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Concerns on Tax Information Exchange - (Non) Financial Entities & Offshore Companies

A wise man once said “In this world nothing is certain but death and taxes.” Benjamin Franklin, and a wiser man said “It’s kind of fun to do the impossible” by Walt Disney. And in order to make tax planning effective in regard to the common reporting standard - TAX and the Automatic exchange of information – information exchange, one must first understand what are the information and (non) financial entities which would-be taken into consideration on the exchange.

 TAX, information exchange, Financial Entities, offshore company, Financial instituation, Tax, common reporting standard, automatic exchange of information 1

While it is a known fact that Financial institutions, like banks and insurance companies, are required to determine reportable accounts to exchange the information to identified jurisdictions. Many has misconceptions on Non-Financial Entity – NFE, which are called Non-Financial Foreign Entity – NFFE under FATCA.


Non-Financial Entities

Non-Financial Entity are categorized into Active NFE and Passive NFE. After the first exchange, high asset clients have realized their mistake for believing all Non-Financial Entity are safe from TAX information exchange. And the key of this article is to hopefully let our readers be alert of their assets in BVIs and offshore companies.


Concerns on Tax Information Exchange

Offshore companies were once the best asset allocation method up until the execution of TAX and the Automatic exchange of information. Offshore Companies are naturally safe from TAX. However, with most corporates using offshore companies as control company, & high asset clients were using their them as a port for receiving income and making deposit. TAX, has set up rules against them. And it is when an offshore company involves in a bank account opening or other activities in any TAX jurisdictions, financial institutions – Fis has the obligation to identify and conduct due diligence to the controlling persons and its substantial owners.


Set up an Active NFE

The simple solution to that is to set up an active NFE which its’ information will not be exchange under TAX. UAE Business Registration & Work Visa as example, setting up a company located in SAIF ZONE & AJMAN ZONE which is 100% foreign owned, it is an offshore company in a low/ tax free country with real staff, company address and active accountants.

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