Like Tree80Likes

Bringing the money out of HK

Closed Thread
Page 2 of 9 FirstFirst 1 2 3 4 5 ... LastLast
  1. #11

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,963
    The way to bypass this is to open a company, you own the shares of the company, and the company invests in the stock market.
    A lot of personal information about ownership / beneficiaries needs to be declared to the banks and tax authorities.

    This applies to all jurisdictions.. and gets tougher depending on how secretive the country where the company has been formed is. For example if you form a company in a jurisdiction which allows for bearer shares - most banks will refuse to deal with you, unless like pin mentioned you have a few billion dollars (or atleast 100s of millions) and can find a dodgy / greedy banker to help you.

    BVI etc which are more "regulated" are also problematic in terms of opening bank accounts at top tier banks.

    I believe that this is how billionaires do it.
    The sooner you accept that some people are more equal than others the better your life will be.

    Like others have said ... gold in a safe deposit box is probably your best option.

  2. #12

    Join Date
    Oct 2018
    Posts
    487

    Thank you.

    "the account holders’ country of residence" So I can simply not tell my bank what my country of residence is, and it's all set? I mean, right now it's HK, so when I migrate I can just forget to tell the bank?


    Original Post Deleted

  3. #13

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557
    Quote Originally Posted by john_1122:
    Thank you.

    "the account holders’ country of residence" So I can simply not tell my bank what my country of residence is, and it's all set? I mean, right now it's HK, so when I migrate I can just forget to tell the bank?
    Suggest you do this. Go ahead and do it. Report back.
    john_1122, AliT and shri like this.

  4. #14

    Join Date
    Dec 2009
    Posts
    6,714
    Quote Originally Posted by john_1122:
    "the account holders’ country of residence" So I can simply not tell my bank what my country of residence is, and it's all set? I mean, right now it's HK, so when I migrate I can just forget to tell the bank?
    john_1122 likes this.

  5. #15

    Join Date
    Oct 2018
    Posts
    487

    It's like a HKer opening a bank in Singapore. What are the advantages, apart from keeping the money safe from the long arms of the HK government?

    Quote Originally Posted by pin:
    Suggest you do this. Go ahead and do it. Report back.

  6. #16

    Join Date
    Oct 2018
    Posts
    487

    My in laws or friends, for example?

    Original Post Deleted

  7. #17

    Join Date
    Oct 2018
    Posts
    487

    Why? How do you guys break the law?

    Original Post Deleted

  8. #18

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    5,585

    With the current KYC regime, i think the only place you can do it so discretely without anyone actually asking for all your details will be in North Korea, but then after that you can't really transfer the money anywhere as they are pretty much blocked from the mainstream financial institutions...


  9. #19

    Join Date
    Mar 2018
    Posts
    124

    I’m just going to put it out there. Bank’s are smarter than you. They will find a way to get the information they need. As someone had already mentioned, CRS was introduced to eliminate the hiding of your tax residency to bank’s all around the world. There are only a few that aren’t committed to the CRS programme.

    Do some research and stop trying to get around the system.

    traineeinvestor and shri like this.

  10. #20

    Join Date
    Feb 2005
    Location
    Manchester, UK
    Posts
    7,789

    Keep the cash and when u need to move the money out of HK use the Hawala system or Hundi

    https://www.investopedia.com/terms/h/hawala.asp


Closed Thread
Page 2 of 9 FirstFirst 1 2 3 4 5 ... LastLast