Current Shamrock Missive

From the Publisher's Desk
September 2017

“Just because you're paranoid doesn't mean they aren't after you.”
- Joseph Heller, Catch-22

In this issue:

What is an OECD?

OECD is the Organization for Economic Co-operation and Development, the purpose of which is to promote policies that will improve the economic and social well-being of people around the world.

OECD has developed The Standard for Automatic Exchange of Financial Account Information, which represents the international consensus on automatic exchange of financial account information for tax purposes on a reciprocal basis. Over 60 jurisdictions have committed to implementing the Standard and all financial centres have been called to match those commitments as of July 2014.

If you go to the download page, and download the Exchange of information of countries list. You can see that almost all countries over the world have implemented this policy. The effect is that if you open an offshore bank account in other country, your information at the opened bank will be sent first to local tax authority, then local tax authority will send your information back to your own tax authority. The result is that your own tax authority will take tax investigation against your personal tax affairs.

Take example one. If you hold UK passport, you register an offshore Hong Kong company by yourself as director and/or shareholder, you open bank account in Hong Kong, said HSBC. HSBC bank manager will determine your residential tax status first, most likely according to what passport you hold, in this case, it is UK residential tax status. HSBC bank manager will open bank account for you, even HSBC bank manager will not ask you to sign such Consent Form as disclosure of your information to tax authority, as it is already by Hong Kong law to allow the banks in Hong Kong to send your information to Hong Kong tax authority. After Hong Kong tax authority has received your information from the HSBC bank, Hong Kong tax authority will, according to the classification of residential status determined by HSBC bank manager, send your information to UK tax authority. UK tax authority will take tax investigation against your personnel tax affairs on the issues as to whether you have reported your overseas income to UK tax authority. As UK implement worldwide tax policies, UK people who hold UK passport are liable to pay global income tax to UK tax authority.

Take example two. If you hold UK passport, you register an offshore Hong Kong company by third party as nominee director and/or shareholder, you open bank account in Hong Kong , said HSBC. HSBC bank manager will determine your residential tax status by who is an authorized signer of the bank (not nominee director nor nominee shareholder), most likely according to what passport you hold, in this case, it is UK. HSBC bank manager will open bank account for you, even HSBC bank manager will not ask you to sign such Consent Form as disclosure of your information to tax authority, as it is already by Hong Kong law to allow the banks in Hong Kong to send your information to Hong Kong tax authority. After Hong Kong tax authority has received your information from the HSBC bank, Hong Kong tax authority will, according to the classification of residential status determined by HSBC bank manager, send your information to UK tax authority. UK tax authority will take tax investigation against your tax affairs on the issues as to whether you have reported your overseas income to UK tax authority. As UK implement worldwide tax policies, UK people who hold UK passport are liable to pay global income tax to UK tax authority.

Take example three. If you hold UK passport, you register a Hong Kong company by third party as nominee director and/or shareholder, you also arrange the nominee director/or shareholder to open bank account in Hong Kong , said HSBC (suppose it will be the nominee who will act as signature signer, and the nominee director/shareholder will not disclose who is ultimate beneficiary owner of the company to the HSBC bank). HSBC bank manager will determine residential tax status by the passport of the nominee director/or shareholder . HSBC bank manager will open bank account for your nominee, HSBC bank manager will not ask your nominee to sign such Consent Form as disclosure of your information to tax authority, as it is already by Hong Kong law to allow the banks in Hong Kong to send nominee information to Hong Kong tax authority. HSBC bank will send nominee information to Hong Kong tax authority. After Hong Kong tax authority has received nominee information from the HSBC bank, Hong Kong tax authority will, according to the classification of residential status determined by HSBC bank manager, send nominee information to the tax authority according to where nominee stays. If the nominee holds Chinese passport, at final Chinese tax authority will take tax investigation against nominee tax affairs. The result is that the Chinese nominee will disclose your information back to Chinese tax authority which in turn will send your information back to UK tax authority (as you are the ultimate beneficiary owner of the company). UK tax authority will take tax investigation against your personal tax affairs on the issues as to whether you have reported your overseas income to UK tax authority. As UK implement worldwide tax policies, UK people who hold UK passport are liable to pay global income tax to UK tax authority.

How to tackle Exchange of Information?
I have studied Exchange of Information topic over decade, and I can conclude that there is no solution, as I have said before almost all countries over the world have implemented this policy. In fact, you can open a bank at those countries outside the OECD country list. However, if you study further, such countries which can open for you are either very small island, unsafe, political, undeveloped, or under restricted policies. Your money at this bank is so risky that your money will become zero kept at this bank.

No Best Solution?
No, there has only one solution which we have found which can tackle Exchange of Information OECD policies.

Take Solution Example. If you hold UK passport, you register a Hong Kong company by third party as nominee director and/or shareholder, you also arrange the nominee director/or shareholder to open bank account in Hong Kong, said HSBC (suppose it will be the nominee who will act as signature signer, and the nominee will not disclose who is ultimate beneficiary owner of the company to the HSBC bank). HSBC bank manager will determine residential tax status by the passport of the nominee director/or shareholder. HSBC bank manager will open bank account for your nominee, HSBC bank manager will not ask your nominee to sign such Consent Form as disclosure of your information to tax authority, as it is already by Hong Kong law to allow the banks in Hong Kong to send nominee information to Hong Kong tax authority. After Hong Kong tax authority has received nominee information from the HSBC bank, Hong Kong tax authority will, according to the classification of residential status determined by HSBC bank manager, send nominee information to the tax authority according to where the nominee stays. As nominee is NOT listed in the OECD policy list, at final Hong Kong tax authority will not implement OECD Exchange of Information policy on ground that this country is outside the OECD policy list, so according to the Hong Kong law, Hong Kong tax authority cannot send such information to other countries, which is protected by another law of Hong Kong, namely undisclosure of privileged information. The result is that UK tax authority will not take tax investigation against your personal tax affairs on the issues as to whether you have reported your income outside UK. As UK tax authority has never received your information according to Exchange of Information OECD policies.

This is the ultimate nominee package we can provide:
1) We will register an offshore company for you, most likely Hong Kong offshore company (which is legal zero tax if business is done outside Hong Kong);

2) We will provide nominee director/shareholder (the natural person who is NOT in the OECD policy list (without creation of trust structure);

In the formation process, we will provide secretary/local agent to you; business address and registered office address to you;

3) After the company is registered, we will arrange to open banks account in our GLOBAL LISTS;
First, we will provide bank signature by our natural person who is not in the OECD policy list.
After the bank account is opened, we will create a legal trust to you. We will create a Trust Deed and Power of Attorney. By the trust deed, we will go to Stamp Office and make legal declaration that you are legal beneficiary, the nominee shareholder only act as trustee, and the creation of the Trust Bank Accounts for the purpose of Trust Functions. By the Power of Attorney, we will go to Stamp Office and make legal declaration that the authorities given to the nominee natural director will be ginve back to Ultimate Beneficiary Owner, the nominee director only act as trustee, and the creation of the Trust Bank Accounts for the purpose of Trust Functions. Both Trust Deed and Power of Attorney will get legal stamped. It is the legal process that Both Trust Deed and Power of Attorney become legal documents which at final protect you as ultimiate beneficiary owner.

4) Then we will send the details of bank account to you, token, and pin, together with whole set of formation documents, trust deed, and power of attorney. After you receive all package, you setup internet banking and your final password, the contact details to the banks will also send to you. It is unique sms mobile card, and this specific email account which mainly control the bank, NOT YOUR PERSONAL CONTACT DETAILS

You will have internet banking facilities, multi-currencies, as well as company debit card, even you can apply for company credit card. As normal, you control your internet banking by yourselve. You check whether your clients have wired money to you. If you need making payments, you can do by internet banking facilities. You will receive sms code from this SMS mobile card, and you can contact the bank manager using this specific emaill account. If the bank need to contact you, he will also either contact you by this specific email account or this SMS mobile card. So you are 100% controlling your bank account. As we have created a legal trust, so you will get legal protection by legal Trust Deed, as well as Power of Attorney.

How wonderful? What is such country which is not on list ? Sorry at this stage, in meeting such competitive environment, many similar firms will ask for solution, we will not disclose this country to you. If you are interested in the package, please contact me for further information.

If you want to get more information, just contact our leprechaun for details.

See you next issue

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