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GreekReporter.comBusinessGreek Businessmen Find Trick to Circumvent Capital Controls and Evade Taxes

Greek Businessmen Find Trick to Circumvent Capital Controls and Evade Taxes

 
cc-machineSome Greek businessmen have found a way to circumvent capital controls and evade taxes using P.O.S. machines connected to foreign bank accounts.
The business owners have wireless P.O.S. terminals purchased from Bulgaria and they have connected them to bank accounts to other countries, such as Malta.
The wireless P.O.S. machine is accompanied by a business debit card connected to a bank account. The account is in the name of the business and has an IBAN in a bank outside Greece.
When someone makes a purchase from the business in Greece and pays by credit or debit card, the money is transferred automatically to the bank account abroad that is connected to the P.O.S.
After the transaction, the businessman can withdraw the funds using the business Mastercard in any ATM in Greece or abroad. He or she can also transfer the money to any bank abroad, while he or she can receive remittances from third party accounts, or open another account in other currencies.
This way the businessmen who use this trick are not subject to capital controls, because their money is in an account abroad. At the same time, the money is not taxed by the Greek state since the turnover is acquired in another country.

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