How Tax Departments Can Catch You?

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How can tax departments catch you?
Is it possible that your government knows things about you, even after you moved out of your country? Can they know how much income you're making and how much money is there in your foreign bank account? The answer is, yes they can!
So, what are the ways in which governments can find out what's going on with you?
The number one way is, you guessed it, banking.
FATCA, Automatic Exchange of Information, and Common Reporting Standards, also known as CRS are rules that are applicable to every bank in the world.
If your place of residency is disclosed to the bank, the bank is going to report to the government in your country of residence. This way you can not hide any money in a foreign offshore bank account, without it being reported back to your home country.
Another thing that put offshore strategies on the mark, and helps governments catch individuals is certainly data leaks, such as Panama papers. Big structuring firms are often at bigger risk here, since they have more employees and are often the target of investigative journalism.
One thing that's honestly quite thoughtless, but happens very often is that people often tend to live above their means, and tend to be quite flashy. Is your lifestyle more extravagant than you declare on your tax forms? Do you drive a nice car? Do you live in a big house? All of these things can trigger someone to investigate you.
If you're living an expensive lifestyle, but don't pay much in taxes it's just the matter of time when tax authorities knock on your doors. Unless you live in a low/zero tax country, that is.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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[@michaelgreen5515]

Again great content thank you.

[@jhonnyfromme2109]

A really good video thanks.

[@thecryptostrategist2433]

Banking in non-CRS jurisdictions is still viable. Suggestions include Thailand, Georgia, Armenia and Mongolia. The latter three are better for international transfers, while Thailand is better as a place to live as it is easy to optimize taxes there. With crypto, you can cash out from exchanges, but don't go big on these unless you live somewhere like Portugal where crypto is tax free - at least for now. Try to limit the scale of these transfers to under $10K per transfer and under $50K per receiving account per year. Another option is simply to open your accounts with a residence in one country like Thailand, where offshore income is not taxed unless remitted within the same year. In this way any CRS info will be sent to Thailand, who will ignore it. You can do this by for example buying a condo in Thailand and getting a Thai drivers licence. That will give you all the proof of address info that you need. You can do this for your bank, stock and crypto accounts. This is not advised or legal. It is just possible. Some people even do it with stock accounts in the US, dividing their dividend stocks and growth stocks into two accounts using residences in different places, with different withholding tax regimes. For instance, China or Bulgaria would be great for dividends, while Thailand would be great for cap gains on growth stocks. If you are part of a couple with mixed nationalities, you will have even more possibilities.

[@bbrebozo6417]

Georgia joined the CRS. Any country with EU aspirations will join CRS. The big liberal world order OECD countries are doing the persuading and EU membership is the carrot.

[@kameelaheverglow]

I really appreciate your videos.

[@OffshoreCitizen]

Thank you! Appreciate your support :) Any take on today's topic?

[@FrozenSkyy]

Sage advice Mike. Thank you

[@OffshoreCitizen]

Always a pleasure! Anything you'd like to see next?

[@iro3d]

Great video. Thanks!

[@OffshoreCitizen]

Always a pleasure! Anything you'd like to add? :)

[@iro3d]

@@OffshoreCitizen Oh, yes, there are lot of things. For example, I wish your website would have a table of countries with their taxes and Controlled Foreign Corporation (CFC) rules.

[@brianstjean3930]

Great video, you seem to focus on IRS. Is there some info on how CRA works?

[@johnny_gossamer]

i want to know alot more on this as well

[@ryan_webb_go]

If I cut all ties with Canada, to go to Dubai, I suppose it looks better to the CRA to be in Dubai for a substantial period of time. So you would recommend getting a tax residence visa by being there for 180 days. To keep the tax residence visa, do I have to be in Dubai for 180 continuous days each following year? Or do you only have to do that for the first year, and then following years, you could be in Dubai for 90 days a year or even less?

[@RR-vk2tl]

That is something insane. I am living and working in foreign country the last 8 years, and paying taxes there. Now, I learnt that it is possibly that i could be a tax recidence in my country. I did not paid any taxes in my home country. Now bank is threatening me that they will send CRS report to my country. I have 340K euro in my accounts. What is my option here? Self disclosure does not work, but there is double taxation agreements between countries. Is this could help in my scenario?

[@sebtube1]

On point!

[@OffshoreCitizen]

Thanks! Anything you'd like to share on the topic? :D

[@sebtube1]

@@OffshoreCitizen Only that there will always be legal loopholes thanks to heroes without capes like you.

[@DrJCEIBS]

The use of acronyms is a bit confusing

[@AB-hu2uw]

closing your non crs bank before they start exchanging information, will your home country be able to see that you had a bank previously and would they be able to see previous balances ?

[@RR-vk2tl]

Yes i guess, but already to late for most countries,

[@RomilCPatel]

Can you make a video on pet passports? I’ve heard about this before but never seen a full video addressing the nuances of it.

[@OffshoreCitizen]

We will do one on this in the future. Thanks for the suggestion!

[@deadhouse3889]

I'm wondering about selling items on sites like Kijiji and eBay. Like, flipping stuff. Do you think I will get screwed with if I keep it all under the table? Talking about simple items like clothes and jewelry that can be shipped easily. Nothing over a couple hundred dollars. I recall personal exemption being something like $7k?

[@hendrixansel9750]

Depends on what government owns you.

[@AB-hu2uw]

@@hendrixansel9750 lol

[@scrillathekid5562]

Another great video. Remember, the same rules apply to green card holders as US citizens. So, be careful when you request your easy access card. It works 2 ways. The simple way it’s been explained to me is “a green card holder can do everything but vote.” And in some situations they can do that. A lot of information and a few people looking. The authorities are like a blind attack dog in a fenced yard. If you venture behind the fence, the dog might not lock on to you, but someone’s getting bit. And everyone will watch them get mauled, knowing they could be next.

[@JJ-ub3bl]

i can’t leave US as wife doesn’t want to - for someone in my position -i haven’t found a better option than PPLI- don’t get culture change but at least get tax benefits- if i could i may do this option - but it is very drastic

[@mjwmontgomery]

Its better managing your affairs onshore properly than using offshore these days.

[@OffshoreCitizen]

What makes you think so?

[@mjwmontgomery]

@@OffshoreCitizen the tax code often contains lots of deductions that a good advisor knows how to use.

[@WhyYouTrippin]

Would Mauritius be a good place to live?

[@ianniculescu1625]

Basically use Monero. Buy Gold with it. Switch it to stablecoins if you need stability. Don't stay behind the berlin wall of Fiat that is banking.

[@hendrixansel9750]

Just change citizenship to a small country and than change tax residency to other country that have decent tax laws and you are set.

[@othername2428]

0:38-0:42 bro WHAT!?? 😳🤕

[@theeverfartingelephant8189]

Every place sucks.....you and Andrew Henderson are wayy to positive.

[@hendrixansel9750]

that's their business model, to overhype citizenships and permit residencies in order to get more clients.

[@matthewnirenberg]

It depends on what you want in life. If you want things slow and steady but beautiful views then go to the Caribbean. If you want no tax but easy access to Europe, go to Monaco and so on. Everywhere doesn't suck; sure staying in one place forever will suck but that's the point of Flag Theory, you are tax resident in one place but "holiday" to other locations where you have residence or citizenship to mix things up for parts of the year. As a longtime viewer of both Offshore Citizen, Nomad Capitalist and Wealthy Expat, the bulk of their videos aren't over-hyping any one place - the location specific ones are but not all videos. If there aren't enough places covered, that's because the money hungry govt's who think that its their right to take your money are increasing taxes and trying to bully smaller countries into introducing taxes. One last thing: just because they advertise their services (like every other business), doesn't mean you have to be their client. Sure, being their client will make things easier as they specialise in this field/industry, but, there's nothing stopping an individual from doing the required research and navigating the mess that is getting visas and residence permits. The only time you must use an agent is for CBI. The only time you absolutely need accountants and lawyers is for overseas structuring. At the end of the day, if you think every place sucks you either haven't seen much of the world, can't afford to move abroad or do CBI (and don't want to work towards it) or just really have a miserable time everywhere as a result of a very negative attitude. If you feel like everything sucks, try looking at whats making you feel like that and then try doing something different.

[@AG-so4gl]

183 day rule , :-)

[@OffshoreCitizen]

Have you watched this one kzbin.info/www/bejne/aKirg3d3qdNsmck ? :D

[@PSKuddel]

You don’t have to run and hide in more and more risky locations, if you really have money. Quite the contrary. There are many well-established ways to actually make the illegal money perfectly legal again in much better locations. It‘s called money laundering and there are many long-term successful organizations, that work that way.

[@hendrixansel9750]

Can you tell us 1 of this "many well-established ways" to do ML ?

[@omarselim3787]

can i say to tax departments F them the reason will be in yours what your option having over 500k usdc and busd as cryptos in cold wallet will they catch me !!!

[@thecryptostrategist2433]

Probably not. But their engineered inflation will erode your assets quickly enough. Those stables are only worth something if you can spend them.

[@mattnocock6311]

It depends if u bought it kyc or not