Mistertango - SWIFT payments are temporarily disabled

[Martin Everson]

If he wants to go head to head it makes for great education for everyone including myself. Guy made the below comment:

"I mean, even having an LLC in the US, that has no presence in the States and is treated as a disregarded entity makes you invisible for the IRS and US authorities."


Let this thread join the other goods threads we have below, if he can back the above statement.

Do I understand that US financial institutions DO NOT report non-us person deposits in them?
Euro Pacific Bank EPB vs uphold.com

 

[OllyXYZ]

If he wants to go head to head it makes for great education for everyone including myself. Guy made the below comment:

"I mean, even having an LLC in the US, that has no presence in the States and is treated as a disregarded entity makes you invisible for the IRS and US authorities."


Let this thread join the other goods threads we have below, if he can back the above statement.

Do I understand that US financial institutions DO NOT report non-us person deposits in them?
Euro Pacific Bank EPB vs uphold.com

Have you ever heard of "Pass-through Taxation"? When LLC formed properly and not operating in the United States tax passes through the company to the sole member. Sole member is supposed to report the income in the country of residence and pay relevant taxes there. Of course, no one does this, but the member has no tax obligations in the US (when previously mentioned conditions are met).

 

[Martin Everson]

The United States will not go after a foreign citizen who did an offense that involves their currency, as long as the person is not a Citizen, Resident or Green Card holder in the United States. They are under a jurisdiction of the country where the offense was made.

This is not true. The US does go after foreign citizens who use the US banking system to commit a crime. Whether you are a FIFA official who got paid a bribe in USD. Nationality never comes into it. Jurisdiction is relative. Last time I checked Osama Bin Laden was a wanted man before he died. I don't think he was a U.S person. Oh an they killed him in a sovereign country

LLCs in the United States that are properly formed and declared as foreign entities are treated as disregarded entities by the IRS. It is crucial that there is only one member (1 owner) and that LLC is not doing any business with US entities or physical persons, no connection with the States at all.

Hold on you said:

"I mean, even having an LLC in the US, that has no presence in the States and is treated as a disregarded entity makes you invisible for the IRS and US authorities."

There is a different between having no tax obligations in US and being "invisible for the IRS and US authorities". This simply is not true.

 

[OllyXYZ]

This is not true. The US does go after foreign citizens who use the US banking system to commit a crime. Whether you are a FIFA official who got paid a bribe in USD. Nationality never comes into it. Jurisdiction is relative. Last time I checked Osama Bin Laden was a wanted man before he died. I don't think he was a U.S person. Oh an they killed him in a sovereign country




Hold on you said:

"I mean, even having an LLC in the US, that has no presence in the States and is treated as a disregarded entity makes you invisible for the IRS and US authorities."

There is a different between having no tax obligations in US and being "invisible for the IRS and US authorities". This simply is not true.

Osama Bin Laden was wanted for killing 4k US citizens, not for tax evasion or whatever LOL

Having no tax obligations in the US is basically being invisible in the US. IRS does not tax you = They do not see you and do not care about you as long as you do not operate in and with US entities/persons.

Why else do you think there would be thousands and thousands of foreign Delaware LLCs formed every year?

 

[Martin Everson]

Have you ever heard of "Pass-through Taxation"? When LLC formed properly and not operating in the United States tax passes through the company to the sole member. Sole member is supposed to report the income in the country of residence and pay relevant taxes there. Of course, no one does this, but the member has no tax obligations in the US (when previously mentioned conditions are met).

I am tax consultant for a living. I am interested in what you are saying..really. Just send me articles of the law so I can see what you are referring too. The US tax code is one of the biggest in the world.

 

[Martin Everson]

Osama Bin Laden was wanted for killing 4k US citizens, not for tax evasion or whatever LOL

So US does have jurisdiction?

Having no tax obligations in the US is basically being invisible in the US. IRS does not tax you = They do not see you and do not care about you as long as you do not operate in and with US entities/persons.

Why else do you think there would be thousands and thousands of foreign Delaware LLCs formed every year?

Not true. They very much do you see and many government agencies do want to know what you are up to..lol

So the US looks at your FB profiles, NSA surveillance etc etc but wait they can't look at a Delaware company because you say so. To them these companies, UBO's are invisible..come on now....lol

We don't even have to go into the tax code to see how stupid this sounds.

 

[OllyXYZ]

So US does have jurisdiction?



Not true. They very much do you see and many government agencies do want to know what you are up to..lol

So the US looks at your FB profiles, NSA surveillance etc etc but wait they can't look at a Delaware company because you say so. To them these companies, UBO's are invisible..come on now....lol

We don't even have to go into the tax code to see how stupid this sounds.

What you are saying maybe applies for high profile criminals, smugglers and mafia lords, but for regular people who are just doing their thing, I highly doubt ...

Anyway, this is a sensitive topic and everyone has their opinion on how things work. So far my clients had no problem and the way I advised them benefited their business. Let's just agree to disagree

Have a nice weekend.

 

[Martin Everson]

Just go and check the taxes cases over at www.justice.gov/tax

It full of tax advisors, US and non-US persons who thought they new U.S law and are now in U.S prison. Don't be sold on the rubbish you read online.

I agree to disagree.

Have a nice weekend also

 

[Juoffshore]

Hello,

Thanks for all your replies, it seems than swift transfer are disabled on mistertango.
My customer has bank account on N26 and Mistertango and want to send EURO outside Eurozone into a EURO bank account. Unfortunaly this bank accept to receive fund via SWIFT transfer.

Have you got any solution to how to transfer EURO From N26 or Mistertango to an Euro bank account outside Eurozone by SWIFT ?
I've heard about Worldcore but they take too much comissions.

Thanks in advance for your help !

 

[Martin Everson]

Hello,

Thanks for all your replies, it seems than swift transfer are disabled on mistertango.
My customer has bank account on N26 and Mistertango and want to send EURO outside Eurozone into a EURO bank account. Unfortunaly this bank accept to receive fund via SWIFT transfer.

Have you got any solution to how to transfer EURO From N26 or Mistertango to an Euro bank account outside Eurozone by SWIFT ?
I've heard about Worldcore but they take too much comissions.

Thanks in advance for your help !

No such thing as EURO bank account outside the Eurozone. Thats technically impossible. The bank outside the Eurozone has to have a relationship (correspondence banking) with a bank in the Eurozone that actually holds the euros. You will notice this on the wire instruction as the intermediary bank. Please note you may not always have to enter the intermediary bank as all banking systems can obtain the intermediary banks names from swift code and currency pair.

For example if XYZ of Canada offers you a Euro account. Then XYZ bank has a correspondence banking relationship with a Eurozone bank where the money is actually held. When you wire money to XYZ bank via swift the money is actually sent to the Eurozone correspondence account (nostro) at an Eurozone bank that is in the name of XYZ bank.

To fix the problem just wire the money to a PSP that supports SWIFT wires Yes commission will be expensive for SWIFT wires but that's the way it goes. Second option is more complicated and involves asking receiving bank to help.

 

[JohnLocke]

Does someone know if Revolut is a solution to send SWIFT transfers?

 

[rockrock]

Does it work now? Can mistertango currently do SWIFT transfers?