What are the consequences for EU person for opening an offshore company in a blacklisted jurisdiction?

[pastet89]

Hello,

Does anyone from the EU know from personal experience what happens if you have an offshore company in a blacklisted jurisdiction?

For example, I am considering Panama.

I can see one reputable Dutch crypto exchange is doing this so this should not be shady and illegal.

But I want to know precisely what happens.

 

[bizman]

They will wait until you have shuffled enough money to your current country where you live, after that they will slaughter you. I'm not joking that is what they did with me.

In the first 2 - 3 years no word from the tax man, now, they are aggressive accusing for Money Laundering, tax evasion and a few more points. I decided to put my dick wide up in their a*s and resign from my country and told the to Go f**k them self.

 

[JackAlabama]

Hello,

Does anyone from the EU know from personal experience what happens if you have an offshore company in a blacklisted jurisdiction?

For example, I am considering Panama.

I can see one reputable Dutch crypto exchange is doing this so this should not be shady and illegal.

But I want to know precisely what happens.

Depends what you do. Banking will most probably a nightmare, even if you are cool with your local bank, the correspondence banks can make problems.

 

[Onassis]

They will wait until you have shuffled enough money to your current country where you live, after that they will slaughter you. I'm not joking that is what they did with me.

Why were you remitting funds back to your own personal account in your home country? What were you thinking lol?

 

[Sols]

Forming a company in Panama is not a crime as an EU resident. Nothing happens.

Running a business through a Panamanian company is also not a crime. Nothing happens.

Bad things only happen if you fail to pay taxes or fail to comply with applicable law. This compliance can be extra burdensome if you have chosen a blacklisted territory over a non-blacklisted territory.

 

[bizman]

Well, I collected the money in my offshore company to send it to my local company later, I had several meetings with my certified accounting form and tax advisors, everything was taxed and 100% legal, yet after about 1,5 M Euro was transferred the trouble started with the tax office, they went crazy, still do.

 

[Gediminas]

Hello,

Does anyone from the EU know from personal experience what happens if you have an offshore company in a blacklisted jurisdiction?

For example, I am considering Panama.

I can see one reputable Dutch crypto exchange is doing this so this should not be shady and illegal.

But I want to know precisely what happens.

Hey,

From a legal perspective, you can own a company in Panama, there is no question about that.

Having a foreign company might lead to tax consequences in the country you live. In case this foreign company is established in a tax haven (such as Panama) these consequences might be more dramatic.

All eventually depends on the Panamanian company’s income and overall how everything is structured. But the most common issues might be as follows:

- Application of CFC rule (taxation of Panama’s company profits at a personal level in the home country);
- Application of PE rule (taxation of Panama’s company profits as corporate income in the home country with corporate income tax and later with personal income tax (dividends);
- Taxation of income as employment or self–employment income.

I hope this helps.

 

[pastet89]

Hey,

From a legal perspective, you can own a company in Panama, there is no question about that.

Having a foreign company might lead to tax consequences in the country you live. In case this foreign company is established in a tax haven (such as Panama) these consequences might be more dramatic.

All eventually depends on the Panamanian company’s income and overall how everything is structured. But the most common issues might be as follows:

- Application of CFC rule (taxation of Panama’s company profits at a personal level in the home country);
- Application of PE rule (taxation of Panama’s company profits as corporate income in the home country with corporate income tax and later with personal income tax (dividends);
- Taxation of income as employment or self–employment income.

I hope this helps.

Thanks!

My question was rather what are the exact consequences of having a company in a blacklisted tax-haven than in a normal tax-haven.

I have spoken to my lawyer about that and he said I might not be able to open bank account for Panaman company in EU countries.

I know you are able to help people open bank accounts in various places in Europe, do you open also accounts for Panaman companies in EEA countries for EEA citizens?

 

[FunnyUsername]

Well, I collected the money in my offshore company to send it to my local company later, I had several meetings with my certified accounting form and tax advisors, everything was taxed and 100% legal, yet after about 1,5 M Euro was transferred the trouble started with the tax office, they went crazy, still do.

What kind of trouble? When it's taxed, it's taxed. But just opening a company in Panama does not mean that this company has to only pay taxes in Panama. And it reads like that what you were doing. Paying taxes in Panama while ignoring that you also had to pay taxes in the country you were actually living in. Else I don't see what kind of trouble they could cause after everything was already taxed as it's supposed to be.

 

[Gediminas]

Thanks!

My question was rather what are the exact consequences of having a company in a blacklisted tax-haven than in a normal tax-haven.

I have spoken to my lawyer about that and he said I might not be able to open bank account for Panaman company in EU countries.

I know you are able to help people open bank accounts in various places in Europe, do you open also accounts for Panaman companies in EEA countries for EEA citizens?

I had successful cases with such companies. It's not only about the jurisdiction itself, but also about the UBO, business activities and things like that.

Send me an email and lets speak further.

 

[fortunespeculator]

They will wait until you have shuffled enough money to your current country where you live, after that they will slaughter you. I'm not joking that is what they did with me.

In the first 2 - 3 years no word from the tax man, now, they are aggressive accusing for Money Laundering, tax evasion and a few more points. I decided to put my dick wide up in their *** and resign from my country and told the to Go **** them self.

Thats the best thing anyone has done that i have read about in a long time, kudos to you bizman for showing the middle finger to the EU nazis.

 

[bibing]

I decided to put my dick wide up in their *** and resign from my country and told the to Go **** them self.

Just reading this I got a hard-on, no homo, I just love to read stories of taxmen (Govs) getting f* by the people.

 

[OnAndOffshore]

As someone with lots of interests in Panama, let me ask you these:

1. There are so many jurisdictions in the world, why would you want to open an account in Panama?
2. Would you want to do banking IN Panama or OUTSIDE of Panama?
3. What country are you the tax resident of?
4. Any other UBOs?
5. Are you opening a company with nominee directors (if so natural or entity), or directly under your name?

.... you understand that in Panama the situation is SO messed up that when you pay a grocery store bill of $85.91 and pull out a C-note, they literally check the bill, write down the date and time, record the serial number of the bill, and call the next available supervisor to sign off on it? That is just a slight reminder how uber-ridiculous they are today about compliance!

And this is the grocery store. But my main question is #1....

 

[bizman]

Why were you remitting funds back to your own personal account in your home country? What were you thinking lol?

Why not, it was and is a legitimated business. They simply not liked it and that's why they start making troubles. As I mentioned before, if someone would have told me "my story with the tax man" I would not believe him/her. They are aggressive as hell, using AI to record what you talk about in the phone and even more. There is no boarder any longer.

 

[tolstoy]

Well, I collected the money in my offshore company to send it to my local company later, I had several meetings with my certified accounting form and tax advisors, everything was taxed and 100% legal, yet after about 1,5 M Euro was transferred the trouble started with the tax office, they went crazy, still do.

So we are good till 1.5 mn euro.Good to know.