ATM use with Nominee

[meatloaff35]

Hi, If I use an ATM card from a nominees bank account to get cash, is there much risk to me? There is no link between me and the nominee on paper, so unless someones going to check CCTV to confirm the person using the card is infact the account holder, then surely this is low risk?

Thanks

 

[mnschwarz]

Not sure I understand exactly. Are you referring to your own company bank account where you have used a nominee as the signatory? And risk of what? What is your main concern? Being caught by the nominee? Tax authorities?

 

[meatloaff35]

I have some money in a nominees personal bank account. The nominee has given me the ATM card so i can withdraw the money in my home country, but without paying tax. I was wondering if theirs any chance I could get caught for not paying the tax on the income. I dont see how the Bank or Tax authorities would know the account holder isn't the person who is withdrawing the cash. ?

 

[mnschwarz]

Depends how much cash we're talking about really. Generally it should be fine. It's a different story if you're taking out a couple hundred K and then depositing it in a bank account or purchasing assets that make you stand out though.

 

[meatloaff35]

Ok thats what i thought. Probably like 4 or 5 k euro a month withdrawals, and I dont redeposit the money. So hopefully shouldn't be a problem.