Bank account that isn't discover-able by default to tax authorities?


(Blonde) #1

May I ask about where do you suggest to open a bank account, that my transactions and savings not reported to EU, UK?

How can I find an excuse to escape charge in case, one day my transactions get found by the tax man? What shall I say to them? Do you help me about big picture of this idea?

(Thomas K. Running) #2

Hi @Blonde

First of all I’d like to advise against trying to hide from the tax man. Tax evasion is rarely worth it and not something I would encourage or give advice on. Tax avoidance by legal means is okay—usually the most important component of which is to change your residency to a low tax country, or at least one with good tax incentives or exemptions you can utilize.

Most countries will report your bank accounts to your country of residence if they come asking, although how the process is implemented varies greatly. I understand your question to be regarding countries that don’t automatically provide information to EU countries or the UK.

If that is the case, step one is to avoid any country that has signed up for Automatic Exchange of Information through the Common Reporting Standard. Perhaps most notable on the list of countries that haven’t signed up for AEOI is the United States. But again, if your country’s tax authorities come asking, as long as there’s a DTA or TIEA in place with the country where you keep your money they are likely to spill the beans.

And again, I think this is a battle you will lose in the long term and not worth pursuing. Instead look into legal ways of reducing your taxes, don’t try to evade the tax man.

(Blonde) #3


thnx. what exactly do you mean ‘change your residency to a low tax country’ ? actual residency or economic residency like what Malta can do? Even if I use Malta to pay ~1000 Euro annually to be economic resident there, does the local tx office of any EEA country will accept this? e.g. could you consider UK as example and find a solution that by using case like Malta, how they can accept it? Even if they accept, Malta is not 0 tax country, you change your residency from UK to Malta, and still paying lots of tx in Malta in 35% and as far as I know, only NON RESIDENT CITIZENS of Malta from foreign source of their income, don’t get tx-ed? So while you are holding Malta economic residency, you get tx-ed on foreign income tat don’t bring it to Malta bank or not, I don’t know? could you clarify this?
Is there any country that I can get residency by cheap way that my foreign source of income toward that country that don’t bring it to that country bank, doesn’t get tx-ed?
I don’t like USA for business as I prefer a different country that is safe, not in AEOI? could you advise another one?
Could you clarify that swiss and UK does exchange in AEOI or not? as the law is between these countries a bit different and I think there is loophole between these, also they are in AEOI by not always the bank accounts is swiss reported to UK, bat there is circumstances that should happen, but I’m not sure how? could you find out about this and clarify this for me plz?

Actually how can I change a totally virtually/online done online business residency to 0 tx country?


(Thomas K. Running) #4

By moving your residency, I mean your main tax residency. And by that I mean actually packing your bags and moving somewhere with lower taxes. No trying to cheat the system—that’s still evasion. If you spend most of your time in the UK, that’s where you’ll be tax resident.

(Federico Martín Alconada Verzini) #5

Hey @Blonde, I’m not really sure this is %100 correct, but seems so: You can get your residency in Paraguay, where there is no requirement for you to live in the country and their income tax is of 10%. But, the best thing is that they do not tax foreign income. So, it is like a tax heaven without being. In this case, you will be in the system, so everything would be legal.

You can find more info here. It would be good if someone has some more info about this.

Hope it helps!

(Yen) #6

If there is one positive thing, no institution will report your financial accounts to the EU. However, every member state of the EU participates in the automatic exchange of information. The list of countries participating in the CRS (Commin Reporting Standard) is growing by the year. The only mayor country that has no intention to participating is the United States of America. However, they will probably co-operate with foreign tax authorities if questions are being asked.

The only real solution is getting a lawyer and try to limit your damage. Many countries offer some kind of fiscal amnesty.

To answer your question regarding to ‘hidden’ accounts:
There is such as a thing as non reporting account. These accounts are classified as low risk to tax evasion and are not very practical as they are usually pension funds that require you to keep your money in until you’ve reached pension age. Financial institutions will also verify that your situation permits opening of such an account because it is usually linked to taxable income in the same country as the financial institution.

(Blonde) #7

Hi @fedealconada thnx. I didn’t find any information yet, if you get updated information, please share with us. Thnx

(Blonde) #8

Hi @yen do you know which countries has Malta agreed on AEOI, Bilateral, DTA and TIEA ? Please send link of each list separately? Thnx

(Lukas) #9

You can get your residency in Paraguay, where there is no requirement for you to live in the country and their income tax is of 10%.

Paraguay might be okay with you not living there, for the UK that’s a different story.

(debjyoti dutta) #10

ok then help me out i need a bank account for my trvaels hidden or no need to know also digital accocunt and a passport which opens door to whole world

(Tasmania Limited) #11

There are legal solutions. Even if to reduce your tax burden significantly.
This is my first post so don’t know all the posting rules :slight_smile:
Do people PM here?

You could PM me.