[URGENT] Frozen bank account - They allow 1 last transfer. Best option?

[Yaneek]

But you have to know that in EVERY scenario you will submit to your bank when they will ask question, you need to prepare the proof of your story. The most important thing that I have learn from a friend who is taxe inspector in France is :

What proof can I create in this case? I have a document that I am the shareholder. Other than that I donno what else I could do.

One of my other options: Get a loan from the offshore company as a private person. What do you guys think of this option?

 

[John Spectre]

What proof can I create in this case? I have a document that I am the shareholder. Other than that I donno what else I could do.

Worst case here - bank could ask to provide proof of source for company money and how company take it.
Since, cyprus bank closed your account, it seems to me that style of business of your company is not clear for them, so you could stuck in same situation as with original problem.

One of my other options: Get a loan from the offshore company as a private person. What do you guys think of this option?

It's a quite popular method to avoid AML, so, banks will sure asks details about loan and your connection to the company and why they give you loan (with all paper documents that should confirm this loan)

 

[W4rhol]

I don't know in which country you live, but in France the Tax administration love statistics (They are even capable of to calculate how much you have to spend in a casino for get the money you claim that you win by gambling), so I guess it's the same for your tax administration.

What is the probability that a random guy of your country get a loan by a offshore company who will be disolve the next month ? Does it seems to be credible in court ? Or in a statistic way ?

 

[Educate]

Are you dealing with Rietumu Bank by any chance?

 

[Yaneek]

It's a quite popular method to avoid AML, so, banks will sure asks details about loan and your connection to the company and why they give you loan (with all paper documents that should confirm this loan)

Connection to the company. What if I lie? Or tell them that I am only a shareholder

What is the probability that a random guy of your country get a loan by a offshore company who will be disolve the next month ? Does it seems to be credible in court ? Or in a statistic way ?

Yeah I know what you say, but who will ever check when the offshore company disolved?

Are you dealing with Rietumu Bank by any chance?

No.

 

[John Spectre]

Connection to the company. What if I lie? Or tell them that I am only a shareholder

It's all depends on 2 things:
1. laws on your local country. for example, at my country, at law level *any* connection to the offshore company cause to deep investigation of this type of connection for question of aml, tax avoid, etc. So, in case you got loan from somebody, you need to proof it with some paper. But when this *somebody* is offshore company, you need to proof it with 10 times more different papers and you as a person going to be permanently on the list of people *who act with offshore and could avoid taxes*.
2. Internal policies of bank that will receive money from your offshore company.
Some banks could just denied such type of transaction or ask for documents that you will be not able to provide. Just see topics about rietumu bank for understand how banks is acting to offshore business nowadays.

But nobody know what will be for sure at exact your case. Things are very different between countries, banks, type of your business in offshore, etc.

 

[W4rhol]

The best is to see a tax lawyer who could find the perfect leak for you if you choose to wire the money in your personnal local bank account

 

[Yaneek]

After reading all comments, talking to a few of my contacts and talking to a tax advisor it seems I have these option left:

1) Declare the money and pay dividend tax. (recommended by my tax advisor - I am afraid of getting on some blacklist if I do this. Also I don't know what to do with the money I withdrew in the past)
2) Sell an asset to my company. (recommended by my contacts)
3) Sending the money to mistertango and buy bitcoin (not recommended by anyone because of the high amount)

What should I dooooooooo?

 

[alegromat]

Why to mistertango ? there is many exchangers where You can send money from bank account and receive bitcoins , commision is around 3%

 

[Eastoe]

As I know, in case of Mistertango transfer more than 10k EUR they will ask for proof of funds (even if it from your account).
I could suggest you ask Mistertango support about your willing of do such transfer(size of sum, bank sender, etc) and what kind of additional information they will need. And when they replied - process this transfer. But as it come from company account, better to send it to business account at MT.
Over the web I read reviews where fresh MT accounts was closed because of big initial transfers without providing additional docs.

Just curious, is it your frozen bank account from one of banks in cyprus?
I see that many customers of cyprus banks now have big problem with a lot of questions from bank side, which is going to terrible to work with them and slow down related business process.

What issues are you aware of with Cyprus banks? My UAE offshore company banks in Cyprus and so far I had no problems. Yes they ask for invoices from both sides when paying or receiving large sums, but that would be normal banking practice. But interested to know what problems you have experienced or know of and the OP reason for bank taking this action.

 

[John Spectre]

What issues are you aware of with Cyprus banks? My UAE offshore company banks in Cyprus and so far I had no problems. Yes they ask for invoices from both sides when paying or receiving large sums, but that would be normal banking practice. But interested to know what problems you have experienced or know of and the OP reason for bank taking this action.

First, I do not use them for business account (maybe for business accounts they have different situation).
I only move part of my income, from business, to the cyprus bank personal account.
And the last couple of years they going to ask more and more questions.
For proof of funds they do not happy with only invoices. They like to have contracts, agreements, information about payer company, details of cooperation, etc.
Coming to the bank branch I always see the other clients like me, that just provide documents and information about proof of funds for money.
Generally I know people who was asked for close accounts(situation similar to Yaneek), which is going to think me that cyprus banking just going to be very regulated, compared to previous time.

 

[Eastoe]

Thanks for the clarification. Yes they have asked me for contracts but usually the invoices have been sufficient. Reading again the OP mail he said that his company was about to expire. I suppose for a business account this would be quite an issue, so perhaps that is the reason they are requesting the funds to be moved.
I did once have a personal account in the Isle of Man and they were always asking for detailed information about the source of funds, contracts, agreements etc. Eventually after I had sent them all they requested, they told me they were going to close my accounts anyway. Similar to OP they gave me 30 days to move the funds. I still do not know why!

 

[jauser]

" If you want to avoid to pay taxes, prepare your scenario and create proof of your story in case you go to court WHEN you start it. "

Best answer is for @W4rhol

You can to prepare fake invoices from your offshore company related i.e to marketing services, adwords etc and when mistertango ask you about funds you should answer fast attaching all fake invoices.