Legal Floris

USA: 646 513 2855

Latvia: 678 81974

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    The future of Automatic Exchange of Information FATCA and CRS

    The most recent effort of the global political arena to avoid tax evasion is by the Automatic Exchange of Information. Tax treaties, the extensive definition of (anti) money laundering and Tax Information Exchange Agreements (TIEA) were just the beginning. FATCA and CRS are the new norm. But it will probably not end there. Block chain technology and the Internet of Things are serious threats for privacy but can benefit global governments to exchange information based on simplified data exchanges.

    Globalization resulted in a blurred economical landscape. International taxation got more difficult and sound, legal gateways for businesses and individuals to lower taxation became popular.

    Depending on the home country of the beneficiary, there are legal and illegal ways to ‘hide’ assets. It is not just the authorities and taxman that are kept outside. Often asset protection goes further than hiding funds from the government. Many individuals living in political and economically unstable countries can benefit from having their company and assets elsewhere. There are countries that have economic sanctions from others that prevent local business people to engage in foreign business activities. And also, (personal) protection from creditors and ex-family members can take place in other countries, often with a zero tax regime.

    A fishing expedition for further information by a tax authority is unacceptable. Even leaked information is often difficult to use by the authorities. Therefore the anti money laundering (AML) and tax evasion regulations were an easy to implement trick for governments to urge countries to cooperate in their investigation.

    Contact:

    LEGAL FLORIS LLC – 5783431

    Telephone:
    001 646 513 2855 – USA
    00371 678 81974 – Latvia
    00357 25 057 544 – Cyprus
    00352 20 301970 – Luxembourg

    E-mail:
    [email protected]
    [email protected]
    [email protected]
    [email protected]

    Registered office:
    1013 Centre Rd. Suite 403-A
    Wilmington, 19805
    Delaware – USA

    Cyprus office:
    Kitiou Kyprianou street 31
    3036 Limassol – Cyprus

    Postal address:
    PO Box 50472
    3605 Limassol – Cyprus

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