ethernet
Established Member
- Joined
- Aug 10, 2006
- Posts
- 1,093
Nine years ago, my understanding is this: If you collected a foreign passport from an Embassy in Australia, they would tattle dob you in. If you waited and collected it in Germany or Switzerland/Austria , their local privacy policy would rule - you would not, generally be reported. When you fly to the US, I believe job/residence and income details are sent, as for Europeans, but reciprocal data on US citizens is NOT sent. So said, few people can afford to retain privacy. However If you have stacks of money, you can buy a passport/residence in lesser countries. Caymans and HK hold heaps of untaxed, dark money. Meanwhile several US states have allowed 'Trusts' with no limits, and secrecy, meaning hiding money in plain sight is acceptable. The ATO never asks trustees if they received the full distributions, so Australia is also a good place to park dirty money if under a complex trust (1 in 7 Australians have a trust?). In a post covid world, I think privacy with passports is dead, and zero if you carry a smartphone. BTW I hear a lot of Australian owned OS beachside properties under sham non-resident holdings, are being sold by untrustworthy OS intermediaries' as the real owners they can't get out of Australia. Bad because Bali properties are 1/2 price.
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