Legal risk management
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so its for doing something illegal, right?
what is the money are legal? is there other reason I mean to hide from crs?
thank you
Not at all, legal risk is something even the Pope is exposed to.
It is not you that decide what the law is, what the law means, or that uphold the law
The main reason not to publish on internet all your account details, including your balance, is presumably to avoid having the money somehow stolen ... same reasoning applies when the criminals are in government.
What is Pope ?
I mean what IF the money are legal.
which account is published on the internet? i've never seen
thank you
https://en.wikipedia.org/wiki/Pope
How could you ever know?
Why don't you? After all you have nothing to hide, do you? Is not all your money perfectly legal?
There is always a risk to lose your money, the only way to avoid the risk is by having no money to loose.
Question is risk management ... if you have any money.
Risk management starts with trying to identify and understand the potential risks. Your risk profile will be different from everyone else, as will your tolerance of risk.
I would suggest you start with simply listing all the risks that you can imagine to your wealth (current or potential).
Then try to estimate the probability of the risk event occurring. (This is where most people utterly fail by underestimating events that they themselves have not experienced and overestimating events that they have experienced happening again).
Further consider what damage you will suffer in the case of the risky event happening.
By multiplying the probability with the impact of each event you should have get a map of priorities.
Then you need to consider risk mitigation, risk insurance and risk acceptance for each risky event.
For most people the number one risk they face is theft by the government (also called taxation as the government tend to prefer euphemism).
Probability is close to 100% and impact is often over 50% of your income.
Chance of a complete collapse of the banking system is on the other hand probably less than 1% and impact is unlikely to be 100% of your wealth.
You are talking about personal account correct? Because the corporate bank account of trading company should be not reported because are NFE passive is that correct?
@Osleak
Pretty much right, but the classification label you want to maintain is "Active NFE". With all the CRS classification risks and uncertainty around, I wouldn't bet my life savings on that horse. Can't take a bank to a court to redeem tax losses if they send a wrong (but somewhat correct) report to the wrong (but somewhat correct) tax man
Pretty much right, but the classification label you want to maintain is "Active NFE". With all the CRS classification risks and uncertainty around, I wouldn't bet my life savings on that horse. Can't take a bank to a court to redeem tax losses if they send a wrong (but somewhat correct) report to the wrong (but somewhat correct) tax man
@Osleak
Pretty much right, but the classification label you want to maintain is "Active NFE". With all the CRS classification risks and uncertainty around, I wouldn't bet my life savings on that horse. Can't take a bank to a court to redeem tax losses if they send a wrong (but somewhat correct) report to the wrong (but somewhat correct) tax man
Yes sure banks could wrong and report also NFE active accounts...
So, in theory, if Transferwise was reporting under CRS and you are an EU resident with US LLC (or another location) with a borderless TW account in USD you wouldn't be reported?
Not in theory but in practice. TW does not comply with CRS - they are very clear about it, stating it on their website. The problem is that it won't last; the governments will only accept it for a while, and then demand action. Once TW starts reporting, there are no guarantees they won't send reports for previous tax years too.
Yes i think so, they probably start to exchange informations retroactively... i ve sent them an email about it and their reply is not clear...
Where do u see the list of 64 countries that Belize shares information with? I am using the link you posted in the original post and after trying like 20 countries it says "No result found for these jurisdictions..."
They don't report because they have a electronic money license (store of value) so legally the don't need to report.
I agree they won't last
Won't my ID be invalidated?
Don't they keep track of those who a) are in the country and posses an ID and b) those posses it and is leaving?
Moreover, the place where I apply for ID and where I then register as non-resident must be the same place or building? They should be able to easily share data with each other.
Right?
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