a crackdown on the fake Dubai residencies?

No one can know.
I would not call that a "fake" visa anyway, it seems misleading.
There is HK where you can be absent for 3 years, Panama for 2 years or even more etc. A new African one comes up with a 0 day stay requirement.

Countries can just say, prove us that you do or have XYZ or otherwise we will not recognize you living in Dubai. For example send us your local bank statement and if it shows 0 transactions, they will not recognize.
That could be happen any day depending on your home country you can be more at risk.

 

[Vor]

No one can know.
I would not call that a "fake" visa anyway, it seems misleading.
There is HK where you can be absent for 3 years, Panama for 2 years or even more etc. A new African one comes up with a 0 day stay requirement.

Countries can just say, prove us that you do or have XYZ or otherwise we will not recognize you living in Dubai. For example send us your local bank statement and if it shows 0 transactions, they will not recognize.
That could be happen any day depending on your home country you can be more at risk.

common sense goes a long way also, having Dubai residence but spending 9 months in say Spain and then claiming Dubai as tax residence is probably not the best idea lol. Visa is real and only people who will have issue someday are those who are unfortunate to be caught sitting in Germany 363/365 days a year and running income through UAE undeclared cuz "the business is in dubai". People over think things too much if you live in Dubai 3 months, then travel Asia rest of year and keep all your crap out of your home country I do not think your the first guy on the pecking order their gonna be looking into so long as when you left you tied up all loose ends, filled final taxes, paid them, deregistered address, etc or if your an American like me then you will be chased to end of earth lol.

 

[Fred]

common sense goes a long way also, having Dubai residence but spending 9 months in say Spain and then claiming Dubai as tax residence is probably not the best idea lol. Visa is real and only people who will have issue someday are those who are unfortunate to be caught sitting in Germany 363/365 days a year and running income through UAE undeclared cuz "the business is in dubai". People over think things too much if you live in Dubai 3 months, then travel Asia rest of year and keep all your crap out of your home country I do not think your the first guy on the pecking order their gonna be looking into so long as when you left you tied up all loose ends, filled final taxes, paid them, deregistered address, etc or if your an American like me then you will be chased to end of earth lol.

That's it.

The "fake residence" how @martin describes it is talking about the 5% of the people that keep living in there home country with a ton of substance.

What we see actually in practice is in 95% of the case exactly the other way around.

Right now people that are living all over the world and most of the time outside the EU and with favorable CFC rules in there country of residence are closing down there companies in Georgia, Malaysia, HK and the whole Caribbean - Georgia due to uncertainty with there IT Free Zone that is no longer working for most companies, Malaysia (Labuan) due to the horrible communication with OECD, Banking issues and political uncertainty, HK due to lack of getting any banking and political uncertainty and the whole Caribbean due to lack of getting any real banking - even the legend itself for banking Caribbean shell companies EPB is going down the drain (Euro Pacific bank is a scam)

Not to forget about the Seychelles that are on the EU blacklist since almost 2 years - where you get in best case Mauritius banking that is again becoming more and more difficult and comliance annoying each year

So either you bank all these jurisdictions on EMI's only that are most of the time limited to SEPA and even the most are not working with commercial EMI's like Wise or you get yourself a Dubai Setup with Residence Visa and local retail banks to achieve what is the closest to what most people are looking for.

 

[Vor]

That's it.

The "fake residence" how @martin describes it is talking about the 5% of the people that keep living in there home country with a ton of substance.

What we see actually in practice is in 95% of the case exactly the other way around.

Right now people that are living all over the world and most of the time outside the EU and with favorable CFC rules in there country of residence are closing down there companies in Georgia, Malaysia, HK and the whole Caribbean - Georgia due to uncertainty with there IT Free Zone that is no longer working for most companies, Malaysia (Labuan) due to the horrible communication with OECD, Banking issues and political uncertainty, HK due to lack of getting any banking and political uncertainty and the whole Caribbean due to lack of getting any real banking - even the legend itself for banking Caribbean shell companies EPB is going down the drain (Euro Pacific bank is a scam)

Not to forget about the Seychelles that are on the EU blacklist since almost 2 years - where you get in best case Mauritius banking that is again becoming more and more difficult and comliance annoying each year

So either you bank all these jurisdictions on EMI's only that are most of the time limited to SEPA and even the most are not working with commercial EMI's like Wise or you get yourself a Dubai Setup with Residence Visa and local retail banks to achieve what is the closest to what most people are looking for.

Dubai's only real sin is having an offshore sector that actually functions in 2021. They make it relatively "easy"(nothing is really easy in todays world) for next to anyone to come in and setup a business + banking compared to less desirable jurisdictions where nothing even works anymore but they'll take your few thousand to form a worthless company. Dubai also offers some of the last strands of financial privacy left in the modern world besides 3rd world countries you wouldn't want a penny in anyway.

Your only other option is stablecoin cryptocurrency say Dai since I wouldn't trust Tether, USDC, or any other stablecoin than Dai at all since their centralized, probably scams, and open to pressure from regulators. Anyone on here unfamiliar with Dai look into it it's not pegged to USD so no claims of 1:1 "reserves" instead its pegged to Ethereum and other crypto assets something to consider for those looking for a simple privacy solution(assuming you took steps to anonymize crypto trail)

 

[legrant]

Dubai's only real sin is having an offshore sector that actually functions in 2021. They make it relatively "easy"(nothing is really easy in todays world) for next to anyone to come in and setup a business + banking compared to less desirable jurisdictions where nothing even works anymore but they'll take your few thousand to form a worthless company. Dubai also offers some of the last strands of financial privacy left in the modern world besides 3rd world countries you wouldn't want a penny in anyway.

Your only other option is stablecoin cryptocurrency say Dai since I wouldn't trust Tether, USDC, or any other stablecoin than Dai at all since their centralized, probably scams, and open to pressure from regulators. Anyone on here unfamiliar with Dai look into it it's not pegged to USD so no claims of 1:1 "reserves" instead its pegged to Ethereum and other crypto assets something to consider for those looking for a simple privacy solution(assuming you took steps to anonymize crypto trail)

60% of DAI is backed by USDC

 

[Vor]

60% of DAI is backed by USDC

You are correct! I learned something new today so DAI is riskier than I previously thought also with the USDC backing in mind. I only have $100 in DAI so if it imploded oh well but I'd still say its mildly less risky than straight USDT, USDC where risk of them freezing funds is higher.