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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