Withdrawing money with ATM card in Scandinavian Country. Safe?

[maghrebi]

I am a resident of a Scandinavian country. Have had an offshore bank account in a a previously non-CRS compliant country (Singapore), and now I want to kill this bank account and get my money out.

The amount I need to get it is a 5 digit USD amount. Since the atm card associated with this bank account is in my name, would it be safe to just go to ATM's here in the country where I live in and withdraw the total amount over 6-7 times? Or is it common for banks/atm's to flag and identify the name associated with the card and potentially send this info further to IRS or other agencies if suspicious?

Other option is to fly directly to Singapore, which would be significantly more expensive. Or to go to one of the neighbouring scandinavian countries in order to create an extra "buffer". Any of you know what personal information an ATM picks up when you withdraw money?

 

[neweraoffshore]

Chances are very high that you will be flagged, even when withdrawling in another EU country. I would not withdrawal any amount with a card in your name (unless you paid taxes for this amount, but i assume you didn't ) . And smuggling amounts over 10k USD from singapore to Europe is also a high risk.
I would recommend you to make an offshore company with a full nominee service somewhere (as you already have the money in Singapore you can also use OECD black listed countries) and get a bank account with a full nominee service, too. Then transfer your money to your new bank account and then you can start with-drawling your money in Scandinavia.

 

[Martin Everson]

Singapore started exchanging CRS information in September 2018 right or was it delayed?

How would taking any actions now in 2019 help?

 

[Artemis Eleutheria]

I am a resident of a Scandinavian country. Have had an offshore bank account in a a previously non-CRS compliant country (Singapore), and now I want to kill this bank account and get my money out.

The amount I need to get it is a 5 digit USD amount. Since the atm card associated with this bank account is in my name, would it be safe to just go to ATM's here in the country where I live in and withdraw the total amount over 6-7 times? Or is it common for banks/atm's to flag and identify the name associated with the card and potentially send this info further to IRS or other agencies if suspicious?

Other option is to fly directly to Singapore, which would be significantly more expensive. Or to go to one of the neighbouring scandinavian countries in order to create an extra "buffer". Any of you know what personal information an ATM picks up when you withdraw money?

It is NOT safe to use your card in the country you are resident in. Taxman basically has full access to all financial records in some of these countries ... including all credit card transaction carried out inside their country ... or outside (with local card).

It should be safe to go to any neighbouring country ... no need to go all the way to Singapore

 

[neweraoffshore]

@Artemis, he is in Europe. They have a good network of credit card transactions. I wouldn't say it is safe in any European country to withdrawal in his own name... . Still even non EU countries would bare a relative high risk. Remeber, it is a 5 digit USD amount. After getting 10k in a few weeks he will be flagged.
And still think about Martin Eversons post, he is right. This guy should better get a tax lawyer and repay the taxes to get things straight. If I was him I wouldn't take that risk to withdrawal the money, sorry. No nominee is suicide...

 

[Artemis Eleutheria]

Nominees have in many situations become useless ... or worse.

Being in Europe is no issue ... it could even work to his advantage. A number of European countries still have banking secrecy that would cover his a*s, none of the Scandinavian countries though.

Martin Everson has a point ofcourse ... but if the guy has not received any notice from his local taxman yet ... they have not picked up on it.

 

[avalanche]

@Artemis, he is in Europe. They have a good network of credit card transactions. I wouldn't say it is safe in any European country to withdrawal in his own name... . Still even non EU countries would bare a relative high risk. Remeber, it is a 5 digit USD amount. After getting 10k in a few weeks he will be flagged.
And still think about Martin Eversons post, he is right. This guy should better get a tax lawyer and repay the taxes to get things straight. If I was him I wouldn't take that risk to withdrawal the money, sorry. No nominee is suicide...

Maybe he can use Bitcoin and exchange it for cash somewhere in Netherlands.

 

[Martin Everson]

Basically using a card is suicide as mentioned. It's like leaving a trail of blood for a bear to come get you. Tax authorities DO look at ATM withdrawals period!!!! Read my below post on subject. They also summon card providers for intel. As I said Singapore is already exchanging so why add a money laundering charge to an existing offence of tax evasion....doesn't make sense to me. The taxman has a lot of time to come after you. They tend to not pounce on a single violation but build a case.

https://www.offshorecorptalk.com/threads/atm-withdrawal-information-processing.23237/post-72793

 

[Artemis Eleutheria]

Basically using a card is suicide as mentioned. It's like leaving a trail of blood for a bear to come get you. Tax authorities DO look at ATM withdrawals period!!!!

This is NOT accurate for all countries in Europe ... but is sadly a reality in many.

The achilles heel here is not getting the money out of a hole in the wall ... it is his Singapore setup that is currently reporting him to the commies in Scandiland ... and he is quite right to want to close it before next reporting at the end of the year.

 

[Martin Everson]

and he is quite right to want to close it before next reporting at the end of the year.

Your joking right? It's reported once already. What is point of closing before second reporting?

 

[Artemis Eleutheria]

Your joking right? It's reported once already. What is point of closing before second reporting?

Not joking.

He should of course having taken care of this earlier ... but you find incompetent bureaucrats also in Scandiland. The fact that he has not received an invitation for a friendly talk yet, indicates that he most likely has passed last years tax review already.

 

[djaheim]

I am a resident of a Scandinavian country. Have had an offshore bank account in a a previously non-CRS compliant country (Singapore), and now I want to kill this bank account and get my money out.

The amount I need to get it is a 5 digit USD amount. Since the atm card associated with this bank account is in my name, would it be safe to just go to ATM's here in the country where I live in and withdraw the total amount over 6-7 times? Or is it common for banks/atm's to flag and identify the name associated with the card and potentially send this info further to IRS or other agencies if suspicious?

Other option is to fly directly to Singapore, which would be significantly more expensive. Or to go to one of the neighbouring scandinavian countries in order to create an extra "buffer". Any of you know what personal information an ATM picks up when you withdraw money?

5 Digit USD ammount, ATM withdrawals are capped, for personal accounts its around 300 GBP or currency equivalent some have 1000 limit. Worth checking wiht the bank whats the maximum you can withdraw if you want to go this route.