Latest news with #Identification
Time Business News
a day ago
- Business
- Time Business News
Legal Disappearance: How Some Fugitives Use Second Citizenship
VANCOUVER, B.C. — In an era of advanced surveillance, facial recognition at borders, and biometric databases that span continents, one ancient idea has resurfaced as a modern tool of evasion: citizenship. More specifically, a second citizenship—lawfully acquired, globally mobile, and often obtained through government-sponsored programs. For some, this is a strategy for financial freedom or business mobility. For others, it is the foundation of a legal disappearance. This press release examines how second citizenship programs, particularly those offered through citizenship-by-investment (CBI) schemes, enable fugitives and privacy seekers to live beyond their pasts. Through exclusive case studies and legal insight from Amicus International Consulting, we reveal how legal nationality can shield individuals from extradition, reset biometric exposure, and delay international detection—all without falsifying a single document. What Is Second Citizenship? Second citizenship, or dual nationality, is the legal status of being a citizen of two (or more) countries simultaneously. This status may arise from: CBI programs allow individuals to acquire citizenship in exchange for a financial contribution, typically ranging from $100,000 to over $2 million, depending on the country. How Second Citizenship Enables Legal Disappearance 1. New Legal Identity A second passport is not a forgery—it's government-issued identification, complete with a new national ID number, often a new place of birth, and sometimes even a new legal name. This creates a legitimate identity not tied to prior warrants, restrictions, or surveillance databases. 2. Non-Extradition Benefits Several countries that offer CBI do not extradite their citizens, especially for political, economic, or white-collar offences. Holding such citizenship provides a legal shield against deportation. 3. Banking and Financial Access With a new passport, individuals can open bank accounts, establish businesses, or secure tax IDs that are not flagged by prior identities, provided that global compliance systems don't link the two. 4. Resetting Biometric Exposure CBI programs may issue documentation without requiring biometric data that is cross-matched with INTERPOL, FBI, or Schengen databases, primarily if the applicant's country of origin does not provide data proactively. Case Study 1: The Investor Who Became Invisible In 2016, a South American financier under investigation for securities fraud in Argentina acquired a second passport from Antigua and Barbuda by donating to the national development fund. Using the passport, he: Entered Europe through Schengen visa-free travel Opened three offshore corporations in Malta and Seychelles Acquired a new Tax Identification Number (TIN) Rented properties under his new legal identity For four years, he operated without arrest—not because of forgery or bribes, but because his new citizenship was entirely legal and unconnected to his old name. Most Popular CBI Jurisdictions Country Investment Requirement Processing Time Extradition Policy St. Kitts & Nevis $250,000 donation or $400,000 real estate 3–6 months No extradition of citizens Dominica $100,000 donation 3 months Discretionary Vanuatu $130,000 donation 1–2 months Rare extraditions Turkey $400,000 real estate 6–9 months Extradition possible Antigua & Barbuda $100,000 donation 3–6 months Treaties honored case-by-case Grenada $150,000 donation 4–6 months Treaty bound with the U.S. Amicus International: Legal, Ethical Second Citizenship Strategies Amicus International Consulting offers second citizenship solutions for clients seeking privacy, mobility, and legal protection, not escape from criminal prosecution. Amicus does not serve clients with active Red Notices, pending extraditions, or ongoing criminal trials. However, for clients: Escaping politically unstable regions Facing unjust or nonviolent tax charges Seeking protection from persecution Rebuilding after trauma or asset seizure …Amicus assists with transparent, compliant, and durable second citizenship applications. Services Include: Risk Assessment Review of legal exposure in the client's current jurisdiction Analysis of FATCA/CRS obligations under both citizenships Program Selection Matching desired outcomes (travel, banking, residency) to CBI country offerings Assessing extradition treaties and geopolitical relationships Secure Application Handling End-to-end management with vetted legal firms in-country Ensuring documentation is auditable and legally defensible Post-Citizenship Risk Management Structuring cross-border financial footprints Creating robust audit narratives for compliance review Disengaging gracefully from old identity without creating red flags An Amicus employee noted: 'A second citizenship is not about hiding—it's about choosing a future. If done transparently and legally, it allows individuals to regain control, build stability, and live under laws that protect them.' Case Study 2: Stateless Mother Gains Mobility In 2019, a Syrian woman who had lost all identification and travel rights due to civil war obtained a CBI passport from Vanuatu with the help of Amicus. Without breaking any laws, she was able to: Enroll her children in European schools Open a digital wallet in the UAE Travel without detention or secondary screening This legal solution offered identity, dignity, and mobility, not evasion. When Second Citizenship Becomes a Legal Gray Area Dual Identity Misuse Some fugitives maintain both identities actively, using one to conceal financial assets and the other for travel, thereby creating exposure if data leaks or biometric links occur. Non-Disclosure Violations Failing to disclose a second citizenship to tax or banking authorities may violate: FATCA (U.S. citizens) CRS (OECD participating countries) Know-Your-Customer (KYC) regulations Blocklisting and Revocation Some CBI programs now revoke citizenship if the applicant is later discovered to have: Lied on their application Held active arrest warrants Hidden financial information Governments Responding with Reform In response to the misuse of second citizenship, regulators have introduced: CBI blocklist lists shared via INTERPOL and Europol shared via INTERPOL and Europol Mandatory biometric integration during the CBI application during the CBI application Passport revocation powers exercised retroactively in Dominica and Cyprus exercised retroactively in Dominica and Cyprus Global tax coordination via CRS 2.0, including beneficial owner mapping Still, enforcement is uneven—CBI remains one of the few legal tools capable of resetting identity in a globalized world. Case Study 3: From Flight to Reintegration A Hong Kong-based entrepreneur faced political persecution after protesting national security laws in 2020. Labelled a dissident, his travel privileges were revoked. With Amicus support, he lawfully acquired Grenadian citizenship, relocated to Canada, and declared both identities transparently with banking institutions. His status is entirely legal, and he is auditable, document-backed, and protected by international refugee standards. Second Citizenship: Key Legal Takeaways It is legal to hold two nationalities, but transparency is critical to hold two nationalities, but transparency is critical CBI passports offer real legal shields , especially when extradition laws protect nationals , especially when extradition laws protect nationals Misuse of dual identities can result in revocation, arrest, or financial blocklisting Second citizenship is most effective when combined with compliance, documentation, and honest disclosure 📞 Contact InformationPhone: +1 (604) 200-5402Email: info@ Website:
Time Business News
3 days ago
- Business
- Time Business News
Banking Passports Explained: Identity, Compliance, and Global Access
VANCOUVER, B.C. — In an increasingly complex global financial system shaped by transparency laws, de-risking policies, and digital compliance platforms, the need for secure and adaptable financial identities has never been greater. For entrepreneurs, high-net-worth individuals, expatriates, and clients with geopolitical risk exposure, the banking passport has emerged as a key solution, offering legal access to cross-border banking, flexibility in identity verification, and regulatory alignment. This press release explores what banking passports are, how they function, and why global clients are turning to structured identity frameworks to navigate the ever-tightening corridors of international finance, including FATCA and CRS compliance, as well as institutional onboarding. What Is a Banking Passport? A banking passport is not a traditional travel document. Instead, it is a legal identity package that allows individuals to access foreign financial services through verified components, including: A legally issued Tax Identification Number (TIN) Proof of residency or limited nationality Compliant KYC (Know Your Customer) and AML (Anti-Money Laundering) documentation and documentation Full disclosure compatibility with CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act) Unlike traditional offshore models that rely on nominee entities and shell companies, the modern banking passport is transparent, digital, and legally resilient—designed to satisfy both the account holder and regulators. Why the Global Elite Use Banking Passports 1. Cross-Border Banking Access Banking passports enable individuals to open accounts outside their country of citizenship or tax residence, legally and in full compliance. 2. Currency Diversification and Capital Freedom By using a banking passport, clients can legally store, earn, and invest in foreign currencies and jurisdictions—even when their home country has capital controls. 3. Asset Protection Banking passports enable individuals to move funds legally into jurisdictions with more robust asset protection laws and stronger financial privacy infrastructure. 4. Risk Mitigation from Home Jurisdiction Instability Whether due to political repression, inflation, or the risk of seizure, individuals in volatile jurisdictions use banking passports to escape fiscal fragility without breaking the law. Legal Components of a Banking Passport A legitimate banking passport includes several layers of identity documentation. These often include: TIN (Tax Identification Number) : A mandatory requirement for CRS and FATCA compliance, issued by a legally recognized tax authority. : A mandatory requirement for CRS and FATCA compliance, issued by a legally recognized tax authority. Proof of Residency : Typically achieved through investor residency programs, long-stay visas, or special economic zone permits. : Typically achieved through investor residency programs, long-stay visas, or special economic zone permits. Government-Issued ID : Validated biometric passport or national ID from a compliant jurisdiction. : Validated biometric passport or national ID from a compliant jurisdiction. CRS/FATCA Self-Certifications : Forms like W-9 (U.S. citizens) or CRS declarations for non-U.S. persons. : Forms like W-9 (U.S. citizens) or CRS declarations for non-U.S. persons. Utility Bills or Lease Agreements : Secondary proof of domicile for onboarding banks. : Secondary proof of domicile for onboarding banks. Live Biometric Verification: Required by banks in the EU, Singapore, UAE, and Hong Kong. Case Study 1: EU-Based Identity for Asian Private Banking Access A Malaysian tech executive working in Singapore obtained legal residency in Malta in 2023 through an investment-based visa. This granted him a TIN and proof of EU-based residency. Using this 'banking passport,' he opened private accounts in Zurich and Dubai under full CRS compliance. His Singaporean salary was declared under his Malaysian tax identification number. At the same time, his offshore consulting income was legally routed through the Malta Tax Identification Number, with all declarations filed through the respective tax authorities. Result: diversified wealth and zero regulatory red flags. Regulatory Frameworks: FATCA and CRS Compliance Banking passports do not replace transparency—they enable compliant access under major reporting regimes. FATCA: Enforced by the U.S. Treasury and IRS, FATCA requires: Reporting of foreign accounts held by U.S. citizens Declaration of global income and offshore holdings Financial institutions to collect and transmit U.S. client data CRS: Over 110 countries follow CRS, which mandates: Exchange of financial account data across jurisdictions Collection of TINs and country of tax residence Reporting of beneficial owners for corporate and trust entities A valid banking passport must align with both regimes. Clients using Amicus-designed passports are guided through: TIN matching to prevent jurisdictional overlap to prevent jurisdictional overlap Dual reporting strategies for citizens of multiple nations for citizens of multiple nations Voluntary disclosure modelling to avoid legacy penalties Amicus International Consulting: Global Leader in Legal Financial Identities Amicus International Consulting specializes in building resilient, transparent, and lawful banking passports tailored to individual needs. An Amicus employee explained: 'A banking passport is not about secrecy. It's about strategic access, legal transparency, and financial survival. We design identity systems that banks want to approve and regulators can understand.' Services include: Banking passport issuance in over 25 jurisdictions FATCA/CRS disclosure alignment Jurisdictional risk assessments based on FATF and OECD rankings Onboarding support with over 40 global financial institutions Identity restructuring for flagged or frozen accounts Pre-screened biometric and digital credential validation Case Study 2: Restoring Access Post De-Risking In 2024, a Venezuelan businessman lost access to his Caribbean-based accounts after FATCA reporting inconsistencies and local bank de-risking policies. Amicus intervened by: Securing residency and a TIN in Georgia (CRS participant, FATCA-exempt) Establishing a Singaporean corporate structure for client-facing revenue Registering beneficial ownership declarations under EU directives Re-onboarding the client at a Swiss private bank with full CRS compliance The client regained access to capital, rebuilt their credit reputation, and established a new identity path designed to withstand future audits. Who Uses Banking Passports? Amicus clients come from more than 60 countries and include: Digital nomads : Building income streams from multiple jurisdictions : Building income streams from multiple jurisdictions Entrepreneurs : Managing global businesses and client accounts : Managing global businesses and client accounts Whistleblowers : Seeking financial protection after political asylum : Seeking financial protection after political asylum HNW families : Establishing legal multi-country banking access : Establishing legal multi-country banking access Crypto investors : Seeking compliant fiat bridges and custodial accounts : Seeking compliant fiat bridges and custodial accounts Expats: Resolving nationality or access mismatches across borders Ethical Standards and Legal Oversight Amicus emphasizes compliance over concealment. Each identity framework is built under: OECD guidelines FATF recommendations Local and foreign AML/KYC statutes Biometric and digital authentication systems Fully auditable records for preemptive legal defense No shell companies, no nominee directors, no untraceable assets. Clients are advised to: Voluntarily declare all tax residencies Avoid 'passport stacking' to mask reporting obligations Maintain annual records of income by jurisdiction Pre-authorize CRS reporting for all banking passport-linked accounts The Future of Financial Identity: Digital Banking Passports Amicus is currently piloting the next evolution of banking passports: fully digital, blockchain-secured credentials containing: Biometric authentication Multi-jurisdictional TIN linkage Smart contract-enabled self-certifications Built-in revocation protocols for compromised ID credentials These passports can be used to log into bank systems, complete KYC with a QR code, and update residency information in real time, offering speed, security, and total compliance. Case Study 3: Crypto to Fiat via Multinational ID A Chinese-American investor held significant digital assets but faced onboarding blocks at several U.S. and Hong Kong banks. Amicus built a layered solution: Residency and TIN in Portugal via the D7 Visa Registered legal entity in Dubai's ADGM free zone Self-certification under CRS for all fiat accounts Cold storage custodianship in Switzerland, linked via Swiss non-resident trust Using this banking passport setup, the investor legally converted crypto into fiat and onboarded into a Liechtenstein bank without a single regulatory flag. Why Banking Passports Matter in 2025 With the world's financial system becoming: AI-policed Politically filtered Biometrically locked Cross-border enforced The traditional notion of a 'one-country identity' no longer works. Individuals must engineer their financial identity for jurisdictional resilience. A banking passport provides: Multi-system access Proof of legitimacy Pre-cleared transparency Future-proofing against audits and risk scores 📞 Contact InformationPhone: +1 (604) 200-5402Email: info@ Website:
7NEWS
3 days ago
- Automotive
- 7NEWS
Polestar 2 recalled
Polestar is recalling certain examples of its Polestar 2 electric fastback as they may suffer from a braking performance issue. 'Due to a software issue, under certain driving conditions if the vehicle's one-pedal drive function is activated it may lead to a loss of braking performance,' the company says in its recall notice. A loss of braking performance could increase the risk of an accident causing injury or death to vehicle occupants and/or other road users. Polestar advises the vehicle is 'safe when driven with one-pedal drive function deactivated'. To toggle this on and off, press the car icon in the centre display and select Drive; the one-pedal drive option appears in this menu. A total of 23 vehicles are affected, built in 2024 The Vehicle Identification Number (VIN) list is attached here The original recall notice is attached here If you own an affected vehicle, you'll need to contact Polestar customer support or an authorised dealer to schedule a free fix. If you have any further questions, you can contact the company on (02) 9423 0876.
Time Business News
5 days ago
- Business
- Time Business News
How the U.S. Uses Foreign TINs to Track Citizens Living Abroad
VANCOUVER, BC — In 2025, American citizens living abroad are under closer financial surveillance than ever before. While many expats believe their move overseas shields them from the Internal Revenue Service (IRS), one critical detail ensures they remain visible: their foreign Tax Identification Numbers (TINs). These numbers, assigned by foreign governments for local tax purposes, are now the digital breadcrumbs used by the U.S. government to track, audit, and penalize American citizens, regardless of their location. Amicus International Consulting, a global leader in legal identity change, second citizenship services, and international compliance solutions, reveals how the U.S. uses foreign Taxpayer Identification Numbers (TINs) to track its citizens overseas. This press release explores the evolving role of FATCA, international banking agreements, and TIN-linked data in transnational enforcement. The Foreign TIN: What Is It and Why Does It Matter? A country's tax authority assigns a Tax Identification Number (TIN) to individuals and legal entities for reporting and taxation purposes. Examples include: NIF in Spain in Spain SIN in Canada in Canada CPF in Brazil in Brazil USt-IdNr. in Germany in Germany AFM in Greece When an American citizen opens a bank account, rents property, applies for a mortgage, or declares income in a foreign country, they are often assigned a local Taxpayer Identification Number (TIN). These foreign TINs are increasingly shared with the U.S. under global transparency agreements. FATCA: The Engine of U.S. Global Tax Surveillance The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, remains the most powerful financial surveillance tool the U.S. government has ever created. FATCA requires all foreign financial institutions (FFIs) to: Identify account holders with U.S. citizenship or U.S. indicia Collect and report personal details, including foreign TINs Share account balances, transactions, and identifying data with the IRS More than 110 countries have signed Intergovernmental Agreements (IGAs) under the Foreign Account Tax Compliance Act (FATCA), making compliance mandatory. The result? Foreign TINs of American expats are now tied directly to IRS databases. How the IRS Uses Foreign TINs The IRS cross-references foreign TINs with U.S. tax records to: Confirm foreign income and assets are properly declared Detect undisclosed offshore accounts Enforce Foreign Bank Account Report (FBAR) compliance compliance Track dual citizens with undeclared foreign residency Audit Americans who claim the Foreign Earned Income Exclusion (FEIE) or Foreign Tax Credit (FTC) In essence, the foreign TIN acts as a fiscal tracer, providing the IRS with a second, non-U.S. data point to verify or challenge expatriate tax filings. Case Study: The U.S. Teacher in Germany In 2024, a U.S. citizen working at an international school in Berlin registered with German tax authorities and received an Identifikationsnummer (IdNr). She opened a German bank account, reported her local salary, and filed German taxes. Despite filing U.S. tax returns with the Foreign Earned Income Exclusion (FEIE), she failed to include her foreign Taxpayer Identification Number (TIN) or file an FBAR disclosing the German account. Under FATCA, her German bank automatically reported her ID number, account balance, and address to the IRS. Result: a $10,000 FBAR penalty and a triggered IRS audit for three years of filings. The Role of CRS in Supporting U.S. Surveillance Although the U.S. is not a direct participant in the OECD Common Reporting Standard (CRS), it benefits from overlapping data flows. Many CRS-participating countries also have FATCA IGAs, meaning dual compliance results in foreign TIN and account information being shared with the U.S., even indirectly. This is especially relevant for: Dual nationals using a foreign passport to open accounts using a foreign passport to open accounts Green card holders abroad who claim non-U.S. residency abroad who claim non-U.S. residency Expats who assume foreign income is out of the IRS's reach Foreign TINs submitted to local banks are now matched against U.S. records, enhancing IRS enforcement. TIN Matching and Biometric KYC in 2025 By 2025, most foreign financial institutions are expected to utilize biometric KYC tools in conjunction with TIN verification. When a U.S. citizen provides: A local TIN A U.S. passport or green card A U.S. phone number or address … the system triggers a compliance alert under the Foreign Account Tax Compliance Act (FATCA). These digital onboarding systems now: Automatically log foreign TINs with IRS-mandated data Connect biometric records to known U.S. tax filers Track dual usage of TINs and passports across accounts U.S. citizens living abroad are often unaware of this, mistakenly believing their 'foreign status' gives them privacy or exemption. It does not. Multi-TIN Dilemma: When Two Numbers Create Double Exposure U.S. citizens living abroad often hold: A U.S. SSN A foreign TIN in their country of residence Both numbers are now required in most tax and bank filings. However, improper or incomplete reporting can result in: Double taxation CRS/FATCA data mismatch alerts Frozen accounts or denied access to local services IRS audits due to 'undeclared residency' suspicion Amicus International specializes in TIN harmonization, helping clients legally reconcile and manage multi-TIN obligations across borders. Case Study: The Digital Nomad Flagged in Two Jurisdictions A dual U.S.-French citizen opened a freelance income account with a bank in Lisbon using a French passport and TIN. The bank flagged the account due to U.S. indicia (a U.S. mailing address), triggering FATCA compliance. The U.S. IRS received his foreign TIN, account data, and declared residency—none of which were disclosed on his U.S. tax filings. The IRS initiated an audit for unreported income and foreign accounts. Amicus intervened, assisted in amending tax returns, and coordinated filings under the IRS Streamlined Foreign Offshore Procedure to avoid criminal exposure. Penalties for Failing to Declare Foreign TINs The IRS has grown aggressive in enforcing reporting obligations. U.S. citizens who fail to declare accounts, foreign TINs, or foreign income face: $10,000+ FBAR penalties per account, per year per account, per year Foreign Account Compliance Act violations Civil and criminal fraud penalties Loss of eligibility for foreign income exclusions In rare cases, loss of passport under IRC § 7345 (Revocation of Passport in Case of Certain Tax Delinquencies) The burden is on the citizen, not the IRS, to ensure foreign TINs and accounts are properly declared. Amicus Solutions: TIN Strategy for American Expats Amicus International offers tailored solutions for U.S. citizens abroad who seek to protect themselves from: Regulatory overreach IRS audits and penalties Unwarranted data exposure TIN mismanagement or duplication Services include: Legal second citizenship that may allow renunciation of U.S. citizenship that may allow renunciation of U.S. citizenship TIN harmonization to align U.S. and foreign filings to align U.S. and foreign filings Multi-jurisdictional audit defence and voluntary disclosure navigation and voluntary disclosure navigation Cross-border estate and tax planning using compliant foreign structures using compliant foreign structures Secure identity transition services for whistleblowers or politically exposed individuals Amicus does not assist with tax evasion or illegal offshore structuring. All strategies comply with U.S. and international law. Can You Avoid FATCA Reporting by Refusing a Foreign TIN? No. FATCA compliance is built into the onboarding systems of most global banks. If you do not provide a valid local TIN: The bank may refuse to open your account The account may be frozen or closed You may be labelled 'recalcitrant' and reported anyway U.S. fines or enforcement may be applied regardless of your location TIN transparency is now a non-negotiable element of financial participation in the international system. Final Word: The TIN Tells the IRS Where You Are—Even If You Don't In 2025, foreign TINs will be how the U.S. IRS finds, profiles, and penalizes citizens abroad. The illusion of offshore privacy has evaporated. Every financial institution you deal with—from Dubai to Dublin—now collects, verifies, and shares your TIN if you're an American. But there are legal, strategic ways to navigate this new world: Restructure your legal residency Declare your foreign assets properly Consider second citizenship if appropriate Align your U.S. and foreign TINs with professional help Amicus International Consulting helps clients worldwide protect their identities, remain compliant, and preserve their financial freedom in the face of growing U.S. extraterritorial surveillance. Contact InformationPhone: +1 (604) 200-5402Email: info@ Website:
Time of India
12-06-2025
- Business
- Time of India
AI security startup Repello AI raises $1.2 million from Venture Highway, Pi Ventures, others
Artificial intelligence (AI)-backed security solutions startup Repello has raised $1.2 million in seed funding, with Venture Highway, Pi Ventures, and Entrepreneur First participating in the round. Angel investors, including Meta board member Charles Songhurst, Sarvam AI CEO Vivek Raghavan, and Satya Vas, have also backed the company in the round. Repello defends generative AI (GenAI) systems by using its products to simulate real-world attacks to find vulnerabilities and provide next steps for mitigation and safeguarding. Established in 2024 by IIT Roorkee alumni Aryaman Behera and Naman Mishra, Repello's engineering, product, and R&D teams are based in Bengaluru, while sales and marketing verticals are in San Francisco. The company plans to use the funding to accelerate product development and expand the platform's red teaming and threat intelligence capabilities and to scale its go-to-market efforts, Behera told ET. "We are also working on strategic partnerships and integrations to fuel the company's growth," he said. Behera affirmed the startup's belief in a proactive stance to cybersecurity, rather than reactive, with Mishra adding that their mindset has always been on offensive security to identify and address vulnerabilities in the evolving AI landscape. Repello AI 's flagship product is ARTEMIS (Automated Red Teaming Engine for Mapping, Identification, and Scanning), which continuously runs millions of automated adversarial tests across text, image, and audio to deliver mitigation strategies to its customers. The other is Repello Guard, the company's threat monitoring and guardrails solution, which provides runtime security for AI applications across modalities, detecting AI-specific threats such as unsafe output, competitor mentions, and system prompt leaks. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories When asked about cyberthreats getting stronger due to AI, Behera said it is "a cat and mouse game." He said the defense side must learn from attacker techniques and use the attacker's perspective to develop defensive strategies. Repello's solutions are used by companies in India and some from the Fortune 500 as well. But North America is the largest market due to high AI adoption, but it has global customers in the Middle East as well.
