on June 2017
Protecting privacy became very challenging the last few years, because of the new laws and regulations and because of the social pressure.
Despite a new area of transparency it's still possible to protect your privacy and to not publicly disclose private information; this should be prepared and accompanied by professionals.
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Automatic exchange of information with banks communicating your bank account details to tax authorities is going to be implemented in a lot of countries and often this hasn't been widely communicated, leading to misinterpretation of personal situations towards taxes.
Hong Kong has only signed the automatic exchange of information between itself and 2 other countries which are United Kingdom and Japan.
Obviously some clients aren't willing to have the banks sharing their financial information with their countries of residence, this is not always dictated by their tax situation, the wealthy are exposed to threats such as kidnapping and blackmail.
Automatic exchange of financial information is a world premiere, this suppose loopholes and dangers unknown from the ones whom are implementing such measure.
As a matter of fact there is many countries which will not implement in 2017 or 2018 the AEOI, and the way of exchanging
(described in the common reporting standard) is sometimes difficult to understand.
Protecting privacy is nowadays participating de facto to an exodus going from one country to another, but although there is many mirages and wrong information (most of them linked to trust and company accounts) there is also opportunities to create a new life and a new business model and to stop being the slaves of confiscatory governments.
Basically all individuals with less than 800'000 USD of assets and the ones without international business will be forced to remain a potential victim of the AEOI.
Let’s exchange in total confidentiality about your individual case
Most of the news about bank secrecy are outdated and/or, biased; Hong Kong bank secrecy is real and protected.
Hong Kong banks aren’t allowed to provide information about accounts and personal details to authorities unless specific conditions.
These conditions are always related to criminal or illegal activities and the use and concealment of such profits, in brief if you are a legitimate entrepreneur you don’t have to be worried.
The government couldn’t request about a bank account without good reasons; your Hong Kong bank privacy is protected.
Regarding information to tax authorities although they have no direct access to your bank account you have to prepare accounting and audit for your company so a Certified Public Accountant will receive from you the Hong Kong bank account statements and base his work on it.