Nordic Person Banking In Jersey

[thaitero]

Can somebody who understand better legal mumbo jumbo (and english as main language) if there is something to be considered regarding this newsclip i found

Situation is that if one is nordic person and banking in Jersey

http://www.norden.org/webb/news/news.asp?id=8213〈=6

It says there

ministers also signed an agreement with Jersey and Guernsey to prevent tax evasion. Similar to the one previously reached with the Isle of Man, the agreement provides the Nordic tax authorities with access to information about the capital dispositions and incomes of citizens with tax arrears.

Does that mean that personal details will be now passed to the nordic tax authorities although if one is opting for Retention Tax and no Exchange of Information?

[Soutpeel]

Can somebody who understand better legal mumbo jumbo (and english as main language) if there is something to be considered regarding this newsclip i found

Situation is that if one is nordic person and banking in Jersey

http://www.norden.org/webb/news/news.asp?id=8213〈=6

It says there

ministers also signed an agreement with Jersey and Guernsey to prevent tax evasion. Similar to the one previously reached with the Isle of Man, the agreement provides the Nordic tax authorities with access to information about the capital dispositions and incomes of citizens with tax arrears.

Does that mean that personal details will be now passed to the nordic tax authorities although if one is opting for Retention Tax and no Exchange of Information?

In a nutshell from what I am reading there, answer is yes....Nordic tax authorities have access to account information, dont believe it will be a case of the bank passing the info on automatically, but more of a case if the Nordic tax ask they will provide the information.

Offshore account in Europe are not so attractive these days, if you are a European resident as you can be held for withholding tax, believe is 20% and going upto 30%. If you are legimately classed as a non-resident then you are ok, but if you are still a European resident and trying to get yourself a tax advantage, European offshore accounts are not the place, Try Hong Hong or Singapore

[thaitero]

Thanks for your reply...

Well i quess one option would be to use some sort of offshore company setup...Have to ask monday if it is possible

[Soutpeel]

Thanks for your reply...

Well i quess one option would be to use some sort of offshore company setup...Have to ask monday if it is possible

What exactly is you are trying do ?

[Naam]

Thanks for your reply...

Well i quess one option would be to use some sort of offshore company setup...Have to ask monday if it is possible

don't be duped by wrong advice my friend. an offshore company won't help because you would still be listed AS beneficiary in all the documents. setting up an offshore entity would of course save you the deduction of flat tax. but hiding the beneficiary has become extremely difficult and can only be done via a rather expensive setup of a corporation held by trust with one or more specified beneficiaries which should be (if possible) located in a jurisdiction where the taxman does not ask questions. and the latter depends whether your bank accepts the setup i described and has the disadvantage that you have to justify each and every withdrawal from the corporate portfolio.

if you want to play it safe "MOVE OUT OF EUROPE!"

[thaitero]

Soutpeel, Naam Thanks for your advice..

It seems that safest and easiest route is to just have a non-resident status and move out completly and be just a tourist summertimes in my birthcountry

Since i am below 50 and not working any more it would mean that i am a tourist in Thailand (9 months) and in my birthcountry (3 months)

Really do not know if it is possible to live so that you are not a resident of any country?

Edited November 1, 2008 by thaitero

[Soutpeel]

Soutpeel, Naam Thanks for your advice..

It seems that safest and easiest route is to just have a non-resident status and move out completly and be just a tourist summertimes in my birthcountry

Since i am below 50 and not working any more it would mean that i am a tourist in Thailand (9 months) and in my birthcountry (3 months)

Really do not know if it is possible to live so that you are not a resident of any country?

If you spend enough time in Thailand you will be "resident" in Thailand, be careful saying you will stay 3 months a year in your own country, you have to look at what the non-resident requirements are, it will be limited to a certain number of days in your own country per year, exceed those days even by 1 day and you will have to pay tax.

As mentioned earlier, Europe is not the place to be playing games with the tax man these days.

In a small way be thankful you are not a US citizen, as they have to submit a tax return were ever they are in the world, guess one day someone in the EEC, is going to wake up to this one and try this on with all EEC citizens...