"now almost every single government answers to foreign governments' tax investigations incl. Switzerland, the US, China " Than your grammar has even more serious issues than mine, if you talk about the future, don't use "Now". I doubt you have much real life experience in those matters. Besides look up CRS issues in china, it's far from a done deal yet. And from CRS to applying foreign court orders (u know , those "easy debt litigation") there is still a big step. We'll see how succesful are canadian authorities next year. Maybe they catch 3 ? edit - I see you changed your post to "the present and the future", there is no active CRS in China atm, and the infrastructure doesn't seem to be near ready for next year
You have serious issues not just with the calendar but basic English as well. If you re-read my sentence, you can see what does it mean. If one government asks another, then they'll response. At the present however they may not have the necessary information because AEOI kicks in this year and will be fully active in 100+ countries from 2018. I've been saying this since page 34. You have a hard time understanding OECD's website ever since.
We've had this debate before gents. On 1 side, @luisHK is right that there is a grey zone due to lax enforcement, no enforcement, or countries simply stonewalling and not playing ball. Then there are those countries who have not signed any AEOI/CRS agreement. On the other side, @dw31583 is right that eventually pretty much all nations in the LR will likely share. More importantly, the current signatories encompass many places in the world and unless one wishes to be constrained to an ever decreasing number of jurisdictions, one had better get their affairs in order. I would suggest the best way is to currently play in the grey zone for now until one sets things up for the LR whereby one is fully compliant. For most this will suffice with regards to flexibility. Last note, the long run can be a very long time. Just my 2 cents.
Oh OK, Qantas Express on your screens next year only - the story of those two traders from HK on a surfing holiday, who get caught trying to smuggle a laptop with trading records out of Australia. Could have thought it's already started this year from some of your posts. It looks like canadian authorities will at long last be able to tax the 100000+ chinese millionaires who moved there on their worldwide income, rather than 1 - and probably not a mainlander nor possibly on all of his worldwide income - high end crossborder tourism will drop significantly, and Dw will be vindicated. Sounds realistic to me.
Just a thought on the Vancouver/CRA point. The local business community which is heavily dominated by Chinese Canadians with strong ties to China can and will exert political influence on CRA with regards to cries of racism. CRA has the last call, but the backlash is very real. CRA is not politically immune.
Not doubting there is a backlash in Canada again chinese wealth, it's likely the backlash is one of the reason those worldwide income audits were started, but it has apparently been a huge flop so far. China is not famous to favour foreign entities over its own citizens , so I wouldn't hold my breath on China handing out too much information that can harm chinese - except if the powers in China wants to harm or at least influence those citizens a certain way. Than it is a very powerful country, in the link I gave about US efforts in seizing assets in China, you can read : "One year later, the U.S. Justice Department did just that. In a May 2014 friend of the court brief for the Gucci and Tiffany lawsuits, the Justice Department argued that U.S. courts must consider more carefully whether it is reasonable to force Chinese banks to freeze client accounts in violation of Chinese law — despite the fact that the U.S. government itself had seized counterfeiters’ money from Chinese banks two years earlier. Statements by foreign governments on their “sovereign interests are to be respectfully received and evaluated,” the Justice Department brief said. The district court, the brief added, was wrong to dismiss the banks’ efforts to block asset freeze orders that conflicted with Chinese law without further review." Not quite the understanding we usually read from US authorities. So expect China to get some more leeway than other countries. Btw I received invitations by banks in the Mainland for conferences about CRS and foreign investments, so it is talked about locally, but the last information I read in english was that the systems for CRS would likely not be ready for 2018, than it remains to be seen what happens when they are ready. To begin with a (ex)chinese citizen banking in China usually uses a local ID, even if he has a foreign passport, as well as a local adress.
I first thought you meant the backlash of the population at large against wealthy chinese imigrants, but rechecking your post it reads more like a backlash of the chinese business community against the CRA. Which is it ?
@luisHK I'm walking away from this debate. I made my point, backed by facts and official documents from the present. You either don't have foreign bank accounts, you just want to win this argument or even worse, you want to mislead the readers. I hope that those profitable traders who are looking for information from 2017, backed by facts, will appreciate my contribution. So, here is what you wanted to hear, I hope that this will make your day. I did my very best to keep this thread clean from your rumors and thoughts from the previous century but I must admit that it's next to impossible because you bring up articles from the 90s and you're spending all your time misleading the readers. Since we'll never agree because I prefer the facts and the present, while you prefer your opinion and the past, it's time say good bye Here you go: There is no OECD, no AEOI, no CRS, no EUSD. There is strong banking secrecy. Switzerland, Panama, Lebanon, UAE and China (hopefully I listed all the countries you said but I may have forgotten some) doesn't share any financial information with foreign governments nor they answer to requests from foreign authorities. You can get numbered accounts without any ID and the bank doesn't have to identify you. Profit from trading is foreign sourced capital gains and it's not taxable in territorial tax countries and it's also tax free in countries without capital gains tax. Oh, I almost forgot: sex outside of marriage in Dubai is legal and widely accepted.
You're full of it, I just posted an article from 2016 about Canada and 2015 about the US and China, there are more recent articles around about attempts to get information and seize funds in China. But never mind, i'm stocking popcorn for the upcoming Qantas Express - it is the only way now to see beloved Sydney since I learned about the upcoming horrible threats on tourists there. Time to short australian and canadian real estate.
The latter. There is backlash of course on both sides. As for Canadian RE, higher risk loans are guaranteed by CMHC so if CDN RE implodes ironically the banks don't get hurt as bad. CMHC may be insolvent and require a bailout but I don't see a US style meltdown. You'd have to be very selective as to instrument for expressing your view. I think Mark Cohodes bet on Home Trust is a good one. Anyways, enough digressing.