What could happen if...

Satand

New member
You have your online company, and 1 bank account, and then 1 EMI(transferwise for example)... You receive 10k in your company bank account and you create a invoice to justify that transaction... And then you receive 10k on transferwise and you simple withdraw all the money without invoice.. your company is in EU.. the taxman only know about your real bank account... What could happen and if COULD happen in real world scenario?
 

Satand

New member
Transferwise echange information like any other bank does. There are a few threads about CRS reporting and such on the forum already, also which includes TW.
Apparently they arent reporting yet:


Also for what I understood CRS only applies to real bank operators, EMI aren't considered banks too..also the CRS report for what I readed is done every end of year, and based on Balance not on statements, so if in the end of the year you have zero balance the report will be zero too... If Im wrong please share where officially it says Im wrong to be able to understand better everything
 

Admin

Forum Moderator
Staff member
If you believe that they don't report yet then you may be satisfied with Transferwise. I would worry with that in mind. Most of the institutions, if not all, had to deliver data from the past to the authorities, what do you think will happen with EMI's in the very near future.
 

xzars

Entrepreneur
...withdraw all the money without invoice...
Do you intend to spend using the TW debit card? Debit card uses at ATMs and PoS are traceable. The card will be registered in your name in the Mastercard network. It's not a "sleep well at night" solution. Admin also mentioned the automatic exchange of information risk, even if not relevant with all EMIs today, it could get you in trouble down the road.

For spending my own untaxed money, I use a rotation of accounts opened with smurf IDs.

If we think of tax evasion as a game of chess, your identity is Queen. Never give it away until there are no other options.
 

Satand

New member
Do you intend to spend using the TW debit card? Debit card uses at ATMs and PoS are traceable. The card will be registered in your name in the Mastercard network. It's not a "sleep well at night" solution. Admin also mentioned the automatic exchange of information risk, even if not relevant with all EMIs today, it could get you in trouble down the road.

For spending my own untaxed money, I use a rotation of accounts opened with smurf IDs.

If we think of tax evasion as a game of chess, your identity is Queen. Never give it away until there are no other options.
When you say Smurfs you mean using Darks? If you use darks to avoid direct links to you, how you manage video/selfie verifications? Thank you for your inside
 

xzars

Entrepreneur
When you say Smurfs you mean using Darks? If you use darks to avoid direct links to you, how you manage video/selfie verifications? Thank you for your inside
People in financial misery who follow my instructions for a modest fee.

Darks are better to mislead your incorporation agent, and for opening the short-lived bank accounts from which you pay the smurfs.

edit: Removed a piece of sensitive info, I'll PM
 
Last edited:

Ash

New member
can you e
Do you intend to spend using the TW debit card? Debit card uses at ATMs and PoS are traceable. The card will be registered in your name in the Mastercard network. It's not a "sleep well at night" solution. Admin also mentioned the automatic exchange of information risk, even if not relevant with all EMIs today, it could get you in trouble down the road.

For spending my own untaxed money, I use a rotation of accounts opened with smurf IDs.

If we think of tax evasion as a game of chess, your identity is Queen. Never give it away until there are no other options.
Can you explain the rotation of accounts w/ smurf IDs?
 
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