As far as I know after this is signed, then the countries sign these mutual agreements with each other. No one can tell you when it will be signed with each additional country and what will say in that agreement (for eg. from what date the data will be exchanged).
Does it apply to Panama as well? If you have residency in a country they have not to report you?
In theory - yes.
A yearly cumbersome re-kyc is not uncommon with e.g. the better ones like Scotiabank (Canadian bank with many branches in Latam) and the list of requirements go long including showing rental contracts, employment etc. including you having a tax id number (can be obtained with a local job, purchase of real estate or paying some voluntary tax).
Panamas Friendly nation has also been on a special list of high risk residency, but that is now removed and you need to invest 200k or have a real job (paying social sec etc) in order to get residency so the substance problem has been solved by making it way to expensive for what it is on offer. Unless of course one would like to live there almost full time and enjoy the tropical nature.
Depends on the calculation - what do you consider to be too expensive and what is it you will get for the money?
I still don't get this substance thing, for many countries, you're resident in a country if you live there most of the year, they don't care if you have a millionaire mansions or a CEO job in another state, so it really don't make much difference, am I missing something?
If you live there for "the most part of the year", then your natural person has / is the substance and you can be light on the company side (e.g. you are freelancer etc and work with your person instead with your company.)
+1 please update this thread
Take this regularly updated list https://www.oecd.org/tax/automatic-exchange/commitment-and-monitoring-process/AEOI-commitments.pdf and you know it all.
Lol at Georgia.
Yep same here. It seems weird. But the flag the eu flag everywhere and seem to bend over to please them but also the ppl seem to generally like the eu as well.
The current government does not like the current tax system.
You are correct: It was in the category "2023".
It would not surprise me they doing this. That territorial tax system is way too good to be true for europe and as they see their holy grail in the eu, it would be just very logical to also amend their competitive one to a worse one.
I believe it will not be something they can manage at all. To much pressure from the underworld.
So Georgia is active reporting under CRS ?
