Like Tree80Likes

Bringing the money out of HK

Reply
Page 1 of 10 1 2 3 4 9 ... LastLast
  1. #1

    Join Date
    Oct 2018
    Posts
    263

    Bringing the money out of HK

    I am looking for a discrete place to put about 1/2 million USD, as cheaply and easily as possible. The easiest thing would be to open a company in HK, put my money in this company and open an account in a HK bank or broker. But I would like to bring it outside Hong Kong.

    Singapore is an option, but if I open a company in Singapore I need to have an accountant, pay taxes, etc. At the end the costs outweigh what I can save by being discrete.

    Opening an account in the BVI or Seychelles seems to be expensive. I only have 1/2 USD, not 10 million like you.

    Is there any alternative I haven't thought about?


  2. #2

    Join Date
    Oct 2018
    Posts
    263
    Original Post Deleted
    I don't want a government to find the money. That's why I wrote "discrete".

  3. #3

    Join Date
    Jan 2010
    Posts
    4,269

    Is the money in cash now? If not, just wire it somewhere overseas. Opening an account in the Isle of Man is pretty much free and easy to do for the amount of money you have.


  4. #4

    Join Date
    Mar 2010
    Posts
    5,590
    Quote Originally Posted by john_1122:
    I don't want a government to find the money. That's why I wrote "discrete".
    Which government? Any?

    How about this , from wiki

    In 2010, the United States implemented the Foreign Account Tax Compliance Act; the law required financial firms around the world to report accounts held by US citizens to the Internal Revenue Service. The US on the other hand refused the Common Reporting Standard set up by the Organisation for Economic Co-operation and Development, alongside Vanuatu and Bahrain.[2]

    This means the US receives tax and asset information for American assets and income abroad, but does not share information about what happens in the United States with other countries. In other words, it has become attractive as a tax haven.[1]

  5. #5

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    14,016

    You need a billion if you want to hide your money.

    500k people going to start asking questions.

    shri, mrgoodkat, hullexile and 6 others like this.

  6. #6

    Join Date
    Aug 2011
    Location
    Hong Kong
    Posts
    443

    If you have half a mil and have no idea how to launder it then you deserve to be caught whatever your doing.


  7. #7

    Join Date
    Oct 2010
    Posts
    20,211
    Quote Originally Posted by john_1122:
    I don't want a government to find the money. That's why I wrote "discrete".


    Start by googling Common Reporting Standard if you want to hide your money. You will find it will be a fruitless endevaour, but a bit of research will hopefully stop you making stupid and costly mistakes.
    z754103, markranson and sgken like this.

  8. #8

    Join Date
    Jan 2010
    Posts
    4,269

    Don't banks only report your data to the country you have declared tax residency in?


  9. #9

    Join Date
    Aug 2015
    Posts
    24

    Get some Krugerrands or Bitcoins when feeling fancy


  10. #10

    Join Date
    May 2019
    Posts
    523

    Buy those gold coins with the bird on them from the BoC, wrap them up in a bindle and carry them about from country to country. No government ever suspects the man with a bindle!

    chuckster007 likes this.

Reply
Page 1 of 10 1 2 3 4 9 ... LastLast