Personal bank account using 2nd passport from CIB program

[iknowwhatyoudid]

This is my first year as a tax resident in a low tax country, I'll cash out some profits from crypto next year (I'm avoiding cashing out the first year on purpose), and I was thinking of adding an extra layer of "protection" against my home country coming after me (I paid all my taxes before leaving, but I want to avoid the trouble of them opening an investigation anyway) by getting a 2nd passport using one of the CIB programs, and cashing out using that 2nd "identity", but I have several doubts about this plan.

Do banks report via CRS only to the country where I'm tax resident? This could make unnecessary all the scheme, but even if they do this way now, I guess this could change any time.

Do banks in countries like Liechtenstein or Switzerland normally/easily open accounts to CIB passport holders?

Do banks require all your passports when opening an account and could they report the opening of the account to my home country? My current passport is from EU.

Any flaw or reason why this scheme would be a bad idea?

Thanks!

 

[marisskults]

You can open personal bank account in non CRS country, Serbia for example, can be done remotely!

 

[iknowwhatyoudid]

marisskults said:
You can open personal bank account in non CRS country, Serbia for example, can be done remotely!
Click to expand...

Thanks, I thought about that possibility, but my opinion is that most countries will eventually join the CRS or suffer isolation and/or sanctions (with the exception, perhaps, of the USA), that's why I thought of a solution that I believe should be safe in the long term.

 

[fshore]

Yes, banks reports to the countries they believe you are tax resident.
They don't report opening of an account.
They have never asked me if I have other citizenship, outside asking if I'm a US person.

What is cib program ?

 

[iknowwhatyoudid]

fshore said:
What is cib program ?
Click to expand...

CBI, my apologies for the misspelling, Citizenship by Investment.

(hopefully Admin wouldn't mind editing the title to CBI instead of CIB, thanks)

 

[void]

don't you think you are mixing two things together in this thread?
correct me if I'm wrong
1) citizenship isn't the same as (tax) residency
2) CRS is about tax residency however some companies ask during their KYC process about tax residency and some about citizenship - I'm always a bit confused about that and think they don't know very well what they are actually doing
3) you can have citizenship of more countries (if their law allows that) but you can be a tax resident one country only (or none under some peculiar circumstances)

 

[fshore]

void said:
but you can be a tax resident one country only (or none under some peculiar circumstances)
Click to expand...

That is certainly not correct.

 

[iknowwhatyoudid]

void said:
don't you think you are mixing two things together in this thread?
correct me if I'm wrong
1) citizenship isn't the same as (tax) residency
2) CRS is about tax residency however some companies ask during their KYC process about tax residency and some about citizenship - I'm always a bit confused about that and think they don't know very well what they are actually doing
3) you can have citizenship of more countries (if their law allows that) but you can be a tax resident one country only (or none under some peculiar circumstances)
Click to expand...

I don't think I'm mixing them, when opening a bank account they will want to know your tax residence AND your citizenship, what I'm trying to achieve is to avoid any reporting from the bank to my home country, by CRS (currently I believe they report only to tax residence country, but that could change), or by any other agreement between those two countries.

 

[void]

fshore said:
That is certainly not correct.
Click to expand...

because...

 

[fshore]

void said:
because...
Click to expand...

You can be tax resident in several countries.

 

[iknowwhatyoudid]

void said:
because...
Click to expand...

As an example, if you move from country A (where you were tax resident) to country B, and those 2 countries don't have a tax treaty, both could consider you a tax resident.


Hopefully we could get back to the original topic, thanks

 

[happyjohn]

void said:
don't you think you are mixing two things together in this thread?
correct me if I'm wrong
1) citizenship isn't the same as (tax) residency
2) CRS is about tax residency however some companies ask during their KYC process about tax residency and some about citizenship - I'm always a bit confused about that and think they don't know very well what they are actually doing
3) you can have citizenship of more countries (if their law allows that) but you can be a tax resident one country only (or none under some peculiar circumstances)
Click to expand...

second that, we are on topic!

 

[TurnedToRobot]

fshore said:
You can be tax resident in several countries.
Click to expand...

So you will have to provide that information to the bank and they may spend a few more euro on snail mail letters to the tax offices in question 😀

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