There may be many good reasons for making your money disappear and transferring it to an offshore bank account. This, of course, is not illegal, and is a perfectly legitimate option for people who want to maintain their financial privacy.
In other words, they are not designed to evade taxes, but to allow you to protect your privacy. Bear in mind that tax evasion can have consequences.
Be wary of sending money internationally with the bank for three major reasons:
Whether the method itself is legal or not will depend on the respective local laws. Whether each one is legitimate or not, from a moral standpoint, is something you will have to decide for yourself.
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So, stay out of trouble and read up on is it possible to make money transferring money laws that apply in your country of residence first. Layering This is one of the oldest tricks in the book that is very expensive and time-consuming, is it possible to make money transferring money from one bank to another. Start with one or several totally innocent transfers to an overseas account, to some country that is not considered a tax haven.
The UK is a frequently selected option for this first step. From there the money is sent to reputable tax havens, such as Malta or Gibraltar.
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- Check with local institutions for details.
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And from there the money is sent to a jurisdiction with stronger banking secrecy. The process can be repeated as many times as you want until the sums of money reach their final destination. The accounts in this process should not be in your name, but in that of an offshore company with appointed shareholders and directors.
It is important that you never make a transfer to the same account from more than one bank in the payment chain.
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At the same time, banks should not be located in the same jurisdiction. This method is almost impossible for the authorities to detect. Where structures are complex, tracking money which has been transferred several times, across different jurisdictions, requires an enormous amount of time and resources.
However, everything obviously gets more complicated and expensive with each additional transfer, as well as for the person moving the money. Therefore, these transactions are closely monitored by the bank and if they are of large amounts you might be asked to justify the transaction in some way.
Invoices In this case, an offshore company review of the trading robot control issues an invoice to you. These invoices must include intangible goods and services, such as web hosting, technology consulting, leisure or VoIP services.
In most countries this method is relatively simple and secure. Legally speaking, it is usually a grey area.
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Anyway, bear in mind that you will not be able to make very high sums of money disappear in this way either. Online gambling Online gambling is another very popular method, which, in turn, is becoming increasingly complicated.
You have to transfer the money to several betting sites, the more the better. The deposit must be made using a method in which reimbursement is not possible. It is generally made by credit card or Paysafecard. After depositing the money, you must use it at least once fully for the game. To avoid raising suspicion you should bear certain aspects in mind. On one hand you should avoid low-risk bets.
A good risk analyst would notice this behaviour. Instead, you have to choose many rounds of Black Jack, Video Poker or other casino games.
One of the oldest money transfer services Reasons to buy Reasons to avoid -Can be pricey-Some negative reviews MoneyGram is one of the largest and longest running money transfer companies in the world.
You need many rounds with small bets to minimise the risk of losing. You can use bots for this, which will do it for you. However, you have to have enough technical skill to get them to simulate human behaviour. It is precisely the obviousness of this method that makes it most effective. Be that as it may, it is a method you can rarely use twice, unless you do it with trusted third parties.
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Charitable actions This method is rarely legal and is considered immoral by most people. In this case, offshore companies or foundations are registered under a name similar to that of a charity, and then you donate the amount you want to them.
If you have time and want to give it some imagination, you can set up your own charity, make a website and so forth. Travelling with cash and precious metals The days where you could travel to Switzerland with a briefcase stuffed full of money are gone at least in bank branches you will not be accepted as a customer. In practice, however, cash limitations do not make much sense without the existence of borders and controls in the EU and Schengen area.
Even if we travel by plane, the likelihood of being controlled is minimal.
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Even though Switzerland no longer accepts large cash deposits, there are other countries outside Europe that consider this relatively normal. In many countries, cash cards and the use of cards is quite uncommon and banks still rely almost entirely on cash. This is especially the case in places like Armenia, Azerbaijan, Liberia, Tanzania and many other African countries.
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However, many of these jurisdictions are blacklisted and are under close control. However, as we explained in this article, it is not a good idea to use them to evade taxes, as this could cause huge problems.
Depending on the amount and the banks involved, the transfer could cost anywhere from a minimum of THB to THB 2, for very large transfers, and it may take several days.
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