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Tax Engineering

What are the guarantees of banking secrecy?


Question

Hello good afternoon. For some time now there has been talk that banking secrecy is disappearing. In my case I do not want to open an account but obtain an anonymous card. I would like to know how bank secrecy is going to be guaranteed so that my data is not sold or given to tax authorities in case of a problem. Thank you

Answer

Banking secrecy has almost disappeared in more than 100 countries. The latest international regulations on the exchange of tax information has led to the exchange of personal account data starting from January 2016. Business bank accounts will not exchange financial information if the company has a bank account balance of less than $ 250,000 as of December 31. The alternatives that exist to avoid the exchange of automatic information are to open an offshore company with several bank accounts or use debit card issuers. These last entities are not obliged to report information and it would be a good solution to have privacy.



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