Well every bank account has a social security number attached for a US person to it gets reported to IRS automatically. IRS can get anything in a US bank even a foreign bank that has a branch in US can be attached to a levy by IRS if a US perso.n is suspected of an offshore account in that bank anywhere else in the world. A few keystrokes will be all that is required. If you are dual national yes it could be done using your other passport but not advisable. I doubt US would sign on to CRS ever as US bank lobby is too strong.
The list of non CRS countries 2019 - 2025
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Is it really this easy to avoid reportable accounts? Just sift through the list and find out which countries don't report to your country of residence? Sure many are in third world shitholes where I wouldn't trust holding even $100, but I am seeing some hidden gems in there after checking it myself. And it would broaden the options considerably, beyond the very short and unimpressive list of countries not participating in CRS at all.
If anyone has any input about potential risks here about accounts getting reported regardless, your thoughts are appreciated.
What about indicating jumbled data? Incorrect street name, slightly incorrect name and country, etc...maybe personal ID with one number different. Enough that you can claim you made a mistake, but also enough to fool digital computer data base systems not to find a match.
it is even easier, but the problem is that you will have to live the rest of your life with fear of being discovered. For some people that is okay for others it is impossible.
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Its very very true. You get into a very big problem for the rest of your life. Always try to clean up your mess as no one will else will. It will get more messier as things are proceeding this way the more I have seen so far. With all the blackmailing and threats, tax havens are buckling more and more.
Guys please stick to the topic and don't mix this thread with other stuff. If you have non topic related question, simply open a new thread!
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When did you open that account,once lockdown ends I am planning to go there and open one account - does anyone has any updated experience on this.As far as I know they would need some long term visa and a letter from an employer.The second one is the problem for me.Long term visa of more than six months is easy to get I suppose.Any more details on this will be well appreciated.
You can look at international banks in the less desirable countries. Banks like Standard Chartered, Standard Bank, Citi, HSBC and Barclays have branches in these countries.
The interest rates are very good 6-8% on USD and 11-14% on local.
Kenya, Rwanda and Tanzania are good examples.
The interest rates are very good 6-8% on USD and 11-14% on local.
Kenya, Rwanda and Tanzania are good examples.
Great find.
Yet mainland Turkey works for most Europeans. CRS activated but no MCAA.
Stronger economic backbone. Less slut aura. Whereas incoming funds from NoCy would be a red flag for countless banks.
In the EUEA, only Latvia and Norway recieve CRS AEOI reports from Turkey.
Also @Walter Rowe , if you have some experience with NoCy, would be great to hear how you utilize it. Do you maintain proxy banking relationships in places like Russia, Armenia or Kazakhstan to make use of funds on your accounts in NoCy?
Last edited: Aug 27, 2020
I read a lot of your really good posts here on the forum, you know something about the topic it is clear to read. Now I'm a little curious, forgive me for asking, but do you have a permanent residence outside the EU or do you travel around or change places to live all the time?
What does it mean, please explain?
With all the respect for Turkey as a holiday destination, but my money I simply will not dare to keep there. So also on an EMI owned by a homeless Mexican.
Are we not gradually getting to the point where it is virtually impossible to move to a country physically even to avoid reporting tax information and save on tax unless you want to live in a shithole like Somalia or the like?
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I have perm residence outside EU.
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@clemens
Northen Cyprus is out of CRS but the jurisdiction lacks economic backbone to make it a safe deposit jurisdiction. Even less safe than Turkey or Cyprus. So what is this special territory useful for - international transactions? Too much slut aura for that. Smoke alarms will go off immediately.
So while I recognize it as a place to do non-CRS banking, I'm also raising the question of utility.
Northen Cyprus is out of CRS but the jurisdiction lacks economic backbone to make it a safe deposit jurisdiction. Even less safe than Turkey or Cyprus. So what is this special territory useful for - international transactions? Too much slut aura for that. Smoke alarms will go off immediately.
So while I recognize it as a place to do non-CRS banking, I'm also raising the question of utility.
I don't know for the other countries on the list, but Georgia recently confirmed to apply to the CRS in 2023. Right now it's still safe, but you should add that note to the list I think.
3 years left to do what you have to do and leave the company before they put it into operation or how would you say in regards to Georgia?
Is anyone setting up a company in Georgia for online business?
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