Confidentiality is a legal term in corporate law that refers to a level of privacy that companies can enjoy in order to keep certain information and documents secret. In many countries, a list of directors is publicly available. From a tax planning perspective, confidentiality is important. There is a very fine line between protecting and hiding assets, and this issue can be resolved by consulting professional and competent lawyers and accountants.

In many countries, you are legally required to declare all worldwide assets, including real estate, vehicles, business assets, cash, stocks and shares, etc., and based on this, the tax authority calculates the tax to be paid. This is the case, for example, in Russia. In Spain, non-residents only need to declare property and wealth in Spain and are not entitled to an exemption from wealth tax. In any case, many countries require individuals to fill out tax reports and failure to do so can result in financial penalties. Failure to provide a declaration may result from ignorance of how the process works.