Try to argue that with the compliance team.... It probably won't end well.
She needs to pay income tax in case it is deemed as income. And 15k/year in Italy is not such small money as one would think, given that most make around that per year under the table or even less.
Crazy thing in: its not about *how you earn* anymore. Its about *how you spend*. That is mind boggling that financial institution truly give a s**t about where you send company money. Like they are supposed to decide how you can spend your company's funds.
Well I see it more as that they are doing their job. This is one of the reason why I trust Wise and I would not trust other companies: Wise has done the KYC with me every year in a serious way, which means to me that they are a serious company. I mean, I think my setup is legit and that I'm not doing something wrong, even if maybe I do stupid mistakes like the one that started this thread. If Wise closed my account, then it means that what I'm doing is not legitimate, and maybe I should think more about it.
Because they are of obstacle to entrepreneurship, to the economy and to the development of the society. They cause financial and emotional distress to honest people, while allowing criminals to take advantage of the system. They are evil.
Good luck with your candor and naivety.
well, if my setup depends on the fact that people don't asks questions, it's not a safe setup, I'm doing something illegal, and that's not what I want. I'm not naive, if I am not able to give answers to an EMI witrh no disclosure requirements, that means that my setup is not good.
. You could have just taken money into your own name as dividend, salary etc and then gift to mother regularly "family support". I know Wise don't know that its your mother who is being paid but it still does not pass the sniff using a offshore shell company to do business in 2022.That's a mistake I made. I didn't have any gain in paying my moter through the company and not through my account after distributing a dividend, given the fact that I'm a UAE resident In any case I suppose that if I provide them with a service agreement between me and the person which received the money, theys hould be ok, I mean I paid also other freelancers with my account since they provided services to me, in those cases I had contracts. And in general, I have been super cautious about money going into my company account, every penny has a contract, now I will put the same attention to money that goes out.A St Vincent shell company paying money to your mother does not sound legit to me
in did, seriously when I see such questions... I even wonder how those people manages a companyI wonder what your mother’s bank will do when it sees a payment from a St. Vincent company
Seriously, it will take less time and effort to teach your mother how to use crypto than dealing with psycho monkeys in any bank’s compliance department.
Its an issue because he I sending it from his company. If he had just paid out dividends/salary to himself, before sending it to this mother then it would all be fine
What is important here to know have you sent from a) Malta bank to Malta bank or lets say from b) Malta into e.g. German bank?
Why would the mom pay the income tax if the taxes have already been paid by the OP? Even though they're zero in Dubai.
You really need to hire a good Italian accountant and be prepared also to hire a tax lawyer. The mum’s bank has submitted a suspicious transaction report, the GdF most probably is looking into it and is preparing some nice surprise.
Interest & dividend tax also exists. I bet OP/his mom has not paid any of those
