Cambodia Residency to Avoid CRS?

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Silvio

Silvio

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I've heard that it's super easy\cheap to get Cambodian residency (and business visa for 1 year etc), the question is can you open bank accounts using this residency and claim you actually live and pay taxes in Cambodia?

I'm guessing that banks will frown upon this thing and may ask to produce other address proof etc, but just wondering if anybody here tried that.
 
Have you been to Cambodia?....I have to open an account. However would you want to claim to live under a dictatorship to avoid CRS? From a foreign banking point of view I don't think it will be received well but Singapore banking maybe possible.

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Martin Everson said:
Martin Everson said:
Have you been to Cambodia?....I have to open an account.
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I meant to say in my previous post I "had to open". I opened an account there with ABABank. Not sure why it came out as "have to open" conf/(%.


maxmmm said:
maxmmm said:
Any point opening accounts there if you don't intend to live there (I guess you don't want to live there..)
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Yes, if at some point you plan to invest there perhaps, make use of deposit rates or stay outside CRS as you originally intended.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
maxmmm said:
maxmmm said:
I've heard that it's super easy\cheap to get Cambodian residency (and business visa for 1 year etc),
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A few years ago the situation definitely was like you described (I got a business visa + extended it by 6 months, without even a hint of any business). But somebody on this forum said the rules have changed recently, and getting a business visa is no longer that easy.
 
OTR365 said:
OTR365 said:
A few years ago the situation definitely was like you described (I got a business visa + extended it by 6 months, without even a hint of any business). But somebody on this forum said the rules have changed recently, and getting a business visa is no longer that easy.
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Where did you see that?
Did you manage to do any banking using your residency card?


Martin Everson said:
Martin Everson said:
I meant to say in my previous post I "had to open". I opened an account there with ABABank. Not sure why it came out as "have to open" conf/(%.

Yes, if at some point you plan to invest there perhaps, make use of deposit rates or stay outside CRS as you originally intended.
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Looks interesting.. really high yields. Not sure if they have deposit insurance though.
 
maxmmm said:
maxmmm said:
Where did you see that?
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This thread.

Even if the rules have tightened, I suspect there are workarounds.

maxmmm said:
maxmmm said:
Did you manage to do any banking using your residency card?
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It was just a 6-month business visa page on my passport. With the visa, a rental agreement and a local mobile number, I opened an account without issues. I have wired money there a few times, but I don't know if they would e.g. accept a wire from a crypto exchange.
 
Biggest problem will be if your country considers a one year business visa as genuine residency.
 
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