Unfortunately, if you do this secretly then Martin Everson would be correct in that it may be considered bank fraud ... but you might do so openly by being named say the CFO of the company ... in which case it would not be bank fraud.And it is almost impossible to do transfer after the real UBO took over the bank account and changed all passwords, emails, 2 factor etc.
That would be breach of the conditions of the options contract.
There is no bank fraud as long as the "nominee" is the beneficial owner and not a nominee.
I disagree with your take on that, I would take him to court in a heartbeat.When they are sat on a beach in Caribbean the tax evading UBO can do nothing. It's a like a drug dealer being robbed of his drugs and going to the police to complain..lol.
This is not correct, there is nothing to stop anyone from being a UBO in whatever company they want.The nominee is just that a nominee and they are not the UBO and can never be.
No nominee will risk his neck anywhere ... thus there must be no risks to his neck.No nominee will risk his neck with US Federal Justice system.
I disagree with your take on that, I would take him to court in a heartbeat.
there is nothing to stop anyone from being a UBO in whatever company they want.
No nominee will risk his neck anywhere ... thus there must be no risks to his neck
It need not be fraudulent at all. Call options contract are well established.A professional nominee with a legal background will scoff at this. Committing fraud in US is no joking matter.
@Martin Everson told yes and not
Yes that is right nothing gets reported if no interest is paid
Wrong
Read the definition of i.e "United Kingdom Reportable Account" and notice the "or" in the statement.
The term “United Kingdom Reportable Account” means a Financial Account maintained by a Reporting U.S. Financial Institution if: (i) in the case of a Depository Account, the account is held by an individual resident in the United Kingdom and more than $10 of interest is paid to such account in any given calendar year; or (ii) in the case of a Financial Account other than a Depository Account, the Account Holder is a resident of the United Kingdom, including entities that certify that they are resident in the United Kingdom for tax purposes, with respect to which U.S. source income that is subject to reporting under chapter 3 or chapter 61 of subtitle A of the U.S. Internal Revenue Code is paid or credited.
Take my latest post with quote from FATCA agreement..apologies for that oversight in previous post.
But why is that, provided the customer is not named Osama bin Laden or Pablo and on some obviously criminal wanted list, what are the penalties these private banks face by taking joe the plumber from Australia or Canada or NZ and giving them an account?It is indeed. However it's no longer acceptable to accept dirty untaxed money period. As a consequence many Swiss banks have gone out of business or been taken over. At least two I banked with disappeared overnight at the time i.e Frey and Hottinger.
Much more will follow also as Swiss banks can't charge clients fees like they used to be able to charge the criminals that banked with them. They now have to be competitive and their asset base has shrunk with no dirty money....lol.
https://www.swissinfo.ch/eng/business/perfect-storm_many-swiss-private-banks-facing--extinction-/45178358
But why is that, provided the customer is not named Osama bin Laden or Pablo and on some obviously criminal wanted list, what are the penalties these private banks face by taking joe the plumber from Australia or Canada or NZ and giving them an account?
I mean, I guess this varies by country, but plumbers where I live clear 6 figures a year, are busy as hell and routinely make $100s of dollars an hour. There'd be nothing unusual about a master plumber making $200k-$300k+ a year, especially if he owns his own firm.Firstly Joe the plumber from Australia is unlikely to meet the often $1m minimum to open a Swiss private banking account. If Joe the plumber has $1m+ then Joe the plumber is more likely Joe the drug dealer.
Plumbers with $1m+ are not common. Swiss banks now need to to know in depth your background and require proof of how wealth was accumulated. Before it used to be a tick box question where you could deposit $100m and tick a box saying source of funds is "personal savings" and no further questions were asked.
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