How to receive SEPA

Var12New MemberAuthor

Joined: Oct 2020
Messages: 36

24 Jul 2022#1

Good evening everyone, this is my first message, I hope to find myself well among you. I hope to receive solution advice from the experts.
I live in Italy, I have to collect 25 / 30k euros per year only with SEPA transfers, payments arrive in small monthly amounts from some European countries. The money is clean and comes from the sale of vintage items.
I would like to use EMI or any other secure method that doesn't make me lose money, without fake IDs.
Up to now I have used the personal Wise account in my name, but I am beginning to worry about the CRS.
Can you help me find a solution please?

MarzioQuiet Authority

Joined: Aug 2019
Messages: 3,103

24 Jul 2022#2

Are you serious? You'll be much better declaring that income and you'll pay 10% max as a self sufficient

Var12New MemberAuthor

Joined: Oct 2020
Messages: 36

24 Jul 2022#3

marzio said:
Are you serious? You'll be much better declaring that income and you'll pay 10% max as a self sufficient

10%???

Are you joking? In Italy we are around 40% + the pension fund after you have registered as a trader.

I hope some experts can help me.

MarzioQuiet Authority

Joined: Aug 2019
Messages: 3,103

24 Jul 2022#4

Var12 said:
Are you joking?

If you register as a self employed you'll pay 5% flat tax up to 65k + 200â‚¬ / month social security up tp 15.600â‚¬ + 24% of the income over 15.600.

I know because a friend if mine is paying exactly that sum.

Ok, it's not 10% but it's more around 19% which i'd say is fair.

It will cost you more trying to optimize taxes with that level of income instead of paying taxes in Italy.

Var12New MemberAuthor

Joined: Oct 2020
Messages: 36

25 Jul 2022#5

This is not the case but I exclude this possibility because I cannot do it.
Can anyone give me real advice?
How can I get paid without taking risks?
Thank you all

JohnnyDoeSchrödinger‘s guy

Joined: Jan 2020
Messages: 10,049

25 Jul 2022#6

Not paying taxes due always involves a risk.
If you don't want to use fake IDs, you can easily find people acting as nominees for little money. Especially in southern Italy. Split between a couple of different nominees and change them every year.

SolsOffshoreCorpTalk moderator

Joined: May 2019
Messages: 6,542

25 Jul 2022#7

EMIs are subject to CRS, so you're not getting any kind of secrecy that way.

If you don't want to pay Italian taxes, don't live in Italy.

Var12New MemberAuthor

Joined: Oct 2020
Messages: 36

25 Jul 2022#8

Is there no solution to my question?

Yesterday I wrote to Wise, they continue to state that they do not exchange information, at least for now ..

lostguyRecognized Voice

Joined: Jun 2016
Messages: 565

25 Jul 2022#9

Var12 said:
Is there no solution to my question?

Yesterday I wrote to Wise, they continue to state that they do not exchange information, at least for now ..

relocation is the most secure way to avoid any reporting or tax fraud. However, if that is not an option you need a complete anonymous company setup to deal with this. Still there is a 1% change left that they will catch you, so it is not the cheapest way compared to a free Wise account.

SolsOffshoreCorpTalk moderator

Joined: May 2019
Messages: 6,542

25 Jul 2022#10

Var12 said:
Is there no solution to my question?

Yesterday I wrote to Wise, they continue to state that they do not exchange information, at least for now ..

See this thread: Bitpanda and Common Reporting Standard

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