Curious about something. Wealthy people used trusts, companies, nominee's etc to hide their ownership of assets. I have opened accounts in so called "tax havens" and was always asked for the name of the beneficial owner. Had to provide my passport.
I notice that most of the assets mentioned in the Pandora Papers seem to be real esate. Property is exempt from a lot of required disclosure.
Anyone know how these people open bank accounts withour producing a passport?
Bank account in tax haven without passport?
Sure.
The most common method is to pay a law firm for a nominee structure.
Alternatively you can purchase a second identity, passport with a new name and individual TIN.
A Nevis&Kitts trust with nominee controlling an international business corporation in seyshells using a offshore Cambodian business bank account opened on a purchased Cambodian passport (with a new name) is a pretty good set up.
This without mentioning things like crypto and shadow banking.
Swiss numbered accounts and bearer shares are long gone unfortunately.
The most common method is to pay a law firm for a nominee structure.
Alternatively you can purchase a second identity, passport with a new name and individual TIN.
A Nevis&Kitts trust with nominee controlling an international business corporation in seyshells using a offshore Cambodian business bank account opened on a purchased Cambodian passport (with a new name) is a pretty good set up.
This without mentioning things like crypto and shadow banking.
Swiss numbered accounts and bearer shares are long gone unfortunately.
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Anyway there is no "one size fits all solution" for financial privacy and tax avoidance.
What works for one business or indivdual might not work for another for example Americans have a substantially harder time than Europeans as beating the IRS scott free is much harder than beating the Portuguese tax revenue bureau.
Also please note that if you are looking for something more direct than tax avoidance (tax evasion) your own country's lawyers are legally barred from providing you advice that leads to you committing a crime. So for that you have tax Haven specialists located outside your jurisdiction that will be able to explain things openly without fear of being disbarred/held legally liable for it.
Also the line between avoidance, privacy and evasion is often very blurred.
What works for one business or indivdual might not work for another for example Americans have a substantially harder time than Europeans as beating the IRS scott free is much harder than beating the Portuguese tax revenue bureau.
Also please note that if you are looking for something more direct than tax avoidance (tax evasion) your own country's lawyers are legally barred from providing you advice that leads to you committing a crime. So for that you have tax Haven specialists located outside your jurisdiction that will be able to explain things openly without fear of being disbarred/held legally liable for it.
Also the line between avoidance, privacy and evasion is often very blurred.
Go there in person, use a local lawyer, and do everything by plain paper. This will make you less vulnerable to hacks into the service bureau/lawyer computers. As with the Panama Papers.
Though, be aware, even the most closed tax-heaven locations are more and more forced to open up their books and disclose their customers on the thread of being excluded from international banking. Just like Switzerland in the past years. So, expect your identity to be hidden for another 5 - 10 years.
Even, getting the money into these tax-heavens will be a challenge, since all wires over EUR/USD 10K are monitored for potential money laundering, and bringing in the money in cash would be even more a challenge with your departure or transits.
Though, be aware, even the most closed tax-heaven locations are more and more forced to open up their books and disclose their customers on the thread of being excluded from international banking. Just like Switzerland in the past years. So, expect your identity to be hidden for another 5 - 10 years.
Even, getting the money into these tax-heavens will be a challenge, since all wires over EUR/USD 10K are monitored for potential money laundering, and bringing in the money in cash would be even more a challenge with your departure or transits.
Hire professionals.
If acting alone:
Don't move too quickly.
Don't act with greed.
Study and understand the laws of each jurisdiction.
Slightly lower tax over decades is advantageous than a large tax saving in one, and dealing with the headache of being caught or audited the following.
Loose lips sink ships.
If acting alone:
Don't move too quickly.
Don't act with greed.
Study and understand the laws of each jurisdiction.
Slightly lower tax over decades is advantageous than a large tax saving in one, and dealing with the headache of being caught or audited the following.
Loose lips sink ships.
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