Amid the data, this memo stood out for its candor.
1/ This is a memo outlining 11 ways to hide your money offshore.
It was not supposed to “fall into the wrong hands.”
Well, it did. https://t.co/N6RUDqHVfR
Amid the data, this memo stood out for its candor.
For instance, you could hire an offshore company to do some fake consulting for your business (who knows what consultants do anyway, right?). Your payments go to your offshore account, and you get to write off the fees as an expense.
Lose your money on bad “investments.” You can lucratively lose 6-figure sums by lending to and investing in companies that never show a profit (or even care to earn one). Then you get to write off the planned losses at tax time.
Does someone owe you money? Don’t invoice them—have them send that payment directly into your offshore account, so you never have to declare it.
Owe your money to a third party (who is, in effect, you). If you can produce a contract that says you owe money—that becomes a business expense.
Sell off part of your business (to a secretive entity you happen to control). If you don’t appear to own the business, you don’t have to pay taxes on its profits.
And if you’re curious about what else showed up in that batch of 350,000 leaked documents, read more from @GlobalRepCentre: https://t.co/vtAregqTwR
More from Finance
The Dutch regulator and DNB as financial supervisor are a tough cookie to deal with. In essence they hyperregulate EU-rules into goldplated Dutch rules which go beyond what is prescribed in Europe.
All NL-customers at British banks may thus be kicked out on brexit.
Thread
/1
If we start with the capital requirements directive, it says attracting deposits is forbidden. In article 9.
https://t.co/RYl7SXligC
Now the translation of that rule into Dutch law is slightly expanded to not only prohibit attracting deposits, but to also prohibit, having those deposits under custody ('ter beschikking hebben').
That's not in EU law, but it is in our Dutch law.
https://t.co/PsbWfNY3PA
So if you wonder how this would work out for UK banks and Payment institutions servicing Dutch customers. Have a read at the technical explanation of DNB, the financial supervisor and their summarising table.
https://t.co/LL0fAnYkRJ
Passive servicing of Dutch is not allowed!
Any bank or PSP in the UK that continues to serve Dutch customers (as in retail customers, professional players are excepted) can thus be subject to fines and policing under Dutch law.
Meaning we not only have Accidental American issues in payments, but also Accidental Dutchies
All NL-customers at British banks may thus be kicked out on brexit.
Thread
/1
If we start with the capital requirements directive, it says attracting deposits is forbidden. In article 9.
https://t.co/RYl7SXligC
Now the translation of that rule into Dutch law is slightly expanded to not only prohibit attracting deposits, but to also prohibit, having those deposits under custody ('ter beschikking hebben').
That's not in EU law, but it is in our Dutch law.
https://t.co/PsbWfNY3PA
So if you wonder how this would work out for UK banks and Payment institutions servicing Dutch customers. Have a read at the technical explanation of DNB, the financial supervisor and their summarising table.
https://t.co/LL0fAnYkRJ
Passive servicing of Dutch is not allowed!
Any bank or PSP in the UK that continues to serve Dutch customers (as in retail customers, professional players are excepted) can thus be subject to fines and policing under Dutch law.
Meaning we not only have Accidental American issues in payments, but also Accidental Dutchies