Damage control

Hello everyone,

So I decided to join into the Mentor Group.

Background:

This question is specifically about damage control and how I can minimize my risks in what might possibly be a s**t situation.

I have had a Singapore bank account for 8 years or so, that I used to funnel money into and then withdraw with a credit card.

Last year I got a n26 account (Germany) and I also have a paypal linked to my native country of Denmark that I have been making +10-15.000 Euro on every year for the last couple of years.

With Singapore joining CRS I risk being reported for 2017 and 2018 , here I probably received 15-20 K USD.

Denmark IRS has just informed as they apparently have to per EU rules that they are aware of my n26 Germany account and for me to check if my 2017 IRS data regarding foreign income are true or not. I am not really surprised by them knowing about Germany, just a lazy solution on my end. The good news is that there was no income on that account in 2017. And I guess that it is good for now that I haven't heard anything from IRS regarding my Singapore 2017 income (hoping that I will get lost in the paperwork due to being a small fish)

By 1 of July 2019, I need to report my foreign income for 2018 year, and my thought is to definitely report the n26 income for 2018 and not yet sure about Singapore.

In the meanwhile, I am looking to delete/cancel my Singapore bank account and to retrieve all funds out of my paypal and delete my paypal account too, just in order to start getting more "of the radar".

For paypal I have found a solution that might just work. I have opened a "borderless USD account" on transferwise, and was just able to succesfully link it to my paypal account and am testing a small withdrawal into that right now. Hopefully this will work and I will then either pull the money out via borderless mastercard into cash or transfer it into a new bank account. From what I understand transferwise are currently not reporting to any tax authorities, including crs and facta :TransferWise Help | Borderless accounts and tax

My plan is also to open a new bank account (I am thinking of in Armenia) and then cancel my Singapore account (I believe it takes 3 months to do so fully and get the 10.000 USD minimum in my account back) and then if possible transfer all of that, including the minimum into the new Armenia account directly.

1. I am aware that I am a newbie in all of this, and that I don't know what I don't know. I would love to hear if any of what I am doing is not smart, or if there are simpler alternatives for damage control.

2. Can you recommend Armenian banks for my purpose (was thinking of Ameriabank online opening) or would other banks/other countries be better? My thought is just to start with a bank account for now, instead of company formation as I want things to move fast and be set up before 1 July where I have to report taxes for 2018.

3. Can you recommend other solutions to get paypal money out of my paypal (In terms of a possible audit I don't want to cash in my payapl)?

4. If I for example am able to put my paypal cash into a transferwise borderless account succesfully, and the mastercard asscoiated works, are there any risks in using that mastercard in Denmark to cash out the money from ATM's?

Thank you very much.

And apologies in advance if I posted this in the wrong section "anonymity and darks" would appreciate it if an admin could move it to the regular mentor group section if I posted wrong. Thank you.

Admin said:

Unfortunately this will not wor, the account records are still kept with PayPal so with the Singapore bank, so whatever you do with these accounts the IRS get informed.

You want to setup a company that will hold the bank account, even if it is is Armenia you want to put an extra layer between the bank and you. This company has to have nominees appointed so your name stay out of public records or you use a Belize or Seychelles company where such records are not public. You need to check with the Armenian bank what countries they open accounts for.

Here is a good list of banks around List of Banks, EMI's, Payment processors and BTC to FIAT institutions.

In addition, the amount you have in your Singapore account is not that big. You may look into some sort of anonymous company setup with an EMI account based on darks if possible.

There are other users on this forum that may want to supply with additional options and ideas.

thank you Admin, when you say the amount I have is not too big, do you mean that there might be a chance they won't chase me for the past because I am just a small fish or more in terms of the fact that I should be able to easily find other easy solutions?

Also, do you or anyone else know how atm cash withdrawals work? If I withdraw money in my own country from Atm's will it be easily traced to me?(Although all records of everything will stay, it seems smart for me at the moment to liquidate my cash as much as possble and take it offline).