Question 1

What is the purpose of Liquidate Your Offshore Company?

Accepted Answer

Liquidate Your Offshore Company is an initiative that helps beneficial owners of offshore companies avoid sanctions from their local tax authorities by following the rules and properly liquidating their offshore companies.

Question 2

What are the risks associated with not properly liquidating an offshore company?

Accepted Answer

If an offshore company is closed, made dormant, or put to sleep without following proper legal, fiscal, and financial procedures, the beneficial owner may face penalties and legal consequences from local tax authorities. These penalties can be calculated over several years.

Question 3

How does Liquidate Your Offshore Company assist with the liquidation process?

Accepted Answer

Liquidate Your Offshore Company is a service provided by Legal Floris LLC and Equation Corporate Services Ltd, two boutique firms that specialize in asset and fund recovery, tax advice, and company formation. They offer a wide variety of services to help clients properly liquidate their offshore companies.

Question 4

What information is shared under CRS/FATCA procedures, and how does that affect the liquidation process?

Accepted Answer

Banks and governments share information with tax authorities under CRS/FATCA procedures. This means there is a risk that authorities already know about offshore holdings and are anticipating company liquidation. To avoid taxation, penalties, and possible legal action, the liquidation procedures must be followed precisely.

Question 5

Why is diligence important when liquidating an offshore company?

Accepted Answer

Diligence is of utmost importance when liquidating an offshore company because tax authorities are increasingly scrutinizing payments from designated countries and companies in tax havens. If the liquidation process is not handled properly, the beneficial owner may face significant penalties from local tax authorities.

Liquidate Your Offshore Company

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About Liquidate Your Offshore Company

Frequently Asked Questions about Liquidate Your Offshore Company

What is the purpose of Liquidate Your Offshore Company?

What are the risks associated with not properly liquidating an offshore company?

How does Liquidate Your Offshore Company assist with the liquidation process?

What information is shared under CRS/FATCA procedures, and how does that affect the liquidation process?

Why is diligence important when liquidating an offshore company?

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