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Moving 6 figures from US LLC to EU
- Thread starter bsdc
- Start date
Move away from Italy, set your tax residence in Bulgaria, declare to Italian tax agency that you are now living in Bulgaria. Bulgaria is Schengen so you can drive unnoticed back to Italy. Do not take the plane, the passenger lists are reported.
Register a company in Bulgaria, pay 10% tax on profit and 5 % dividends.
After one year, you’ll officially return to Italy with the money you’ve “earned” working in Bulgaria
Register a company in Bulgaria, pay 10% tax on profit and 5 % dividends.
After one year, you’ll officially return to Italy with the money you’ve “earned” working in Bulgaria
You are correct that it doesn't make it legal if tax evasion was committed.
However, using corporate structures is in some countries sometimes a legal way to avoid paying income tax when selling personal assets.
My dear sir, there is a distinct pleasure in theorizing, as it allows the mind to explore endless possibilities and construct elaborate frameworks of thought.
What if the original poster stumbled upon a cold cryptocurrency wallet, complete with keys, at a humble garage sale, only to discover it held a fortune worth millions? And what if, upon converting it to fiat, he recounted this extraordinary tale to his friend—a banker—offering a convincing source of funds, punctuated with a casual yet confident, "Trust me, bro?"
Casinos also don't offer any paperwork on winnings. Maybe you can tell him that story?
But why are we always suggesting the most illegal methods, particularly when OP is interested in something legal? Why encourage honest people to do illegal actions? Not all here are illegal dudes. Just because some here like it illegal, it does not mean all here like it illegal. Same here.
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Create a new US LLC, buy the property with the new LLC, and you rent if from that LLC as a tenant.
Are you joking or are you serious? FATCA model 1 and model 2 IGA...Have you ever heard of that or are you like most users on OCT who doesn't know nothing about anything but pretend to be Gods?
Bulgaria, which is an EU country, would issue a tax certificate for that “income” and he can spend money in Italy afer he “comes back”.
Also, he doesn’t actually wants to leave Europe and Bulgaria might be helpful if he wants to leave in Italy under the radar (while registered in Bulgaria)
@Shadow Atlas You have been given a warning and your post deleted for use of personal insult against another user.
Also FATCA has been covered extensively in the forum over the years. And FATCA is bidirectional and automatic for the record as I have discussed on here years ago.
People never learn
. The IRS is already automatically sending the reciprocal FATCA information to 34 countries it deems credible like I said and more countries are being added 
. FATCA is bilateral like I said and just because people don't hear the horror stories it does not mean people have not already been caught who have accounts in U.S 
. In your case depending on the country you live in they may just send details on the existence...
https://www.wsj.com/articles/irs-be...t-information-to-foreign-countries-1443810584
P.S Lets return to thread topic plz.
Also FATCA has been covered extensively in the forum over the years. And FATCA is bidirectional and automatic for the record as I have discussed on here years ago.
People never learn
. The IRS is already automatically sending the reciprocal FATCA information to 34 countries it deems credible like I said and more countries are being added . FATCA is bilateral like I said and just because people don't hear the horror stories it does not mean people have not already been caught who have accounts in U.S . In your case depending on the country you live in they may just send details on the existence...https://www.wsj.com/articles/irs-be...t-information-to-foreign-countries-1443810584
P.S Lets return to thread topic plz.
Hey, just a quick note on what you mentioned , there are definitely ways to structure this properly, even when you're dealing with six-figure amounts or more. It’s not cheap, but people are doing it every day and much larger sums than what you’re talking about are moved without triggering issues when it's done right. The key is to avoid short-term tricks and instead build a setup that works across jurisdictions, respects banking rules, and avoids FATCA or CRS complications. You’d be surprised how flexible things actually are when you use the right type of entities and flow the money correctly.
If this is something you're actively looking to get sorted, happy to share some guidance. It just needs to be done professionally from the start, otherwise you end up cleaning up a mess later.
If this is something you're actively looking to get sorted, happy to share some guidance. It just needs to be done professionally from the start, otherwise you end up cleaning up a mess later.
One of the topics of this post is how OP wasn't ratted out and sent to Italian prison for not declaring his income in the U.S...
Secondly, FATCA is NOT reciprocal, nor automatic regarding the exchange of information from U.S. financial institutions to foreign governments, as pertained by a U.S. Congressional report. The bilateral information sharing agreements, aka MAAC, are between the U.S. and separate countries, not FATCA, and whilst they may be automatic de jure, this forum post proves that practice differs.
OP's post by definition proves that U.S.banks do not automatically report, or else he would be writing this post with his own tears.
From experience, HSBC in France (now CCF), automatically reported all information to the U.S. and sent a long detailed copy of what they sent to the IRS. That's automatic, it doesn't depend on what bank you use. And you never get away with it.
Sources:
https://www.david-law.be/news/us-co...service-finds-fatca-non-reciprocal-15-07-2022
https://www.congress.gov/crs-product/IF12166#page=2
Secondly, FATCA is NOT reciprocal, nor automatic regarding the exchange of information from U.S. financial institutions to foreign governments, as pertained by a U.S. Congressional report. The bilateral information sharing agreements, aka MAAC, are between the U.S. and separate countries, not FATCA, and whilst they may be automatic de jure, this forum post proves that practice differs.
OP's post by definition proves that U.S.banks do not automatically report, or else he would be writing this post with his own tears.
From experience, HSBC in France (now CCF), automatically reported all information to the U.S. and sent a long detailed copy of what they sent to the IRS. That's automatic, it doesn't depend on what bank you use. And you never get away with it.
Sources:
https://www.david-law.be/news/us-co...service-finds-fatca-non-reciprocal-15-07-2022
https://www.congress.gov/crs-product/IF12166#page=2
Please read this one
https://www.irs.gov/pub/irs-lbi/italy_competent_authority_arrangement.pdf
Good news is that Italy gets a lot of CRS and other reports about many citizens that long live elsewhere but at maybe still registered there. Too much data is good for OP. Maybe they will never figure out he was actually there.
https://www.irs.gov/pub/irs-lbi/italy_competent_authority_arrangement.pdf
Good news is that Italy gets a lot of CRS and other reports about many citizens that long live elsewhere but at maybe still registered there. Too much data is good for OP. Maybe they will never figure out he was actually there.
That's not FATCA...
It's a Mutual Administrative Assistance Convention (hence why I said "MAAC" in my above post).
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