Transferring funds onshore

botero

Member
How difficult would it be to wire funds (under 100k) from an offshore personal bank account to a European personal bank account, with both accounts being under the same name?

What would the receiving bank require and ask for? For example, source of funds, tax returns, bank statements, residence proof.
 

botero

Member
You want to do that in one transaction or over time in smaller amounts?
Both options would be possible since there is no urgency.

Perhaps transferring a small amount monthly would receive less scrutiny from the receiving bank.
 

Andrew Gooden

Building Trust
Entrepreneur
It would be safer if you open at least 3 other bank accounts in your location and transfer 25k to each then you will not have much to worry about.
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
I agree, you need more than just 1 bank account to do that or you will need to move the money very slow means over say 1 or even 2 years to avoid anyone asking for information and documents about incoming transactions.
 

Martin Everson

Offshore Consultant
Business Angel
What would the receiving bank require and ask for? For example, source of funds, tax returns, bank statements, residence proof.
Depends on bank and country in Europe. Even if you slowly transfer it in the reporting to taxman in some countries is quite advanced i.e they can net total inflows from all banks and match against declared income.....then you get problems if the amount is greater conf/(%.
 

goro

New Member
Do you think that the European bank in any case do not ask or require document about these funds ???
U can move a little amount step by step, and open an other bank account.
 

botero

Member
Another option I thought of was by purchasing bitcoins with offshore funds and cashing it out within the EU at various banks and EMI's.

To me this seems less risky than sending USD wires from Panama, a country which I think might trigger alarms with bank AML algorithms.
 

Andrew Gooden

Building Trust
Entrepreneur
Then again you could set up a double entire foreign Corporation and a Foundation and set foot in the Real Estate establishment. You will be welcomed by the Government with open arms who looking for investment I suppose. Next, use the Corporation to purchase property and list the Foundation as the owner. The property could be an apartment or a house. Finally you recover your money through the rental of the property or properties. Everything will appear clean and legal therefore your stress will be reduced.
 

Andrew Gooden

Building Trust
Entrepreneur
Another option I thought of was by purchasing bitcoins with offshore funds and cashing it out within the EU at various banks and EMI's.

To me this seems less risky than sending USD wires from Panama, a country which I think might trigger alarms with bank AML algorithms.
Very good thinking cause this exact one route I have been considering for some time. However, my fear is that once I transfer my money in bitcoins only to wake up a few months down the road to find myself in the poor house cause bitcoin jump off a bridge like it did over a year back. Eh!
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
I was wondering if this is a one shot, which means after you have transfered the 100K you don't need this any longer?
 

botero

Member
Very good thinking cause this exact one route I have been considering for some time. However, my fear is that once I transfer my money in bitcoins only to wake up a few months down the road to find myself in the poor house cause bitcoin jump off a bridge like it did over a year back. Eh!
This wouldn't be an issue if cashing out over a longer period of time. You could buy the bitcoins once a month and cash them out on the same day, avoiding price fluctuations.

For a one-shot cash out scenario, you could buy the bitcoins with your offshore funds, send it to reputable exchange, and convert it to fiat. You can then slowly transfer the fiat to your banks over a period of time.

This is a little risky since it would involve keeping the fiat at an exchange. Aside from US residents using Coinbase, I'm not aware of deposit insurance being available anywhere else.

However, I've noticed that hackers usually only target cryptocurrencies at exchanges, leaving fiat alone. The main risk is if the exchange folds, like what happened to QuadrigaCX recently.


I was wondering if this is a one shot, which means after you have transfered the 100K you don't need this any longer?
I may continue to use the offshore bank to receive income since I earn decent interest on deposits and I don't have to declare the income. However, it mainly depends on the outcome of sending my initial funds onshore. If it works smoothly, I can continue using the offshore bank to receive future income. Otherwise, I would have to look at other arrangements for receiving my future income.
 

Martin Everson

Offshore Consultant
Business Angel
To me this seems less risky than sending USD wires from Panama, a country which I think might trigger alarms with bank AML algorithms.
PANAMA?????ja334¤¤#

Lol...should have mentioned this from day. Yes alarm bells will ring...trust your instincts.
 

botero

Member
Another option I thought of was to become a resident of Portugal and take advantage of the NHR tax regime. As a digital nomad it should be easy to make the move to Portugal from my current EU country (where I have a residence permit but am still not a tax resident)

As I understand it, if I become a tax resident of Portugal and qualify for the NHR program, I can receive my income from Panama tax free. Both countries have a double tax treaty.
 

Martin Everson

Offshore Consultant
Business Angel
As I understand it, if I become a tax resident of Portugal and qualify for the NHR program, I can receive my income from Panama tax free. Both countries have a double tax treaty.
Check out the program properly firstly. The Portugal program is very restrictive and complex over asset and income types. It is a bit of a joke in all honesty. I abandoned going for it but it may suit your income and asset stream.
 

botero

Member
Check out the program properly firstly. The Portugal program is very restrictive and complex over asset and income types. It is a bit of a joke in all honesty. I abandoned going for it but it may suit your income and asset stream.
I spent some time looking into it and it seems like it would be quite a battle proving to the Portuguese government that the income is exempt from tax. It seems that by default your income will be subject to the progressive income tax unless you can prove otherwise. I'm not sure if it's worth the risk since Portugal has some really high taxes.
 

Martin Everson

Offshore Consultant
Business Angel
I'm not sure if it's worth the risk since Portugal has some really high taxes.
I checked it out in great detail and it came across as a bit of a tourist trap. Oh and yes if worse came to worse their tax rates are very high. They tax you from 1 euro income at 14.5%. They would tax the sunlight if they could find a way.

Resident income tax rates for 2018


Taxable income (EUR*)Tax rate (%)Deductible amount (EUR)
OverNot over
07,09114.50
7,09110,70023.0602.74
10,70020,26128.51,191.24
20,26125,00035.02,508.20
25,00036,85637.03,008.20
36,85680,64045.05,956.68
80,64048.08,375.88
 

Andrew Gooden

Building Trust
Entrepreneur
I checked it out in great detail and it came across as a bit of a tourist trap. Oh and yes if worse came to worse their tax rates are very high. They tax you from 1 euro income at 14.5%. They would tax the sunlight if they could find a way.

Resident income tax rates for 2018


Taxable income (EUR*)Tax rate (%)Deductible amount (EUR)
OverNot over
07,09114.50
7,09110,70023.0602.74
10,70020,26128.51,191.24
20,26125,00035.02,508.20
25,00036,85637.03,008.20
36,85680,64045.05,956.68
80,64048.08,375.88
Congratulations are in order for you Martin, because You always seems to do your home work very well, furthermore you have earned my respect. Cheers!
 
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